Florence Mayor Stephen J. Wukela will execute documents for an $18.9 million water pollution control revolving loan using stimulus funds, according to a press release issued Thursday afternoon by the city of Florence.
The proceeds will be used to initiate construction of the first component of Phase I of the new Florence Regional Wastewater Management Facility.
The loan, at a blended annual interest rate of 2.81 percent, will be with the South Carolina Water Quality Revolving Fund Authority.
The Water Pollution Control Revolving Loan Fund provides a source of low interest financing for the city, according to the release.
The loan includes $4 million at 0 percent and the balance of the loan at 3.5 percdent for a total blended interest rate of 2.81 percent. The $4 million at 0 perecnt was provided through the American Recovery and Reinvestment Act of 2009 stimulus funds.
Funding for the complete construction of the new facility will require several sources of funding, including the state revolving fund loan, a bond issue, grant funding and accrued water and sewer system cash reserves, according to the release.
Wukela is scheduled to execute to the documents at 10 a.m. June 25 in Room 605 of the Florence City-County Complex, 180 N. Irby St., Florence.
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