DEQ awards $3.9 million low-interest drinking water construction loan to the city of Iona, Bonneville County
Tuesday, February 13, 2018
BOISE — The Idaho Department of Environmental Quality (DEQ) today announced the award of a $3.9 million low-interest drinking water construction loan to the city of Iona in Bonneville County.
The funding will be used to install a new generator and transmission lines and construct a new storage tank and well.
DEQ is authorized by state law to make loans to assist in the construction of public drinking water systems.
The loan from DEQ’s State Revolving Loan Fund, which is capitalized annually by grants from the Environmental Protection Agency, carries a simple 2.75% interest rate and is payable over 30 years. The favorable loan terms represent about a $1,283,000 savings to the community when compared to average costs for municipal general obligation debt issuances.