Kentucky Infrastructure Authority approves pilot program to finance up to $50,000 in surplus property

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The Kentucky Infrastructure Authority (KIA) board approved a pilot program to finance equipment from Kentucky’s Federal Surplus Property program. The financing makes low-interest loans available for Kentucky drinking and wastewater utilities to purchase from a select-list of equipment. This pilot program will present new opportunities to obtain necessary infrastructure equipment beginning in 2018.

“I am pleased the KIA board unanimously approved this new loan program. We believe this program can deliver big equipment with big savings at a very affordable price,” said KIA Executive Director Donna McNeil. “Kentucky water utilities will have an opportunity to purchase this equipment at a fraction of the cost, while also reducing their overall debt burden.”

“This new financing program is about efficient and effective resourcing to help build the Commonwealth. It’s not only a prudent course of action; it’s a necessary one,” said KIA chair and DLG Commissioner Sandra K. Dunahoo. “There are many unused resources that could be put to use throughout the Commonwealth, including trucks, generators, and excavating equipment – surplus property already has what many Kentucky drinking and wastewater utilities need.”

Kentucky’s Federal Surplus Property is administered by the Finance Cabinet and currently houses much of the used equipment that many of the utility companies find useful or can otherwise repurpose. Previous KIA loans did not allow for the purchase or acquisition of used equipment from surplus property. This program makes it all possible.

“I am always looking for ways to help local communities. This pilot program is a clear example to help bring the needed resources to Kentucky utilities across the Commonwealth,” said Finance Cabinet Secretary William Landrum.

The equipment loans will be available through KIA’s Fund C loan program in amounts from $5,000 to $50,000. Applicants must be an active member of the Kentucky Division of Surplus Property program. Instructions and additional information will be posted at kia.ky.gov.

From Kentucky Infrastructure Authority

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