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Pegram approved for $2.4M SRF loan to upgrade wastewater plant
Summary
TLDA approved a $2.4 million SRF loan to the town of Pegram for planning, design and construction to upgrade its wastewater treatment plant. SRF staff recommended a 20-year loan at 3.31% interest; Pegram does not qualify for principal forgiveness.
The Tennessee Local Development Authority approved a $2,400,000 Clean Water SRF loan to the town of Pegram for planning, design and construction to upgrade its existing wastewater treatment plant.
TDEC staff reported Pegram serves about 250 customers and does not qualify for loan forgiveness; SRF recommended a 20-year loan at 3.31% interest for principal repayment of $2,400,000. Staff said Pegram’s operating revenue is approximately $220,000 per year and residential charges are about $86.98 per 5,000 gallons. After staff recommendations and a brief question period, the board approved the loan by voice vote.
SRF staff indicated security is provided through pledged unobligated state-shared taxes equal to the project’s maximum annual debt service.
