NASHVILLE, Tenn. – Senator John Stevens (R-Huntingdon) said today that he has been informed by Governor Bill Haslam and Department of Environment and Conservation Commissioner Bob Martineau that the City of Camden will be receiving three loans totaling $5.1 million to improve local drinking water quality and wastewater treatment.
“I’m thrilled that the City of Camden is receiving this much needed funding,” said Senator Stevens. “The money from the SRF Loans will enable the city to upgrade and improve our water systems without dealing with high interest rates.”
The funding for the loan comes from the State Revolving Fund (SRF) program, which is administered by the Department of Environment and Conservation in conjunction with the Tennessee Local Development Authority. The SRF provides low-interest loans to 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.
The loan is part of a $15 million package that awarded loans for water and wastewater management facilities improvements to six different cities within the state. These loans cover projects to replace water meters, rehabilitate collection meters, relocate waterlines, among other water related projects.
The three loans for the City of Camden are divided as follows. $2 million of the funding will be devoted to replacing water meters, $1.25 million will go toward waterline relocation along Highway 70, and the final $1.85 million will be devoted to wastewater treatment plant improvements for secondary treatments. All three of the loans feature a 20-year payback period and an interest rate of 0.72%. The loans combined have a total of $650,000 in principal forgiveness that will not have to be repaid.