Release No. 0046.04
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Release No. 0046.04
Contact:
Alisa Harrison (202) 720-4623
Tim McNeilly (202) 690-0498
Printable version |
USDA Announces $32.8 Million in Rural Electric Loan Guarantees
260 Miles of New Electric Lines in Four States to Benefit 5,282 Future
Customers
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WASHINGTON, Jan. 28, 2004–
Agriculture Secretary Ann M. Veneman today announced the approval
of four rural electric guaranteed loans totaling $32.8 million to expand
rural electric infrastructure in the states of New York, Nebraska, Louisiana,
and Kentucky.
“Expansion of rural infrastructure is a first step
in opening the door for expanded rural economic development and improved
quality of life for rural residents,” said Veneman. “These projects
will serve 5,282 future customers, build 260 miles of new line and fund
general system-wide modernization.”
Through USDA Rural Development’s utilities program,
loans and loan guarantees are made to finance the construction or replacement
of electric transmission and generation facilities. In fiscal year 2003,
the Bush Administration invested over $6.3 billion in grants, loans and
loan guarantees to support the development and/or improvements to rural
electric, telephone and water/wastewater infrastructure that will help to
create or save an estimated 150,000 jobs.
The following loans will be made by the Federal Financing
Bank and guaranteed by USDA Rural Development:
Kentucky--The Jackson Energy Cooperative Corporation,
headquartered in McKee, Kentucky: A loan of $18,656,000 to serve 2,950 future
customers, build 115 miles of new distribution line, and make other system
improvements.
Louisiana -- The Valley Electric Membership Corporation,
headquartered in Natchitoches, Louisiana: A loan of $10,203,000 to serve
1,852 future customers, build 91 miles of new distribution line and make
other needed system improvements.
Nebraska -- The Butler County Rural Public Power District,
headquartered in David City, Nebraska: A loan of $3,100,000 to serve 360
future customers, build 30 miles of new distribution line, build 15 miles
of new transmission line, and make other system improvements.
New York -- The Oneida-Madison Electric Cooperative, headquartered
in Bouckville: A loan of $860,000 to serve 120 future customers, build 6
miles of new distribution line and make other system improvements.
USDA Rural Development's mission is to deliver programs
in a way that will support increasing economic opportunity and improve the
quality of life of rural residents. As a venture capital entity, Rural Development
provides equity and technical assistance to finance and foster growth in
homeownership, business development, and critical community and technology
infrastructure. Further information on rural programs is available at a
local USDA Rural Development office or by visiting USDA's web site at http://www.rurdev.usda.gov.
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