|(MARCH 13, 2013) USDA ANNOUNCES FUNDING FOR STANFORD WATER SYSTEM IMPROVEMENTS|
|Lexington, KY, Mar 13, 2013
@@USDA Rural Development State Director Tom Fern has announced $1,060,000 ($750,000 loan/ $310,000 grant) in federal funding to improve the City of Stanford’s water distribution infrastructure.
Rural Development funds will be used to install approximately 2 miles of water mains to replace aged and deteriorating water mains along Danville Street and to construct a new parallel water main west of Danville Street. This construction will improve water quality and increase flow to this area of downtown and also provide for adequate pressures and flow for fire protection, thereby benefitting approximately 3,213 residents in the City of Stanford in rural Lincoln County, one of Kentucky’s persistent poverty counties. The repayment terms for the loan portion of the funding are forty years at an interest rate of 1.875 percent.
“The improvements to Stanford’s water system are critical for ensuring safe and reliable water for area residents,” said Fern. “USDA is proud to work in partnership with the City of Stanford on this much needed water improvement project.”
For information on other projects funded by USDA Rural Development, please visit Rural Development’s interactive web map featuring program funding and success stories for fiscal years 2009-2012. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities.
USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than $181 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
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