The Georgia Environmental Finance Authority announced three Georgia reservoirs will receive low-interest state loans that amount to approximately $26 million. Increased water demands from the region spurred the loans. The Atlanta Business Chronicle’s Dave Williams has the details:
The 305-acre Richland Creek Reservoir in Paulding County and the 643-acre Indian Creek Reservoir in Carroll County will get $6 million and $10 million, respectively, representing the next installment in multi-year funding for the two projects. The Etowah Water & Sewer Authority will receive the other $10 million loan for the 137-acre Russell Creek Reservoir in Dawson County, that project’s first funding through the state program.
Gov. Nathan Deal created the water supply program in 2011 to finance a planned network of reservoirs in the northern third of Georgia to help meet the growing region’s increasing water demands. He committed $300 million in grants and loans to the four-year initiative.
The Richland Creek Reservoir, which will be filled with water from the Etowah River, is projected to yield 35 million gallons of water per day (mgd).
The Indian Creek Reservoir will be supplied initially from Indian Creek but eventually receive water from the Little Tallapoosa River. Its projected yield will be 18 mgd.
The Russell Creek Reservoir will get its water from the Etowah River and be designed to yield 11.5 mgd.The Georgia Environmental Financing Agency assists local governments with developing new sources of water to meet growing water demands.
The loans are a portion of a larger $72 million package heading towards 19 water, sewer and solid waste projects. It will be allocated to Bowersville and Braselton; the cities of Baldwin, Clayton, LaGrange, Port Wentworth, Richland, Savannah, Scotland, and Tallapoosa; Decatur, Monroe, Paulding, Towns and Twiggs Counties; the Carroll County Water Authority, Etowah Water & Sewer Authority, Hart County Water and Sewer Utility Authority, and Lumpkin County Water & Sewerage Authority. All loans will not accrue interest during the drawdown (i.e, construction) period and will accrue interest at 2.03% during the repayment period, according to the ABC.