NASHVILLE -- Hamilton County's Water & Wastewater Treatment Authority is getting a $10.67 million low-interest loan from the state to fix infrastructure problems at WWTA's East Ridge Rehabilitation Basin, Gov. Bill Lee and state Environment and Conservation Commissioner David Salyers announced Tuesday.
The loan was one of two approved by the Tennessee Local Development Authority. The other was an $886,000 to the town of Bell Buckle in Middle Tennessee.
Hamilton County's loan comes courtesy of the state's Clean Water State Revolving Fund Loan Program. It's expected to address infiltration and inflow correction correction issues at the East Ridge basin. The list includes repairing more than 38,000 feet of sewer lines, associated connections and manholes.
The 20-year loan carries a 1.47% interest rate.
"We are pleased to provide these funds through the State Revolving Fund Loan Program," Lee said in a news release. "This program shows our commitment to modernizing infrastructure across the state."
Salyers said the loan program "allows us to assist communities in a significant way. We look forward to the improvements that will result from this action."
The State Revolving Fund Loan Program provides access to lower-interest loans to Tennessee communities, utility districts, and water and wastewater authorities than can be obtained from the private market. The interest rates can vary from zero percent to below market rates, based on each community's economic health.
So far this fiscal fiscal year, TDEC has awarded $2,371,100 in drinking water loans and $110,971,200 in clean water loans to meet state infrastructure needs.
During fiscal year 2019, TDEC awarded $13.34 million in drinking water loans and $83.32 million in clean water loans for a total of almost $96 million.
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.
Contact Andy Sher at asher@timesfreepress.com or 615-255-0550. Follow on Twitter @AndySher1.