Tennessee Governor Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a $509,843 loan for the Tullahoma Utilities Authority to improve its water infrastructure. This loan is part of the State Revolving Fund Loan Program and is one of four loans approved by the Tennessee Local Development Authority, which includes other loans for the City of Oak Ridge, the City of Winchester, and the Town of Woodbury, totaling $24.7 million.
“This program addresses water infrastructure in communities across our state,” said 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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“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 the Tullahoma Utilities Authority is from the Clean Water State Revolving Fund Loan Program and will be used for the installation of a new pump station and force main. The loan has a 20-year term at an interest rate of 2.35 percent.
The State Revolving Fund Loan Program offers communities, utility districts, and water and wastewater authorities loans with lower interest rates compared to private financing. These low-interest rate loans can range from zero percent to below market rate, determined by each community’s economic health.
For 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. In 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 over $2 billion in low-interest loans. The state’s Drinking Water State Revolving Fund Loan Program, established in 1996, has awarded more than $300 million in low-interest loans.
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