Tennessee Governor Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a $5.5 million loan for the City of Cookeville to enhance its water infrastructure. This loan is one of two approved by the Tennessee Local Development Authority, with the total loans for the City of Rocky Top and the City of Cookeville amounting to $6.8 million.
“These loans deliver on necessary improvements to strengthen Tennessee’s water resources,” stated Governor Lee. “I commend local leaders and administrators of this program for overseeing this vital work.”
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“Reliable water infrastructure is crucial to maintaining a high standard of living for Tennesseans,” Commissioner Salyers added. “I am pleased to see this funding support Cookeville and grateful for our partnership with local officials.”
The loan for Cookeville is sourced from the Drinking Water State Revolving Fund Loan Program and will be used to expand the water treatment plant to a capacity of 22.5 million gallons per day. The loan carries a 20-year term with an interest rate of 1.85 percent.
The State Revolving Fund Loan Program provides communities, utility districts, and water and wastewater authorities with loans at lower interest rates compared to private financing. These loans can range from zero percent to below market rate, depending on the economic health of the 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 more than $2 billion in low-interest loans. The Drinking Water State Revolving Fund Loan Program, which began in 1996, has awarded over $300 million in low-interest loans.
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