Infrastructure Bank Announces $810,000 In Financing & Principal Forgiveness For Ponaganset High School Water System Upgrades
PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced an $810,000 loan and $200,000 in principal forgiveness for safe drinking water upgrades to Ponaganset High School’s water system. The project is being financed via the Drinking Water State Revolving Fund (DWSRF), which provides below-market interest rate loans to community public water systems, nonprofit noncommunity public water systems, privately organized water suppliers, and local governmental units to complete water infrastructure projects.
Upgrades to Ponaganset High School’s water system will include:
- The installation of a new south booster pump station and new water storage tank;
- Modifications to the existing north booster pump station for implementation of corrosion control treatment;
- Modifications to the exterior water supply piping;
- Demolition and disposal of the existing south water storage tank; and
- Demolition and abandoning in place the existing underground south booster pump station.
“Rhode Island’s many smaller water systems, like Ponaganset High School’s system, lack a broad base of rate payers to finance necessary, but often expensive system upgrades,” said Rhode Island Infrastructure Bank CEO Jeffrey R. Diehl. “That’s why the Infrastructure Bank is pleased to offer the Foster Glocester School District low-cost financing and principal forgiveness to allow for needed upgrades to ensure the continued supply of safe drinking water at Ponaganset High School.”
“I want to thank Rhode Island Infrastructure Bank for working with us to help finance these needed upgrades to Ponaganset High School’s water system,” said Dr. Michael Barnes, Superintendent of the Foster-Glocester Regional School District. “Our Ponaganset High students, teachers, and staff rely on safe drinking water, and these upgrades will help to ensure just that for decades to come.”
Since the inception of the DWSRF, the Infrastructure Bank has provided $450 million in loans to Rhode Island’s public water systems.
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About the Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank
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