The Alexandria Sanitation Authority has received a $22 million loan from the Virginia Water Facilities Revolving fund.
The 20-year, 3.15 percent loan will be used to finance the installation of upgraded facilities for waste water treatment. The fund allows localities to borrow money at below market interest rates to make improvements at facilities.
“The Alexandria Service Authority has borrowed approximately $122 million…” said Ralph L. Charlton, the Sanitation Authority’s director of fiscal services. “These loans range from three to four and one half percent, which has enabled the Authority to save between $2.5 and $3.5 million in interest rate and bond issuance costs. The process is user-friendly and this Service Authority appreciates the work of the Virginia Resources Authority and the Virginia Department of Environmental Quality. The revolving loan program is a wonderful tool for the Service Authority and the rate payers.”
The Alexandria Sanitation Authority provides waste water treatment for the entire city. It is operated privately.