The City of Oak Ridge has received a $2 million state wastewater loan, officials said Friday.
The loan is for the city’s Infiltration and Inflow Correction project. It will be used to rehabilitate approximately 30,000 linear feet of sewer line, a state press release said. The project will be funded with a 20-year, $1,860,000 loan with an interest rate of 1.89 percent and $140,000 in principal forgiveness that will not have to be repaid, Tennessee officials said.
The loan was announced Friday by Tennessee Governor Bill Haslam and Tennessee Department of Environment and Conservation Commissioner Bob Martineau. They said that three communities have been approved to receive more than $9.3 million in low-interest loans for water and wastewater infrastructure improvements.
“The State Revolving Fund Loan Program helps citizens enjoy a better quality of life by assisting communities with current and future infrastructure needs for improved environmental health,” Haslam said.
Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $1.7 billion in low-interest loans since its inception in 1987, the press release said. Tennessee’s Drinking Water State Revolving Fund Loan Program has awarded more than $296.2 million in low-interest loans since its inception in 1996. [Read more…]