TICONDEROGA - A group of Ticonderoga residents will get a break thanks to a state program.
New York State Environmental Facilities Corporation has refinanced loans granted to municipalities through the state Clean Water and Drinking Water Revolving Funds.
In Ticonderoga that means a $110,000 loan to the Delano Road sewer district was refinanced that will result in a $6,500 savings.
"EFC notified us early in the year stating they were undertaking a refinancing initiative on behalf of the municipalities that have projects funded through the State Clean Water and Drinking Water Revolving Funds," Ticonderoga Supervisor Deb Malaney said. "This refinancing will benefit the 26 units in the (Delano Road) sewer district who pay the debt expense."
The town borrowed $210,650 for the Delano Road sewer project in March 2001. The remaining balance of $110,000 will be repaid in November 2020, Malaney said.
EFC President and CEO Matthew J. Driscoll said 140 communities will save a combined $18.3 million with the issuance of $132 million in State Revolving Fund refunding bonds. The bonds, issued by EFC, will not only result in significant savings for municipalities throughout the state, but will enable them to continue moving forward with meaningful projects that prevent water pollution and protect local drinking water supplies in a cost-effective manner, Driscoll said.
"As state and local governments work through these difficult times, it is imperative that we find ways to provide fiscal relief to our municipalities," Driscoll said. "This action represents real savings to local taxpayers and I congratulate all of the communities who have participated in this refunding."
Affected municipalities will save, on average, an additional 6.6 percent.
"This action brings fiscal relief to hard-pressed municipalities in the same way that refinancing a mortgage to a lower interest rate benefits homeowners," said Joe Martens, commissioner of the New York State Department of Environmental Conservation and chairman of EFC's board. "DEC is committed to partnering with EFC to lower the cost burden on municipalities to reach our clean water and drinking water goals."
Nirav R. Shah, commissioner of the New York State Department of Health, said the refinancing is good news.
"Access to clean and safe drinking water is critical to the health of all New Yorkers," he said. "The cost savings from this refunding is welcome relief for these municipalities and will make their drinking water improvement projects an even better investment."
Since the inception of the Clean Water and Drinking Water Revolving Fund in 1990, the program has provided $11.8 billion in low-cost financing for over 1,400 water quality improvement projects.