More results found.
No results match your search term, but we're constantly adding new issuers to the BondLink platform. Looking to learn more?
Authority receives $2.9 million in Water Bank loans. Estimated savings to ratepayers of $867,146.
Lower Township Municipal Utilities Authority (LTMUA) recently completed drinking water improvements that are being funded with approximately $2.9 million in loans from the NJ Water Bank, a joint low-rate financing program of the New Jersey Department of Environmental Protection (NJDEP) and the NJ I-Bank. Savings for this project are estimated to be $867,146 over the 30-year term of the loan or 29% of the total project cost. In addition, this project created an estimated 35 direct construction jobs.
The project included the installation of approximately 4 ¼ miles of 8-inch diameter PVC pipe water mains, 0.4 miles of 12-inch diameter PVC water mains, 405 water service laterals and water meters, and 36 new fire hydrants. The project was constructed in existing paved roadways and rights-of-way by open cut excavation.
The LTMUA project replaced a number of existing private residential wells for potable water service. The Cape May County Health Department found a variety of volatile organic compound (VOC) contaminants in the groundwater supply that pose a potential health risk to residents. VOCs are usually introduced to the environment as industrial by-products. In addition to VOCs, saltwater intrusion was affecting the groundwater supply and there were numerous properties that registered contamination above the maximum contaminant level established by the NJDEP. This project extended safe drinking water service to the affected households.
“As a community, we are committed to the health of all of all our citizens,” said Frank Sippel, Mayor of Lower Township. “We commend the Lower Township MUA for completing this project as it is critical component in the effort to supply potable water to all residents. In addition, the savings LTMUA was able to accrue with its loan through the NJ Water Bank will be passed on to our rate payers.”
This project was designed by Remington Vernick Associates, and constructed by Perna Finnigan, Inc.
Picture courtesy of Remington Vernick Associates.