KNOXVILLE, Tenn. (WATE) — Three loans totaling $2.4 million have been approved for water infrastructure improvements in Maynardville and Rocky Top, Governor Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers announced on Friday.
The City of Rocky Top was approved for two loans totaling $2,325,000, and the City of Maynardville was approved for a $75,000 loan by the Tennessee Local Development Authority, TDEC said. The loans will begin in the 2024 physical year.
“These loans help provide important water infrastructure projects in communities across the state, and we look forward to the improvements they will bring,” Lee said. “The program makes loans more affordable, and we commend local officials for their commitment to meeting these needs.”
According to TDEC, the two loans for the City of Rocky Top come from the Clean Water State Revolving Fund Loan program and will address infiltration and inflow correction within the wastewater collection system. It is a 20-year loan at 1.73% interest.
The City of Maynardville’s loan is from the Drinking Water State Revolving Fund Loan Program and will address improvements to the water distribution system, TDEC said. It is a five-year loan with a 1.14 percent interest rate.
The State Revolving Fund Loan Program allows communities utility districts, and water and wastewater authorities to obtain loans with lower interest rates than through private financing.
During the 2023 fiscal year, TDEC awarded more than $47 million in drinking water loans and $64 million in clean water loans.