SASKWATER RECEIVES $35 MILLION GRANT

The provincial government is investing $35 million in paying down long-term debt held by SaskWater. The debt will be applied to long term loans that were entered into during periods when interest rates were considerably higher than they are at present. The Crown corporation currently holds about $56.1 million worth of debt, largely incurred for capital investments in water supply systems prior to 2002, when government refocused the company as a commercial Crown of Crown Investment Corporation.

"With high quality drinking water becoming an increasingly important concern, especially in rural Saskatchewan, it is vital that SaskWater be in a fiscally sound position to assist the growing number of communities that require investments in their drinking water systems," Minister responsible for SaskWater Peter Prebble said. "Repayment of the debt will have a significant impact in reducing SaskWater's annual interest payments and will help ensure that SaskWater can continue to be a solutions provider to communities throughout the province that are seeking safe drinking water. It also ensures that SaskWater can maintain affordable water rates for its 40,000 customers located in 50 rural communities."

SaskWater provides competitively priced, customer-focused, quality water and wastewater services to Saskatchewan municipalities, industries, First Nations and rural water associations and co-operatives.

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For More Information, Contact:

Felechia Brodie SaskWater Moose Jaw Phone: (306) 694-3009 Cell: (306) 539-9707