Lee, TDEC Announce $75,000 for Maynardville Water Infrastructure Improvements
Tennessee Gov. Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers today announced a $75,000 loan from the State Revolving Fund Loan Program for the City of Maynardville to improve water infrastructure.
The loan is one of three approved by the Tennessee Local Development Authority, with two loans for the City of Rocky Top, making the total for the two cities $2.4 million.
“These loans help provide important water infrastructure projects in communities across the state, and we look forward to the improvements they will bring,” Lee said. “The program makes loans more affordable, and we commend local officials for their commitment to meeting these needs.”
“The State Revolving Fund Loan Program provides important assistance for communities to meet infrastructure needs,” Salyers said. “Every community deserves high-quality water service, and this helps make that happen.”
The loan for the City of Maynardville comes from the Drinking Water State Revolving Fund Loan Program. It will address improvements to the water distribution system. The loan has a five-year term at 1.14 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.
The three loans announced today begin the 2024 fiscal year with $75,000 in drinking water loans and $2,325,000 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.