Water and wastewater construction loans awarded

August 2011, Vol. 66 No. 8

Tennessee Governor Bill Haslam and Department of Environment and Conservation Commissioner Bob Martineau announced recently that seven communities and one county have been approved to receive low-interest loans for water and wastewater infrastructure improvements.

"The State Revolving Loan Program is an important tool to assist local communities with current and future infrastructure needs," Haslam said. "This mechanism provides support and keeps our communities moving forward."

The SRF Loan Program provides low-interest loans that help communities, utility districts, and water and wastewater authorities finance projects that protect Tennessee's ground and surface waters and public health. Loans are used to finance the planning, design, and construction of water and wastewater facilities.

Wastewater loans were announced recently for the following recipients:
City of Blaine (Grainger County) – The city of Blaine will receive $950,000 for a project that includes a new wastewater treatment plant and collection system. The project will be funded with a 20-year, $760,000 loan with an interest rate of 0.68 percent and $190,000 in principal forgiveness that will not have to be repaid.

Town of Greeneville (Greene County) – The town of Greeneville will receive more than $4.9M for a project that includes collection system expansion in the Andrew Johnson Highway and Whirlwind Road areas. The project will be funded with a 20-year, $3.9M loan with an interest rate of 2.62 percent and $986,481 in principal forgiveness that will not have to be repaid.

Roane County – Roane County will receive nearly $5.6M for a project that includes collection system extension in two areas – the Delozier Lane and Post Oak Valley Road area, and the Keylon Drive, Swan Pond and U.S. Highway 70 area of the Clinch River. The project will be funded with a 20-year, $4.5M loan with an interest rate of 1.77 percent and $1.1M in principal forgiveness that will not have to be repaid.

Drinking water loans were announced today for the following recipients:
City of Athens (McMinn County) – The city of Athens will receive $2M for a green project that includes stream bank restoration and water treatment plant upgrades. The project will be funded with a 20-year, $1.6M loan with an interest rate of 3.18 percent and $400,000 in principal forgiveness that will not have to be repaid.