EFC Board Approves $80 Million in Interest-Free and Low-Interest Financing for Westchester County

Apr 23, 2012

The Board of Directors of the Environmental Facilities Corp. (EFC) approved $40 million in interest-free financing and $40 million in low-interest financing for two wastewater treatment projects at the New Rochelle Wastewater Treatment Plant in Westchester County.

The EFC financing – part of a multi-year financing plan -- will save county taxpayers an estimated $450,000 in interest costs during the first year alone. The short-term financing will pay for improvements at the New Rochelle Wastewater Treatment Plant, including the installation of biological nutrient removal systems and the construction of UV disinfection equipment to meet chlorine residual requirements.
“The Environmental Facilities Corporation is pleased to have been able to assist Westchester County in providing an affordable solution to their clean water needs. The no-interest loan and low-interest loan announced today will provide Westchester County with an affordable solution to finance this project, while ensuring the continued protection of the water quality in Long Island Sound for years to come,” said Matthew J. Driscoll, EFC’s president and CEO, following the unanimous vote.
“The planned improvements to the New Rochelle treatment plant will allow for better and more-consistent treatment of wastewater, while ensuring that the plant continues to produce clean, safe discharges into Long Island Sound,” said Joe Martens, commissioner of the New York State Department of Environmental Conservation and chairman of EFC’s Board of Directors.
The financing approved today will also pay for the expansion of flow capacity at the treatment plant, the replacement of outdated equipment, and upgrades to pump stations and settling tanks. Improvements at other treatment facilities, related to, but not involved in this financing, include the installation of biological nutrient removal systems at the Mamaroneck Plant and advancements to meet chlorine residual requirements at Blind Brook and Port Chester.
All work is expected to be completed by July of 2014. Westchester County anticipates converting these short-term loans to long-term financing through EFC in 2013.

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