Memphis is cashing in on a big fat check for its waterworks, thanks to a hefty loan announced by Gov. Bill Lee and the state's Department of Environment and Conservation (TDEC) Commissioner David Salyers. The city is set to receive $42.1 million to shore up its water infrastructure, a much-needed cash infusion aimed at keeping taps flowing and toilets flushing without a hitch.

Lee and Salyers broke the news of the loan, earmarked for infrastructure rehab – specifically aimed at correcting infiltration and inflow issues, reinstating laterals, and rehabbing manholes. The loan, scored through the Clean Water State Revolving Fund Loan Program, comes with a sweet 1.36 percent interest rate over a 20-year term, Memphis also gets a cherry on top with $2.5 million in principal forgiveness - meanin' they don't gotta pay that chunk back, according to the TDEC's announcement.

"Strong and reliable water infrastructure is critical for Tennessee communities and this loan program makes needed upgrades possible," Lee said in the big reveal. Meanwhile, water chief Salyers chimed in, "Clean water is vital for all Tennesseans, and this important program is a primary tool to deliver that resource," as reported by the TDEC.

In addition to Memphis getting its due, the city of Dyersburg ain't being left high and dry either, it's getting a slice – with loans for both cities totaling $44.6 million. These low-interest loans are a leg up for communities to fix up their waterworks at rates a lot nicer than what the banks would offer. For the number crunchers, TDEC dished out over $24 million for drinking water and almost $84 million for sewer systems for fiscal year 2024, while the previous fiscal year they granted nearly $47 million for the former and over $64 million for the latter.

Ever since it took off in 1987, Tennessee's Clean Water State Revolving Fund Loan Program has pumped over $2 billion into local water projects. Keeping the faucet running, the Drinking Water State Revolving Fund Loan Program, around since '96, has poured out more than $300 million. Bottom line - Tennesseans stand to gain from clearer, cleaner water thanks to these funds.