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The company’s board of directors Financial Advising Agency and Fiscal Agency (AAFAF) Authorization to make requests for financial assistance from the government Aqueduct and Sewer Authority (AAA) Make capital improvements to several drinking water filtration plants on the Island and take inventory of water supply pipes.
As shown in the written statement, this is a total of $35,905,000 By Program Drinking Water State Revolving Fund. The program is funded primarily by federal grants from the federal Environmental Protection Agency (EPA) to promote the development and improvement of drinking water infrastructure projects.
Funding for assistance is available through grants awarded under federal law (referred to as “federal law”). Infrastructure Investment and Jobs Actsigned by the President Joe Biden, November 2021.
The amount authorized by AAFAF is divided into two items, one for $14,458,500 as financing, payable at one percent (1.00%) interest over thirty (30) years and $21,446,500 as a grantThe latter does not require repayment by the public company. The transaction is still subject to regulatory approval. Financial Supervisory Commission of Puerto Rico.
“At AAFAF, we are committed to securing financing sources at very attractive terms to develop capital improvements to essential services while providing direct benefits to the health of the people of Puerto Rico,” Marrero said.
“As the government’s fiscal agent and financial advisor, we are very pleased to authorize this financing on AAA’s excellent terms and conditions,” AAA said. Omar J. Marrero, Executive Director of AAFAF.
“Securing these funds to continue improving our infrastructure is a big step forward for the Authority. These funds will be used for projects to repair multiple filters and replace pipes,” said AAA CEO. Doril Pagan.
“We once again thank the AAFAF staff for their support and willingness, who were an essential part of this mission process. Thank you for continuing to work as collaborators for the benefit of our subscribers,” the President added.
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