The City of Oswego recently received $7.96 million in short-term financing, including 4 million in no-interest loans, to improve sewer and stormwater collection in the city.
The financing was approved by the board of directors of the New York State Environmental Facilities Corporation.
The financing, bearing an average interest rate of 0.2 percent, will result in long-term savings of $3.8 million for Oswego.
The loans will be used for two wastewater projects: the repair of 50,000-feet of sewer pipes on the city’s west side and the installation of a chlorine disinfection system for occasional sewer and stormwater overflows into the Oswego River and the harbor.
“With financing from EFC, these projects will cost city taxpayers far less than it would have cost if the city had borrowed on its own,” said EFC President and CEO Matthew Driscoll. “The Environmental Facilities Corporation is the arm of New York State government that helps communities pay for major improvements to their wastewater systems — vital investments in protecting the environment, public health and providing greater opportunity for commercial and economic growth.”
by Andrew Henderson
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