Tennessee – Tennessee Gov. Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers announced a $1 million loan for the Watts Bar Utility District to enhance water infrastructure.
The loan is one of four approved by the Tennessee Local Development Authority, with a total of $9.9 million allocated to the Watts Bar Utility District, City of Munford, Town of Carthage, and the City of McMinnville.
“Tennessee continues to support infrastructure investments for a growing state, including water quality improvements,” said Lee. “We are pleased these funds will make projects affordable to deliver important resources for Tennesseans across the state.”
“Quality water infrastructure is crucial for a community,” said Salyers. “This program provides financial assistance for local leaders to meet a demand that might be difficult to achieve otherwise. We are glad we can assist with this excellent program.”
The loan for Watts Bar Utility District is funded through the Drinking Water State Revolving Fund Loan Program and will address waterline extensions. It has a 15-year term at 1.06 percent interest, with $500,000 in principal forgiveness and the remaining amount to be repaid as principal.
The State Revolving Fund Loan Program offers low-interest loans to communities, utility districts, and water and wastewater authorities, providing more affordable financing compared to private loans. The interest rates range from zero percent to below market rate, depending on each community’s economic health.