Water projects for the cities of Calhoun and Rockmart are among 22 environmental infrastructure projects statewide that will receive loans totaling $41 million.

Sixteen of the projects were either fully or partially financed by the American Recovery and Reinvestment Act (ARRA) at a total of $33.7 million. The Georgia Environmental Facilites Auythority board of directors approved the commitments to help finance water and sewer infrastructure projects in 22 communities throughout Georgia.

“The federal water and sewer programs administered by GEFA assist local governments with improving their environmental infrastructure,” said GEFA Executive Director Phil Foil. “Financing water and sewer projects encourages economic growth and the stewardship of our environment.”

GEFA helps communities prepare for economic growth and development through the provision of low interest loans.

Financed through the ARRA, the city of Calhoun was approved for a green project through the Drinking Water State Revolving Fund (DWSRF). The loan of $600,000 and a DWSRF subsidy of $900,000 were approved for the upgrade of approximately 5,500 water meters to transmit information to a new automated meter reading system. The total project cost is $1,500,000 with GEFA providing the entire amount. Consistent with GEFA’s ARRA financing terms for green projects, 60 percent (up to a maximum of $900,000) of the principal will be forgiven, subject to the loan contract provisions. The city of Calhoun will pay three percent interest on the loan portion, up to a maximum of $600,000, for ten years.

The city of Rockmart was approved for a Georgia Fund loan of $460,000 for improvements to the city’s water and sewer systems. The city will pay a 3.81 percent interest rate on the 20-year loan. The total project cost is $760,000, with a $300,000 grant from the Appalachian Regional Commission providing the remainder.