(HARRISBURG) – – The Pennsylvania Infrastructure Investment Authority (PENNVEST) today approved loan funding for a major project in lower Luzerne County, according to State Sen. John R. Gordner (R-27), who advocated for the project.
The Conyngham Borough Authority has been approved for a loan of over $1.2 million to construct new water mains to serve nearly 900 households in Conyngham Borough and Sugarloaf Township. Existing mains have deteriorated, causing numerous water shortages in the affected area. In addition to supplying a stable source of drinking water, enhanced firefighting capabilities will result from the new and more reliable water system. The loan is to be repaid over twenty years at interest rates that vary between 1.2 and 2.4 percent and is not expected to increase water rates in the two communities.
PENNVEST is an independent state agency that provides financial assistance to upgrade sewer, water, storm water and drinking water projects throughout the Commonwealth. It is funded through several bond issues that were approved by voters and has approved nearly $3 billion in projects.