Ryan Announces $600,000 Loan to Pair with Illinois FIRST Funds for New Water Tower at Carthage

SPRINGFIELD -- Governor George H. Ryan today announced that a low interest loan for $600,000 has been approved for the city of Carthage to upgrade the city's drinking water plant.

This loan will further enhance the work of a previously awarded Illinois FIRST grant. In January, Governor Ryan announced $100,000 in Illinois FIRST funds for the Hancock County project.

"My administration is committed to improving the quality of life for Illinois residents," said Governor Ryan. "With this loan and the Illinois FIRST funds, the community of Carthage will be better able to serve its residents."

The project will allow construction of a 300,000 gallon elevated water storage tank, as well as a booster pump station and approximately 850 linear feet of water main to connect the new tank to the existing water system. The present 80,000 gallon elevated tank will be demolished as part of the upgrade project.

The loan is being made from the Illinois Environmental Protection Agency's drinking water revolving loan program. This program utilizes federal and state funding to provide loans for eligible drinking water treatment projects at half the bond market interest rate. Interest paid on the 20-year loans is returned to the fund to support other low interest loans for additional projects around the state.