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Rural development funds released
Published Thursday, July 03, 2008 at 12:37 PM
WASHINGTON, July 3, 2008 -Agriculture Secretary Ed Schafer today announced $1.4 billion in loans to build new distribution lines and make system improvements for more than 73,413 new customers and finance the construction and repair of 6,206 miles of distribution line. "USDA's Rural Development keeps that important connection for lighting the way and powering homes and businesses to millions of rural Americans," Schafer said. "These investments help keep electric cooperatives strong with continued, reliable service." Loan funds will be used for a variety of upgrades. 18 rural electric utilities in 13 states have been selected. For example, Cullman Electric Cooperative in Cullman, Ala., has been selected to receive $26.1 million to build 294 miles of new distribution lines and improve 444 miles of existing lines serving approximately 5,687 consumers. The Sewanee Electric Membership Cooperative in Cumming, Ga., has been selected to receive nearly $160 million to provide 1,462 miles of new distribution lines and make 553 miles of improvements to existing lines in seven counties, providing upgraded service to 25,299 consumers. Since 2001, USDA Rural Development has awarded approximately $28 billion in electric loans to utilities across the nation. Funding for individual recipients is contingent upon meeting the conditions of the loan agreement. Loans will be made to the following utilities: Borrower State Loan Amount Cullman Electric Cooperative AL $26,100,000 Central Florida Electric Cooperative, Inc. FL $10,747,000 Jefferson Energy Cooperative GA $30,000,000 The Little Ocmulgee Electric Membership Cooperative GA $13,303,000 Sawnee Electric Membership Corporation GA $159,246,000 North Georgia Electric Membership Cooperative GA $113,602,000 Glidden Rural Electric Cooperative, Inc. IA $4,365,000 Southern Iowa Electric Cooperative, Inc. IA $10,665,000 East Kentucky Power Cooperative KY $276,298,000 East Kentucky Power Cooperative KY $457,510,000 The Cooperative Light & Power Association of Lake County MN $4,762,000 Missouri Rural Electric Cooperative MO $159,246,000 French Broad Electric Membership Corporation NC, TN $17,000,000 Darke Rural Electric Cooperative, Inc. OH $4,350,000 Lorain-Medina Rural Electric Cooperative, Inc. OH $18,400,000 Whetstone Valley Electric Cooperative, Inc. SD $3,490,000 Bowie-Cass Electric Cooperative, Inc. TX $33,490,000 Northern Neck Electric Cooperative VA $19,243,000 USDA Rural Development's mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development has invested more than $90 billion since 2001 for equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. More than 1.7 million jobs have been created or saved through these investments. 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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