Gainesboro Aldermen have approved taking a line of credit up to an estimated $2.5 million for water system improvements.
The aldermen approved the line of credit through a bank. Alderman Tom Goetz said the line of credit would cover any expenses that could come up during the town’s ongoing water infrastructure improvements.
“We don’t owe any interest payments until we actually take any money out and then only on the money that we take out,” Goetz said. “So, currently we have this as a backup plan in case a catastrophe, something happens.”
Goetz also said the town could use the line of credit to pay the costs of the improvements if there are delays in grant reimbursements. Goetz said Gainesboro does not have plans to raise taxes to cover the line of credit should it be used.
“We are in really good financial shape, and we don’t foresee anything big happening, but again, it’s just like these snowstorms and ice storms that hit Nashville, and Franklin, and are devastating to those towns right now,” Goetz said. “That is the kind of thing that you have to kind of plan for and not get caught short on funds.”
Goetz said the water system improvements will be crucial for Gainesboro.
“Any water system is gonna age out, and ours is hitting that point where we are looking at our water intake, we laid waterlines to the water plant, we just last year, refurbished our two water tanks that supply the town, and each one of those is half a million gallons. And we have a grant in conjunction with Tennessee Tech for our stormwater improvements. So, there is gonna be some work that is going to start in a few sections around town on our stormwater, so there are a lot of infrastructure projects that need to be done.”
Goetz said improvements to the water intake are where the project is at now. Goetz said significant progress has been made, and the project is expected to be completed by the end of 2026.