Albany – Helping to prevent water and environmental pollution, New York State Senator Michael F. Nozzolio (R-Fayette) today joined Governor George E. Pataki to announce more than $13 million in a low-interest, long-term loan to the Town of Farmington, Ontario County. The loan will be provided through the New York State Revolving Funds (SRF) program – regarded as among the nation's best in providing funding to local governments for water quality protection projects.
The Town of Farmington will receive $13,742,114 in financing for waste water treatment plant improvements to address odor problems and increase capacity. The project is expected to be completed by the Fall of 2005.
“The Finger Lakes are internationally recognized for their beauty and for the advantages they provide to residents and visitors of our great region, Senator Nozzolio said. “Preserving the water quality of the Finger Lakes is extremely important to the health and well-being of residents as well as economic job development in our region. This funding is a continuation of the commitment Governor Pataki and I have made to protecting the environment and for helping ensure the Finger Lakes remain a world-class natural resource for years to come.”
EFC President Thomas J. Kelly said, “The SRF financing announced today for these important drinking water and sewer projects underscores Governor Pataki’s firm commitment to building quality communities. Senator Nozzolio and the Governor’s ongoing support for programs like the SRF enables communities to undertake these projects at an affordable cost for their residents.”
Town of Farmington Supervisor Ted Fafinski said, “Senator Nozzolio and Governor Pataki are committed to helping local communities protect New York’s pristine natural resources. By providing these low-interest loans, Ontario County can move forward with important water projects.”
This financing is made from the proceeds of bonds issued by the New York State Environmental Facilities Corporation (EFC) on behalf of its borrowers. By leveraging loans, EFC is able to provide two to three times more capital for water quality protection projects.
The Clean Water SRF, administered by EFC and the State Department of Environmental Conservation (DEC), offers short-term interest-free loans and long-term reduced interest rate financing for eligible water pollution prevention projects. Since the program’s inception in 1989, the State has provided communities with more than $11.2 billion in Clean Water SRF financing for 1248 projects that prevent water pollution.