Tennessee Governor Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a $1.3 million loan for the City of Rocky Top to enhance its water infrastructure. This loan is part of a broader initiative by the Tennessee Local Development Authority, which approved a total of $6.8 million in loans for the cities of Rocky Top and Cookeville.
“These loans deliver on necessary improvements to strengthen Tennessee’s water resources,” said Governor Lee. “I commend local leaders and administrators of this program for overseeing this vital work.” Commissioner Salyers added, “Reliable water infrastructure is crucial to maintaining a high standard of living for Tennesseans. I am pleased to see this funding support Rocky Top and grateful for our partnership with local officials.”
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The loan for Rocky Top originates from the Clean Water State Revolving Fund Loan Program and meets green project eligibility requirements established by the EPA. At least 20 percent of the project’s total cost will be dedicated to green components. The initiative aims to address infiltration and inflow corrections, rehabilitating 33,000 linear feet of sewer lines and associated manholes. The loan has a 20-year term with an interest rate of 1.24 percent.
The State Revolving Fund Loan Program offers communities, utility districts, and water and wastewater authorities access to loans with lower interest rates than those available through 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, TDEC has awarded $54,108,182 in drinking water loans and $85,350,843 in clean water loans to address the state’s infrastructure needs. During 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 provided over $2 billion in low-interest loans. Similarly, 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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$5.5 Million Loan for Cookeville Water Infrastructure
Tennessee Governor Bill Lee and TDEC Commissioner David Salyers have announced a $5.5 million loan for Cookeville to enhance its water infrastructure, as part of a larger $6.8 million loan package also benefitting Rocky Top; the funds will expand Cookeville’s water treatment capacity to 22.5 million gallons per day.