The Arkansas Natural Resources Commission announced Thursday the approval of a loan in an amount up to $344,700 from the Arkansas Drinking Water State Revolving Loan Fund to the town of Emerson, according to Commission Chairman Sloan Hampton.
The repayment schedule will not exceed 10 years or the life of the project. The Executive Director will establish the combined annual borrower rate and additional loan terms and conditions including the requirement to establish and maintain a depreciation reserve fund.
“The funds will be used to replace outdated water meters with drive-by radio read meters to improve water loss and increase accuracy and to help the town recover lost revenue from improperly registering meters,” said Mark Bennett, ANRC Water Development Division Manager.