The Office of Local Government, a part of the SC Rural Infrastructure Authority, announced the availability of a 1.80 percent standard interest rate for FY 2016 from the State Revolving Fund.
The SRF program can provide 100 percent financing of eligible project costs for terms of up to 30 years. This low-interest financing is available for wastewater treatment and collection, drinking water supply and distribution, water quality, and stormwater facilities.
To be eligible for a loan, projects must be on the SC Department of Health and Environmental Control’s priority list. To add a project to the list, begin by submitting a project questionnaire to DHEC.
For FY 2016, SRF has more than $250 million available for wastewater projects and $45 million for drinking water projects. Readiness to proceed and water quality issues are the primary factors in determining funding priorities. Historically, SRF loans have ranged from under $500,000 to $35 million.
In 2014, the City of Florence tapped into the SRF to bring the Town of Timmonsville’s utility systems into compliance with environmental requirements. Concerned for the quality of life and services in a nearby town, Florence officials agreed to help Timmonsville come into compliance, achieve financial stability and restore the public trust in the systems.
Timmonsville, SC
The Municipal Association recognized Florence’s efforts with a 2015 Municipal Achievement Award.
In the Lower Savannah region, the City of North Augusta used an SRF loan to construct a new, 30-million gallon raw water storage tank and raw water transfer pump station. Because of the loan, North Augusta officials brought the system into compliance with state disinfection requirements and improved the system’s reliability in the event of contamination of the Savannah River, the system’s raw water source.
North Augusta, SC
The SC Department of Health and Environmental Control handles the technical side of the SRF, while the Office of Local Government manages the financial aspects.
For more information, visit www.ria.sc.gov (keyword: SRF) or email info@ria.sc.gov.