Tennessee Gov. Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a $20 million loan for the City of Oak Ridge aimed at improving its water infrastructure. This loan is part of a series of four approved by the Tennessee Local Development Authority, which also includes loans for the Tullahoma Utilities Authority, the City of Winchester, and the Town of Woodbury, totaling $24.7 million.
“This program addresses water infrastructure in communities across our state,” said Gov. Lee. “We look forward to the results that will come from this assistance, and we thank local leaders for their initiative and good stewardship of the environment.”
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“One of our greatest environmental responsibilities is ensuring quality water infrastructure,” added Commissioner Salyers. “We are glad we can assist local leaders across the state in meeting their needs.”
The loan for Oak Ridge comes from the Drinking Water State Revolving Fund Loan Program and will be used to construct a new membrane filtration water treatment plant. The loan has a 30-year term at an interest rate of 3.33 percent.
The State Revolving Fund Loan Program allows communities, utility districts, and water and wastewater authorities to obtain loans at lower interest rates than those offered by private financing. Interest rates for these loans can range from zero percent to below market rate, depending on the economic health of each community.
In this fiscal year alone, TDEC has awarded $48,608,182 in drinking water loans and $84,050,843 in clean water loans to address the state’s infrastructure needs. In the fiscal year 2023, TDEC awarded $47,345,000 in drinking water loans and $64,095,945 in clean water loans, totaling $111,440,945.
Since its inception in 1987, Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans. The state’s Drinking Water State Revolving Fund Loan Program, established in 1996, has awarded over $300 million in low-interest loans.
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Tennessee Approves $4.1 Million Loan for Winchester Water Upgrades
Tennessee Governor Bill Lee and TDEC Commissioner David Salyers announced a $4.1 million loan for Winchester to improve its water infrastructure, specifically for water meter replacements, as part of a broader $24.7 million loan package to various communities.