|(AUGUST 1, 2013) USDA ANNOUNCES FUNDING FOR CITY OF BEATTYVILLE TO PURCHASE SOUTHSIDE WATER ASSOCIATION'S WATER SYSTEM|
|Lexington, Kentucky, Aug 01, 2013
@@USDA Rural Development State Director Tom Fern has announced $645,000 in USDA funds ($436,000 loan/ $209,000 grant) to allow the City of Beattyville to purchase and renovate the Southside Water Association water system. The United States Department of Agriculture remains focused on carrying out its mission, despite a time of significant budget uncertainty. Today’s announcement is one part of the Department’s efforts to strengthen the rural economy.
Rural Development funds will be used to purchase and pay off the existing debt of the Southside Water Association water system, along with making system improvements. The Association members voted to sell the system to the City of Beattyville, which has been supplying the treated water for the Association and can easily incorporate the system with its existing resources and capably trained personnel. All of the Association’s existing meters will be replaced to be compatible with the city’s system and to insure accurate readings. The Association currently serves 485 existing customers in rural Lee County, one of Kentucky’s persistent poverty counties. The loan portion will have a forty-year repayment period at an interest rate of 2.75 percent. The total project cost is estimated to be $645,000.
“I commend the City of Beattyville for their leadership in assuring local residents continue to have safe, clean, potable water,” said Fern. “USDA is pleased to be able to provide the financing to allow the purchase of Southside’s water system.”
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, which 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, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. 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.
USDA has made a concerted effort to deliver results for the American people, even as USDA implements sequestration – the across-the-board budget reductions mandated under terms of the Budget Control Act. USDA has already undertaken historic efforts since 2009 to save more than $828 million in taxpayer funds through targeted, common-sense budget reductions. These reductions have put USDA in a better position to carry out its mission, while implementing sequester budget reductions in a fair manner that causes as little disruption as possible