Springfield Gets 19M Water & Wastewater Loan In Addition To Haslam’s 7 Mil
TDEC ANNOUNCES $66.8 MILLION IN DRINKING WATER AND WASTEWATER LOANS FOR FIVE COMMUNITIES
NASHVILLE – Tennessee Gov. Bill Lee and the Tennessee Department of Environment and Conservation Commissioner David Salyers today announced that five communities will receive $66.8 million in low-interest loans for clean water and drinking water infrastructure improvements.
“I’m pleased to see our communities are getting the help they need for infrastructure development,” Lee said.
The City of Springfield (Robertson County) will receive a loan increase in the amount of $19,000,000 for collection system replacement to address sanitary sewer overflows (including installation of approximately 18,000 linear feet of sewer lines) as well as inflow and infiltration correction of approximately 3,900 linear feet of sewer lines with construction of a 4 MG wastewater storage tank at Carr Creek and a 5 MG wastewater storage tank at Sulphur Creek. The project is funded from the State Revolving Fund with a 20-year repayment period at an interest rate of 1.30 percent.
Tennessee’s Revolving Fund Loan Program maintains priority ranking lists for both the Drinking Water State Revolving Fund and the Clean Water State Revolving Fund. Over $90 million is loaned annually to cities, utility districts, and energy or water/waste water authorities, with projects appearing on the priority ranking lists for planning, design, and construction of eligible water and wastewater projects.
“These programs help communities make updates they need in infrastructure, and we are glad we can assist in this way,” said Salyers. “Abundant, clean water is important to quality of life in Tennessee, and this program is an excellent way to make such improvements affordable.”
Through the State Revolving Fund 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 also include a principal forgiveness component.
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans since its inception in 1987. Tennessee’s Drinking Water State Revolving Fund Loan Program has awarded more than $300 million in low-interest loans since its inception in 1996.
The Department of Environment and Conservation administers the State Revolving Fund 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.
Clean water loans were also announced for the following recipients: City of Chattanooga, City of Cleveland, City of Humboldt, City of Memphis. Drinking water loans are announced for the following recipients: City of Humboldt.
Published On December 5, 2018
Springfield Approved For 7.5M State Loan To Upgrade Water System
Original press release from Haslam
SPRINGFIELD TENNESSEE: (Smokey Barn News) – Tennessee Gov. Bill Haslam and Tennessee Department of Environment and Conservation Commissioner Shari Meghreblian announce that four communities have been approved to receive approximately $16.7 million in low-interest loans for water and wastewater infrastructure improvements.
The loans include funds for the City of Springfield. The city will receive a loan in the amount of $7,500,000 for collection system replacement, infiltration/inflow correction, and construction of two wastewater storage tanks. The project is funded from the State Revolving Fund with a 20-year repayment period and an interest rate of 1.30 percent.
“Abundant, clean water is essential to the quality of life in Tennessee, and we are pleased to make these low-interest loans available to communities with infrastructure needs,” Haslam said. “This program helps communities in ways that will benefit citizens for generations to come.”
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans since its inception in 1987. Tennessee’s Drinking Water State Revolving Fund Loan Program has awarded more than $308.55 million in low-interest loans since its inception in 1996.
“These programs have helped communities make updates they need, and we are glad the loans can assist,” Meghreblian said. “Clean water is a vitally important resource, and this loan program has proved valuable in making much-needed improvements.”
Through the State Revolving Fund 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 also include a principal forgiveness component.
The Department of Environment and Conservation administers the State Revolving Fund 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 the pollution and/or compliance problems or for the protection of public health.
The loans announced include funds for Hamilton County, the Ocoee Utility District and the Smith Utility District.
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