Lee, TDEC Announce $5.9 Million Loan for City of Rockwood Water Improvements
Gov. Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers today announced a $5.9 million loan for the City of Rockwood to improve water infrastructure.
The loan is one of three approved by the Tennessee Local Development Authority, with loans for the City of Rockwood, the Hamilton County Water and Wastewater Treatment Authority, and Chuckey Utility District totaling $31.7 million.
“These loans provide vital assistance to local communities in meeting important infrastructure needs,” Lee said. “The program has a long track record of success, and we commend these communities for going through this process.”
“Every community deserves high quality water services, and this loan program helps make that happen,” Salyers said. “We are glad to see these steps taken, and we look forward to the results in infrastructure that will follow these loans.”
The City of Rockwood loan comes from the Drinking Water State Revolving Fund Loan Program and will address water treatment plant improvements. The loan has a 20-year term at 1.87 percent interest. The City of Rockwood received $2,950,000 in principal forgiveness with the remainder of the loan amount to be paid back as principal.
Through the State Revolving Fund Loan Program, communities, utility districts, and water and wastewater authorities can obtain loans with lower interest rates than through private financing. These low interest rate loans can vary from zero percent to below market rate, based on each community’s economic health.
This fiscal year, TDEC has awarded $16,536,173 in drinking water loans and $71 million in clean water loans to meet the state’s infrastructure needs. During fiscal year 2024, TDEC awarded $54,108,182 in drinking water loans and $85,350,843 in clean water loans for a total of $139,459,025.
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans since its inception in 1987. The state’s Drinking Water State Revolving Fund Loan Program has awarded more than $300 million in low-interest loans since its inception in 1996.
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