08.05.05

Burr Announces $1.65 Million Loan for Rowan County

Funds to improve water distribution efficiency

Senator Richard Burr today announced a $1,651,000 loan and an additional $105,000 grant from United States Department of Agriculture (USDA) Rural Development for the Town of East Spencer in Rowan County. The funds, made available by Rural Development's Water and Waste Disposal Loan and Grant Program, will be used to cover the cost of upgrading East Spencer's water distribution system.

"Affordable and efficient water distribution are critical to keeping our citizens healthy and safe," said Senator Burr. "This money will help East Spencer expand access to drinking water."

East Spencer officials will use funds to increase water distribution efficiency by insuring that all customers are metered, which will reduce operating expenses and extend affordable access to water to 556 residential customers.

Rural Development grants provide assistance for rural communities with water, wastewater, and solid waste system needs.

The loan was approved over 40 years at a rate of 4.125 percent.