(NASHVILLE, Tenn.), October 2, 2012 .–The Tennessee Local Development Authority (TLDA) last week approved five loan requests for the Clean Water State Revolving Fund Loan Program and three loan requests for the Drinking Water State Revolving Fund Loan Program. The city of Murfreesboro requested and was approved for three loans totaling $37 million for wastewater facility improvement at the Southwest Regional Pumping Station and for projects at the Southwest Regional Force Main and Sinking Creek Wastewater Treatment Plant Headworks.
One of the loans includes a principal forgiveness in the amount of $2,470,000, reducing the total amount to be repaid to $7,530,000. Another one of the loans includes a principal forgiveness in the amount of $400,000, reducing the total amount to be repaid to $3,600,000. All three of the loans are amortized over 20 years at an interest rate of 0.93%.
“I am very pleased that the TLDA is able to provide a low interest loan for these needed improvements,” said Senator Jim Tracy (R–Shelbyville). “It should these upgrades and improvements for our citizens at a very low rate.”
“This is good news for the citizens of Murfreesboro,” added Senator Bill Ketron (R–Murfreesboro). “I congratulate all of those involved in working towards this project.”
This request was unanimously approved by the TLDA. The TLDA membership includes Governor Bill Haslam, Secretary of State Tre Hargett, Comptroller of the Treasury Justin P. Wilson, State Treasurer David H. Lillard, Jr., Finance and Administration Commissioner Mark Emkes, Washington County Commissioner Pat Wolfe, Jr. (Senate Appointee), and Brentwood City Commissioner Betsy S. Crossley (House Appointee). TLDA provides loan funds to local governments to pay for water and sewer projects, and certain other types of capital improvements.
“We are very grateful that this low interest loan has been approved and appreciate all the hard work that that was done in making these needed improvements available to our area,” said Representative Joe Carr (R–Lascassas). “These funds will go far in helping to improve our water system.”
“We look forward to our continued joint efforts in bringing valuable water improvements to our community,” added Representative Mike Sparks (R–Smyrna).
“Infrastructure and water quality is very important to the well-being of our citizens and the economic development of our county,” Representative Rick Womick (R–Rockvale) concluded. “This action will be beneficial in helping us work toward improvements in this area.”