Lee, TDEC Announce $950,000 Loan for Hawkins County Water Improvements
Tennessee Gov. Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers today announced a $950,000 loan for the First Utility District of Hawkins County to improve water infrastructure.
The loan is one of two approved by the Tennessee Local Development Authority, with loans for Hawkins County and White House totaling $13.4 million.
“The State Revolving Fund Loan Program assists communities with low-interest loans for important infrastructure needs,” Lee said. “This makes such projects more affordable, and we look forward to the improvements these loans will bring.”
“We’re pleased to provide this assistance,” TDEC Commissioner David Salyers said. “This is a reminder of the importance of water services in our communities, and the improvements can have a big impact.”
The loan for Hawkins County comes from the Drinking Water State Revolving Fund Loan Program. It will address improvements to the water distribution system. The loan has a 20-year term at 0.61 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 $1.9 million in drinking water loans and $43,648,000 in clean water loans to meet the state’s infrastructure needs. During fiscal year 2020, TDEC awarded $37,374,000 in drinking water loans and $150,529,200 in clean water loans for a total of $187,903,200.
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.