NASHVILLE, Tenn. — Senator Mae Beavers (R-Mt. Juliet) said today that she has been informed by Governor Bill Haslam and Department of Environment and Conservation Commissioner Bob Martineau that the City of Lebanon will be receiving two loans totaling at $3.7 million to improve local drinking water quality.
“I’m delighted that these low interest loans improving water quality will be coming to Wilson County,” said Senator Beavers. “The SRF loan to the city of Lebanon will allow them to make much needed improvements to their water treatment facility through an affordable means.”
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.
Both loans to the city of Lebanon will cover funding for water treatment plant improvements at its disinfection by-products facility. The project will be funded through two loans, one for $1.2 million and another for $2.5 million. Both loans have a payback period 20-years and interest rates of 1.29%. The larger of the two loans features $750,000 in principal forgiveness that will not have to be repaid.