FRANKFORT, Ky.—Gov. Steve Beshear today awarded two Clean Water State Revolving Fund (CWSRF) loans to the city of Princeton in conjunction with the American Recovery and Reinvestment Act (ARRA).

The two loans, totaling $ 2,753,000, allow for a comprehensive inspection and repair of the city’s sewer system, including a detailed sewer system assessment followed by a major sewer rehabilitation project in two collection system basins. Due to the extensive deterioration of the lines found during the initial inspection, significant rehabilitation of existing lines is required.  “Sewer, water system and infrastructure concerns are some of the most crucial to ensuring that towns across the Commonwealth continue to thrive,” said Gov. Beshear. “

Through the CWSRF loans, the city of Princeton will be able to improve all-important public service facilities in their community.” Princeton will receive a Kentucky Infrastructure Authority (KIA) base program CWSRF loan of $1,149,256 and a KIA ARRA CWSRF loan of $1,103,744. Principal forgiveness of $575,051 will be offered for the ARRA CWSRF loan, which will save the community approximately $35,000 annually in debt service payments. “I am always pleased when the city of Princeton receives funds and that is especially true when that money is directed at making much needed, long overdue improvements to the sewer lines,” said Sen. Dorsey Ridley, of Henderson. “I am a champion of improving sewer services and providing clean, reliable water.” “This grant is very important to the Princeton Water Department and will allow us to complete badly needed sewer renovation,” said Rep. Mike Cherry, of Princeton. “I am particularly gratified to see such examples as this of federal stimulus money going to grassroots, infrastructure projects.”