Lee, TDEC Announce $509,843 Loan for Tullahoma Utilities Authority Water Improvements
Tennessee Gov. Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers today announced a loan of $509,843 for the Tullahoma Utilities Authority to improve water infrastructure.
The loan comes from the State Revolving Fund Loan Program and is one of four approved by the Tennessee Local Development Authority, including loans for the City of Oak Ridge, the City of Winchester, and the Town of Woodbury, bringing the total to $24.7 million.
“This program addresses water infrastructure in communities across our state,” Lee said. “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.”
“One of our greatest environmental responsibilities is ensuring quality water infrastructure, said Salyers. “We are glad we can assist local leaders across the state in meeting their needs.”
The Tullahoma Utilities Authority loan comes from the Clean Water State Revolving Fund Loan Program. The loan addresses the installation of a new pump station and force main. The loan has a 20-year term at 2.35 percent interest.
Through the State Revolving Fund Loan Program, communities, utility districts, and water and wastewater authorities can obtain loans with lower interest rates than through private financing. These low interest rate loans can vary from zero percent to below market rate, based on each community’s economic health.
This fiscal year, TDEC has awarded $48,608,182 in drinking water loans and $84,050,843 in clean water loans to meet 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 for a total of $111,440,945.
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans since its inception in 1987. The state’s Drinking Water State Revolving Fund Loan Program has awarded more than $300 million in low-interest loans since its inception in 1996.
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