Cookeville, TN – According to the statement, this loan is reportedly one of two approved by the Tennessee Local Development Authority, with loans for Smyrna and Cookeville totaling $20 million.
State officials have announced that the loan for the City of Cookeville comes from the Drinking Water State Revolving Fund Loan Program.
The loan addresses improvements to the water treatment system and has a 20-year term at 1.07 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.
Officials also said that these low interest rate loans can vary from zero percent to below market rate, based on each community’s economic health.
Governor Bill Lee released the following statement:
“The State Revolving Fund Loan Program helps communities meet the need of improved infrastructure, and we are glad we can assist in this way. We look forward to the improvements that will come from this assistance for Cookeville and Smyrna.”