Here comes the water works: Hogansville to use $2.9 million loan for water improvements
Published 10:00 am Wednesday, February 23, 2022
HOGANSVILLE—The City of Hogansville has received funding from the Georgia Environmental Finance Authority [GEFA] in the amount of $2,934,000, which will allow the city to continue making improvements to its inner-city water system. The Hogansville City Council approved a resolution to accept the funds at its meeting Monday night.
The funding is being used for a water line extension project up Bass Cross Road from Highway 29 to Highway 54/100 interchange and the completion of a 500,000-gallon water storage tank on Pine Street.
“This project will close what we call ‘the loop,’ in the waterline,” explained Hogansville City Manager Jonathan Lynn. “There should not be water pressure issues anywhere within Hogansville as this project is complete.”
It should be noted that while the entire loan amount is listed as $2,934,000, there is a forgivable portion of $700,000 within this total that reduces what is to be paid back through a 20-year period at a 1.13% interest rate each year. The monthly payment would be $10,404 each month.
Hogansville city council approved the authorization for the GEGA application on Aug. 16, 2021, and subsequently accepted the amount in November 2021.
In other business at the meeting, the council requested authorization to explore different financial institutes to compare its services with its current and other institutes. This would allow the city to review its banking costs, interest rate yield potential (if allowable), and explore potential services that could benefit the long-term financial security or efficiencies of city operations. Cities are typically in the practice of placing this service out for proposals every few years in order to ensure that they and their customers are receiving the highest level of service for its financial needs, Lynn said.
“There’s always something new, new technology or new ways to service your customers,” he said.
The City of Hogansville currently utilizes Community Bank and Trust as its financial institution.