Smyrna, Lewisburg receive low-interest assistance
NASHVILLE – Tennessee Gov. Bill Lee and the Tennessee Department of Environment and Conservation Commissioner David Salyers today announced approximately $3 million in low-interest loans for clean water infrastructure improvements.
The loans announced Tuesday are for the Town of Smyrna in Rutherford County and the City of Lewisburg in Marshall County.
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.
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.
City of Lewisburg (Marshall County) – The City of Lewisburg will receive a loan increase in the amount of $130,000 for waste water treatment plant improvements. The project is funded from the State Revolving Fund with a 20-year repayment period and an interest rate of 1.05 percent.
NASHVILLE – Senator Shane Reeves (R-Murfreesboro) and Representative Rick Tillis (R-Lewisburg) made the following statements in regards to the announcement that funds will become available to Lewisburg for clean water infrastructure.
Rep. Tillis said, ““I’m pleased to see funds will be available to ensure our community will have clean water for years to come,” said Representative Tillis. “I appreciate Senator Reeves and our local officials work on this effort and I’m glad to support these efforts.”
Sen. Reeves said, “Clean water is essential to maintaining a high quality of life for our citizens. These funds will make a lasting impact on our community. I am very pleased that these funds will be available for waste water treatment plant improvements at a very low interest rate from our State Revolving Fund. I appreciate all the work Rep. Tillis did to help secure these funds and was glad to support those efforts. I also congratulate our local officials on a successful application.”