Governor Bill Lee, Tennessee Department of Environment and Conservation announce Selmer water improvement loan

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Tennessee Gov. Bill Lee and the Tennessee Department of Environment and Conservation (TDEC) Commissioner David Salyers announced May 28 a $1,445,000 loan for the Town of Selmer to improve water infrastructure.
“This low-interest loan is an excellent way to meet infrastructure needs,” Lee said. “We are pleased Selmer can benefit, and we look forward to the improvements that will result from this assistance.”
“This comes from a loan program that has helped many communities throughout the state,” Salyers said. “The people of Selmer deserve reliable infrastructure and we are happy these upgrades can be made.”
The loan for Selmer comes from the Clean Water State Revolving Fund Loan Program and will address infiltration and inflow correction within the wastewater collection system. The loan has a five-year term at 0.07 percent interest.
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 $7.2 million in drinking water loans and $77.6 million in clean water loans to meet the state’s infrastructure needs. During fiscal year 2020, TDEC awarded $37,374,000 in drinking water loans and $150,529,200 in clean water loans for a total of $187,903,200.
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.