PROVIDING $15 MILLION IN LOANS FOR
LAKE DREDGING AND STREAM CLEANING PROJECTS
(05/58) TRENTON -- The New Jersey Department of Environmental
Protection (DEP) today announced that it will be providing $15
million in low-interest loans to finance lake dredging and restoration
and stream cleaning and de-snagging projects. The money will come
from the voter-approved Dam, Lake, Stream, Flood Control, Water
Resources and Wastewater Treatment Project Bond Act of 2003 (Bond
"These loans can help communities address the problems that
have affected the environmental quality of these waterways, as
well as the quality of life for the people who use these waters,"
said DEP Commissioner Bradley M. Campbell.
The loans made available by the Bond Act will be distributed
by the DEP through a competitive application process. Terms of
the loans shall not exceed 20 years and the interest shall not
exceed two percent. Local municipalities or counties will have
to serve as co-applicants on all loans to private owners of lakes
and streams or private lake associations.
In November 2003, New Jersey voters overwhelmingly approved Public
Question Number 3, authorizing $150 million in bonds to help repair
dams as well as $50 million in bonds for state-authorized loans
financing wastewater treatment and lake dredging and stream cleaning
projects that can provide vital improvements to water quality.
DEP is accepting applications for loans through June 30, 2005.
For further information about the loan program or to obtain a
copy of the loan application, visit http://www.nj.gov/dep/ec/.
Further information about the Bond Act is available at http://www.nj.gov/dep/damsafety/chapter162.pdf.
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