DEQ awards $3,317,000 to the Bayview Water and Sewer District, Kootenai County
Thursday, July 16, 2020
BOISE — The Idaho Department of Environmental Quality (DEQ) today announced the award of a $3,317,000 low-interest drinking water construction loan to the Bayview Water and Sewer District, Kootenai County.
The funding will be used to rehabilitate the existing storage tank, replacement of transmission lines, installation of new transmission lines, new transmission and distribution mains, and well improvements
DEQ is authorized by state law to make loans to assist in the construction of public drinking water systems. Since the annual cost of drinking water service for residential customers exceeds one and one-half percent of the median household income, the Bayview Water and Sewer District is able to qualify for a disadvantaged loan which carries very favorable repayment terms.
The loan from DEQ’s State Revolving Loan Fund, which is capitalized annually by grants from the Environmental Protection Agency, carries a simple 1.75% interest rate, is payable over 30 years, and has a $82,698 principal forgiveness. The favorable loan terms represent a $383,784 savings to the community when compared to average costs for municipal general obligation debt issuances.