Gov. Lee, TDEC announce $556,000 loan for City of South Pittsburg water improvements

Tennessee Governor Bill Lee and Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers have announced a $556,575 loan for the City of South Pittsburg to improve water infrastructure.

The loan is one of three approved by the Tennessee Local Development Authority, with loans for the City of Brownsville and City of Maynardville bringing the total to $17.7 million.

The City of South Pittsburg loan comes from the Drinking Water State Revolving Fund Loan Program. They say it will fund the construction of 150,000-gallon and 285,000-gallon water storage tanks and the installation of approximately 3,200 Advanced Meter Reading meters.

“Tennessee continues to support infrastructure investments for a growing state, including water quality improvements. We are pleased these funds will make projects affordable to deliver important resources for Tennesseans across the state.”

– Governor Lee said.

They say the loan has a 20-year term at 1.99 percent interest. The City of South Pittsburg received $166,972.50 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.

“Water infrastructure is one of the most important issues facing communities throughout our state. The loan program gives towns and cities the help they need to meet local needs. We are glad these funds are available to help.”

– David Salyers said.