On Wednesday, Tennessee officials announced over $15.7M in loans for water infrastructure improvements across the state.
Most of the loans will allow for local wastewater treatment upgrades and drinking water distribution, and were all from Tennessee’s Drinking Water State Revolving Fund Loan Program. The funds will support eight loans term lengths varying from five to twenty years, and interest rates varying from 0.65 to 1.09 percent.
The loans include a loan for the City of White House for $8M, two loans for the City of Westmoreland totaling over $6.4M, two loans for the Town of Carthage totaling $605,000, a loan for the City of Waverly for $580,000, and two loans totaling $70,000 for the Town of Alexandria.
“We are committed to supporting infrastructure development and improvement across our state, and we’re excited to see how Tennesseans benefit from this investment,” Tennessee Governor Bill Lee said. “We are proud to partner with local communities to modernize our water infrastructure.”
“Every community in Tennessee deserves a dependable water system,” Salyers said. “The State Revolving Fund Loan Program works in a way to make improvements affordable to communities needing the assistance, with a positive result for our environment.”
The City of White House’s $8M loan will address the wastewater treatment system and has a 20-year term at 1.09 percent interest.
The loans for the City of Westmoreland for $2.5 million and $3,987,000 will address improvements to the wastewater treatment system. Each loan has a 20-year term at .65 percent interest. The $2.5 million loan comes with $500,000 in principal forgiveness with the remainder of the loan amount to be paid back as principal.
A loan for the Town of Carthage for $470,000 will address infiltration and inflow correction within the wastewater collection system. The loan has a five-year term at 0.18 percent interest. The Town of Carthage received $235,000 in principal forgiveness with the remainder of the loan amount to be paid back as principal. The loan is associated with the State Revolving Fund Loan Program’s Priority Projects to develop a holistic water infiltration and inflow reduction plan based on the collection system investigative study to outline innovative and resilient practices.
The City of Waverly’s loan will address improvements to the wastewater collection system. The loan has a 20-year term at 0.9 percent interest.
