Residents of the Town of White Pine are slated for critical water system upgrades, thanks to a hefty loan package from the State Revolving Fund Loan Program. Governor Bill Lee and TDEC Commissioner David Salyers have approved two loans, amounting to $650,000, to address the current water infrastructure needs. According to the Tennessee Department of Environment and Conservation, this financial boost is part of a broader initiative that recently sanctioned $16.2 million in loans for multiple communities.
Announced in a package with funding for additional towns including Dandridge, Jacksboro, and Fayetteville, the Town of White Pine is on the receiving end of this investment. As reported, "Water infrastructure can be a challenging issue for a community, and this program provides crucial funding for improvements," Governor Lee said, as per the Tennessee Department of Environment and Conservation. Commissioner Salyers added a note on the importance of "dependable water service," highlighting the role these loans play in addressing such needs. Along with the loan, the Town of White Pine is looking forward to receiving a total of $325,000 in principal forgiveness, easing the financial burden on the local community.
White Pine will utilize one segment of the loan, which is $500,000 sourced from the Clean Water State Revolving Fund Loan Program, specifically for collection system rehabilitation. These funds carry a 2.38 percent interest and come with a forgiving condition, slashing $250,000 off the principal amount that needs repayment. A separate loan of $150,000, also at 2.38 percent interest, will be directed toward the planning and designing of a new water storage tank. Half of this amount, $75,000, also falls under principal forgiveness, as cited in the official statement.
These loans are more than just financial instruments; they are a testament to Tennessee’s commitment to sustainable water infrastructure. They come with the advantage of lower interest rates, which can vary depending on the economic health of the community in question. As we have witnessed, during the fiscal year 2024, TDEC came through with over $54 million in drinking water loans and more than $85 million for clean water projects, injecting much-needed funds into an array of initiatives aimed at shoring up the state's water services.
