(NASHVILLE, Tenn.), June 23, 2017 – Lt. Governor Randy McNally and Senator Ken Yager (R-Kingston) said today they have been informed by Governor Haslam and the Department of Environment and Conservation (TDEC) that the City of Oak Ridge will receive $3.1 million for the Oak Ridge Pump Station. The project will be funded with a 20-year loan with an interest rate of 1.69 percent.
“This is good news for our Anderson and Roane Counties,” said Sen. Yager. “It is important that our infrastructure is modernized to meet the needs of our citizens and job growth. It’s great that these low-interest loans were secured for this project so we can move forward with water improvements that will benefit the entire community.”
“These dollars will make an immediate impact on the quality of life in the City of Oak Ridge,” said Lt. Governor McNally. “I appreciate Governor Haslam and the Department of Environment and Conservation’s work in improving our infrastructure in Anderson and Roane counties.”
The State Revolving Fund (SRF) Loan Program provides low-interest loans that help communities, utility districts, and water and wastewater authorities finance projects that protect Tennessee’s ground and surface waters and public health. Loans are used to finance the planning, design and construction of water and wastewater facilities.
According to TDEC, Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $1.7 billion in low-interest loans since it was created in 1987. Tennessee’s Drinking Water State Revolving Fund Loan Program has awarded more than $297.6 million in low-interest loans since it was implemented in 1996. Both programs help Tennessee’s local governments with funds to improve water and wastewater infrastructure projects.