Five cities receive state water loans
Five cities are sharing five loans through the State Revolving Fund Loan Program according to the Tennessee Department of Environment and Conservation (TDEC).
The cities of Dandridge and Fayetteville each received a single loan while the town of White Pine received two loans. A joint loan was also issued for Caryville and Jacksboro in conjunction with the Caryville/Jacksboro Utilities Commission.
The $400,000 loan to Dandridge comes from the Clean Water State Revolving Fund Loan Program. It will address infiltration and inflow corrections, including planning and design for the rehabilitation/replacement of sewer lines and the replacement of manholes. The loan has a five-year term at 2.38% interest. Dandridge received $200,000 in principal forgiveness with the remainder of the loan amount to be paid back as principal.
Fayetteville received a $15 million loan from the Drinking Water State Revolving Fund Loan Program. The loan addresses waterline replacement to improve pressure and reduce water loss. It has a 20-year term at 1.87% interest.
The town of White Pine received $650,000 in loans. Of those funds, $500,000 come from the Clean Water State Revolving Fund Loan Program for collection system rehabilitation. The loan has a five-year term at 2.38% interest. White Pine received $250,000 in principal forgiveness with the remainder of the loan amount to be paid back as principal.
The remaining $150,000 from the Drinking Water State Revolving Fund Loan Program for the planning and design of a new water storage tank. The loan has a five-year term at 2.38% interest. White Pine received $75,000 in principal forgiveness with the remainder of the loan amount to be paid back as principal.
A $242,500 loan for the Jacksboro and the Caryville/Jacksboro Utilities Commission comes from the Clean Water State Revolving Fund Loan Program. It will address wastewater treatment plant improvements. The loan has a five-year term at 2.38% interest. The recipients were given $121,250 in principal forgiveness with the remainder of the loan amount to be paid back as principal.