DEQ awards $1.1 million loan to the city of St. Maries, Benewah County
Friday, January 19, 2018
BOISE — The Idaho Department of Environmental Quality (DEQ) today announced the award of a $1.1 million low-interest drinking water construction loan to the city of St. Maries, Benewah County.
The funding will be used to replace and upgrade existing water lines.
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 20 years. The favorable loan terms represent about a $195,300 savings to the community when compared to average costs for municipal general obligation debt issuances.