Big Creek Utility District Among Those Awarded Over $14.2 Million In Water And Wastewater Construction Loans

Wednesday, March 22, 2017
Big Creek Utility District was among those Governor Bill Haslam and Tennessee Department of Environment and Conservation Commissioner Bob Martineau announced Wednesday of three communities and two utility districts that have been approved to receive over $14.2 million in low-interest loans for water and wastewater infrastructure improvements.
 
“The State Revolving Fund Loan Program helps citizens enjoy a better quality of life by assisting communities with current and future infrastructure needs for improved environmental health,” said Governor Haslam.
 
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $1.7 billion in low-interest loans since its inception in 1987.
Tennessee’s Drinking Water State Revolving Fund Loan Program has awarded more than $294 million in low-interest loans since its inception in 1996.
 
“Drinking water infrastructure is a priority for TDEC and the residents of Tennessee,” said Comm. Martineau. “This Program enables local communities to provide this vital resource year after year.”
 
Through the SRF 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 include a principal forgiveness component.
 
TDEC administers the SRF 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 their pollution and/or compliance problems or for the protection of public health.
 
A Wastewater Loan was announced Wednesday for the following recipient:
 
The City of Trenton (Gibson County) – The City of Trenton will receive $3,876,158 for Wastewater Treatment Plant Upgrades and Collection System improvements. The project will be funded with a 20-year, $3,604,827 loan with an interest rate of 0.70 percent and $271,331 in principal forgiveness that will not have to be repaid.
 
Traditional Wastewater Loans were announced Wednesday for the following recipients:
 
Jackson Energy Authority (JEA, Madison County) – JEA will receive $1,400,000 for WWTP Improvements (Improvements to the Miller Ave WWTP). The project will be funded with a 20-year, $1,400,000 loan with an interest rate of 1.55 percent.
 
The City of Trenton (Gibson County) – The City of Trenton will also receive $6,123,842 for Wastewater Treatment Plant Upgrades and Collection System Improvements. The project will be funded with a 20-year, $6,123,842 loan with an interest rate of 0.70 percent.
 
Drinking Water Loans were announced for the following recipients:
 
Big Creek Utility District (Grundy/Marion/Sequatchie Counties) – Big Creek Utility District will receive $299,235 for a new clear well and backwash pump station project.  The project will be funded with a 5-year, $239,388 loan with an interest rate of 0.08 percent and $59,847 in principal forgiveness that will not have to be repaid.
 
Town of Brighton (Tipton County) – The Town of Brighton will receive $374,360 for a Water Meters Replacements project. The project will be funded with a 20-year, $74,872 loan with an interest rate of 0.58 percent and $299,488 in principal forgiveness that will not have to be repaid.
 
Town of Erwin (Unicoi County) – The Town of Erwin will receive $1,500,000 for a Distribution System Improvements and Water Meter Replacement project. The project will be funded with a 20-year, $1,125,000 loan with an interest rate of 1.24 percent and $375,000 in principal forgiveness that will not have to be repaid.
 
Traditional Drinking Water Loans were announced for the following recipients:
 
Big Creek Utility District (Grundy/Marion/Sequatchie Counties) – Big Creek Utility District will also receive $200,765 for a new clear well and backwash pump station project. The project will be funded with a 5-year, $200,765 loan with an interest rate of 0.08 percent.
 
Town of Erwin (Unicoi County) – The Town of Erwin will also receive $500,000 for a Distribution System Improvements and Water Meter Replacement project. The project will be funded with a 20-year, $500,000 loan with an interest rate of 1.24 percent.
 
Any local government interested in the SRF Loans, should contact the State Revolving Fund Loan Program, Tennessee Tower, 12th Floor, 312 Rosa L. Parks Avenue, Nashville Tn. 37243, or call 615-532-0445. Additional information about the SRF Loan Program may be found online at http://tn.gov/environment/topic/wr-srf-state-revolving-fund-program


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