The Board of Directors of the New York State Environmental Facilities Corp. (EFC) has approved a $1,438,526 interest-free loan to refinance the City of Glens Falls’ costs in controlling periodic sewer overflows at its Water Street Pump Station.<\/p>\n
The 30-year, no-interest loan from EFC will save the city an estimated $865,000 over the cost of borrowing on its own. The new loan will refinance a Bond Anticipation Note taken out by the city and avoids the need for Glens Falls to issue its own long-term debt to pay for the project.
\nCompleted last year, the sewer improvements are designed to remove 90 percent of the peak, wet-weather flow entering the Water Street Pump Station, preventing sewage overflows from then entering the Champlain Feeder Canal. The project, which came in under budget, also replaced sewer mains on Knight and Staple streets.<\/p>\n
“Sewer overflows during storms are a problem for many communities in New York and the City of Glens Falls has engineered a cost-effective solution that will significantly reduce these overflows from occurring,” said EFC President and CEO Matthew Driscoll. “With these improvements, the city is showing responsible environmental stewardship, and EFC is pleased to assist Glens Falls in meeting its goals by saving the city more than three-quarters of a million dollars with a 30-year, interest-free loan.”<\/p>\n
“Managing municipal water systems and preventing sewer overflows can be challenging,” said DEC Commissioner Joe Martens, who is also president of the EFC Board of Directors. “This EFC interest-free loan will be extremely helpful to the City of Glens Falls for sewer improvements and help to prevent any potential contamination near the areas waterways.” Glens Falls Mayor John A. Diamond said, “On behalf of the City of Glens Falls, I’d like to thank Gov. Cuomo and his agencies for the continuing assistance with much-needed projects in Glens Falls. In particular, I’d like to thank Matthew Driscoll and NYS EFC for helping the City realize a substantial savings on the cost of these vital infrastructure improvements.”<\/p>\n
EFC manages the largest State Revolving Funds (SRF) for Clean Water and Drinking Water projects in the nation, providing more than $15 billion in low-cost financing and grants to local governments since 1990.<\/p>\n
EFC’s financial management has been cited as among the best in the nation by the Environmental Financial Advisory Board of the U.S. Environmental Protection Agency. Its effective investment strategies have produced hundreds of millions of dollars in additional infrastructure investment for New York State – unique among state SRF authorities, according to the EPA panel. When EFC borrows money on behalf of local government, these financings consistently win Triple-A and other high ratings from the leading credit-rating agencies, lowering the borrowing costs for New York municipalities and public authorities.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Board of Directors of the New York State Environmental Facilities Corp. (EFC) has approved a $1,438,526 interest-free loan to refinance the City of Glens Falls’ costs in controlling periodic sewer overflows at its Water Street Pump Station. The 30-year,…<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\r\n