NASHVILLE, Tenn. — Tennessee Gov. Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers announced a $1.3 million loan for Rocky Top to improve water infrastructure, according to a release to TDEC.
The loan is one of two approved by the Tennessee Local Development Authority, with loans for Rocky Top and Cookeville totaling $6.8 million, TDEC said.
“Reliable water infrastructure is crucial to maintaining a high standard of living for Tennesseans,” Salyers said. “I am pleased to see this funding support Rocky Top and grateful for our partnership with local officials.”
Rocky Top's loan comes from the Clean Water State Revolving Fund Loan Program. This program provides loans for the planning, design and construction phases of wastewater and stormwater systems, according to TDEC. The loan has a 20-year term at 1.24% interest.
Through the State Revolving Fund Loan Program, communities, utility districts and water and wastewater authorities can receive loans with lower interest rates than through private financing. These low interest rate loans can vary from 0% to below market rate, based on each community’s economic health.
This fiscal year, TDEC has awarded $54,108,182 in drinking water loans and $85,350,843 in clean water loans to meet the state’s infrastructure needs, TDEC said. 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.
According to TDEC, 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.