Tennessee Governor Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a $109,932 loan for the Town of Woodbury. This loan aims to improve the town’s water infrastructure and is part of a broader initiative by the Tennessee Local Development Authority, which has approved a total of $24.7 million in loans for various communities, including Tullahoma, Oak Ridge, and Winchester.
“This program addresses water infrastructure in communities across our state,” stated Governor 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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TDEC Commissioner Salyers added, “One of our greatest environmental responsibilities is ensuring quality water infrastructure. We are glad we can assist local leaders across the state in meeting their needs.”
The Town of Woodbury will use the loan from the Drinking Water State Revolving Fund Loan Program to construct a new water storage tank. The loan is set for a 20-year term with an interest rate of 2.30 percent.
The State Revolving Fund Loan Program offers communities, utility districts, and water and wastewater authorities access to loans with lower interest rates compared to private financing options. These loans can range from zero percent to below market rates, depending on the economic health of each community.
In the current fiscal year, 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. During 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. Additionally, the state’s Drinking Water State Revolving Fund Loan Program has awarded over $300 million in low-interest loans since it began in 1996.
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