State Revolving Fund Investing $180,000 for Improvements to Water Tower
Illinois EPA Director John J. Kim announced a $180,000 investment to benefit the Village of Buckley (Iroquois County). The low-interest loan is provided by Illinois EPA’s State Revolving Fund, which includes the Public Water Supply Loan Program for drinking water projects and the Water Pollution Control Loan Program which funds both wastewater and stormwater projects. The Village of Buckley also qualifies to have $108,000 of the loan amount forgiven by the State.
“This program is providing vital funding through low-interest loans to address major infrastructure needs of systems throughout Illinois,” said Director Kim. “This is just one example of how our State Revolving Fund provides cost savings to local communities, while allowing them to meet the needs of their residents.”
The Village of Buckley will use the loan funds for a project that includes high-pressure power washing and recoating the interior and exterior of the existing 50,000-gallon water tower due to chipping of the lead paint coating. This project also includes repairing the vent, ladders and overflow box, as well as replacing the cathodic protection system and safety upgrades for the water tower.
“The Village of Buckley is grateful and proud to be able to make much needed improvements to our water tower. This infrastructure project ensures the safety of our drinking water,” said Sheree Stachura, President, Village of Buckley. “In addition, the principle forgiveness and low-interest loan has made this improvement possible and affordable for our residents.”
The Village receives additional benefit from the State Revolving Fund as the subsidized loan results in additional savings over the life of the loan. The project is expected to be completed by in December 2019.
In FY2019, Illinois EPA’s State Revolving Fund loan programs provided low interest loans totaling nearly $684 million. With more than $59 million forgiven by the state, qualifying loan applicants will not have to repay a portion of their loans.
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