Tennessee approves $24.7M in water infrastructure loans
(The Center Square) – Tennessee is sending $24.7 million worth of water infrastructure loan funds to four communities, with $20 million going to Oak Ridge.
Oak Ridge received a 30-year loan at 3.33% to construct a new membrane filtration water treatment plant.
The funds come from Tennessee’s Drinking Water State Revolving Fund Loan Program through the Tennessee Department of Environment and Conservation.
TDEC has awarded $48.6 million in drinking water loans and $84.1 million in clean water loans this fiscal year.
During fiscal year 2023, TDEC awarded $47.3 million in drinking water loans and $64.1 million in clean water loans for a total of $111.4 million.
The Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans since it began in 1987 and the Drinking Water State Revolving Fund Loan Program awarded more than $300 million in low-interest loans since it began in 1996.
The other loans approved went to the Tullahoma Utilities Authority ($509,943), the City of Winchester ($4.1 million) and the Town of Woodbury ($109,932).
Winchester received a 15-year loan at 2.17% with $834,100 in principal forgiveness for water meter replacements.
Tullahoma’s loan will be spent on installation of a new pump station and force main with a 20-year loan at 2.35% interest.
