NASHVILLE, Tenn. – Senator Dolores Gresham (R-Somerville) and Representative Ron Gant (R-Rossville) announced today that the Town of Oakland will receive $1,010,365 through Tennessee’s State Revolving Fund Loan Program (SRF). Oakland will be using the funds for a collection systems expansion and improvements project. The funding comes from a 20-year loan with an interest rate of 1.6 percent.
“Clean and well-managed water is essential to maintaining a high quality of life for our states,” said Gresham. “Since the SRF Program began in 1987, almost $2 billion has been awarded to communities across Tennessee. Congratulations to the Town of Oakland on being selected for this program.”
“For years to come, this loan will make a lasting impact on our community. These funds give our communities the opportunity to further preserve public health and provide safe, clean water,” said Gant.
The SRF Program is administered by the Tennessee Department of Environment and Conservation (TDEC) alongside the Tennessee Local Development Authority. The U.S. Environmental Protection Agency awards grants to the SRF Program, where the state provides a 20 percent match. Loan repayments are returned to the program to be used to fund future loans.
This loan is one of over $33.4 million in water and wastewater construction loans awarded to help fund infrastructure improvements. Oakland is receiving one of the four traditional wastewater loans given through the program this year. The announcement comes from Gov. Bill Haslam and TDEC Commissioner Bob Martineau.