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Lebanon awarded loans to improve water, wastewater
Feb 08, 2013 3:00 pm
Of late, water has been a hot topic in Lebanon.
Whether it's the city council holding public meetings to address flooding issues, or the city working to make sure residents have plenty of the right kind.
This week, Gov. Bill Haslam said four communities, including Lebanon, were approved to receive low-interest loans for water and wastewater infrastructure improvements.
Lebanon will receive a total of $3.7 million in low-interest loans for water treatment. The first is $2.5 million for a project that includes water treatment plant improvements at its disinfection by-products facility. The project will be funded with a 20-year, $1.75 million loan with an interest rate of 1.29 percent and $750,000 in principal forgiveness that will not have to be repaid.
The city will also receive a traditional drinking water loan of $1.2 million in a 20-year loan with an interest rate of 1.29 percent for a project that includes water treatment plant improvements at its disinfection by-products facility.
“We are pleased to be in a position to help address critical drinking water and wastewater infrastructure needs at the local level, making improvements that will benefit the health of these communities and economic growth,” Haslam said.
The funding is made available to the State Revolving Fund Loan Program, which provides low-interest loans that 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 funding order of projects is determined by the SRF Loan Program’s priority ranking lists that rank potential projects according to the severity of their pollution and/or compliance problems or for the protection of public health.
“I’m delighted that these low-interest loans improving water quality will be coming to Wilson County,” said state Sen. Mae 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.”