Tennessee Gov. Bill Haslam and Tennessee Department of Environment and Conservation (TDEC) Commissioner Dr. Shari Meghreblian today announced that the City of Rocky Top has been approved to receive an approximate $470,000 low-interest loan for wastewater infrastructure improvements.
“Clean water and improved infrastructure are necessities for our communities,” said Haslam. “The State Revolving Fund Loan Program works to provide both for Tennessee communities and I’m pleased to announce this project for the residents of Rocky Top.”
The City will receive $470,000 for a Wastewater Collection System Improvements Planning and Design Loan Project. The project is funded with a five-year loan with an interest rate of 0.50 percent.
“Investments in our water infrastructure are critical to ensuring environmental and public health,” said Meghreblian. “This loan will provided a needed public service to Rocky Top residents and help protect our water resources.”
“The City of Rocky Top is very excited to receive funding for our wastewater infrastructure improvements,” said Mayor Michael Lovely. “It has been my goal as Rocky Top Mayor to improve infrastructure and provide better services to our citizens. We have worked extremely hard to accomplish this goal and this funding will allow us to further advance our services to our citizens.”
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $1.8 billion in low-interest loans since its inception in 1987. Tennessee’s Drinking Water State Revolving Fund Loan Program has awarded more than $304.82 million in low-interest loans since its inception in 1996.
Through the SRF Program, communities, utility districts, and water and wastewater authorities can obtain loans with lower interest rates than most can obtain through private financing. Interest rates for loans can vary from zero percent to market rate based on each community’s economic index. Loans utilizing EPA grant funds can include a principal forgiveness component.
TDEC administers the SRF Program in conjunction with the Tennessee Local Development Authority. The U.S. Environmental Protection Agency provides grants to fund the program, and the state provides a 20 percent match. Loan repayments are returned to the program and are used to fund future SRF loans.
The funding order of projects is determined by the SRF Program’s Priority Ranking Lists that rank potential projects according to the severity of their pollution and/or compliance problems or for the protection of public health.
Any local government interested in a SRF Loan should contact the State Revolving Fund Loan Program, Tennessee Tower, 12th floor, 312 Rosa L. Parks Ave., Nashville, TN 37243, or call (615) 532-0445. Additional information may be found online at https://www.tn.gov/environment/program-areas/wr-water-resources/water-quality/state-revolving-fund-program.html.