June 16, 2022
Contact: MaryAnna Peavey, Grants and Loans Bureau Chief, MaryAnna.Peavey@deq.idaho.gov
BOISE — The Idaho Department of Environmental Quality (DEQ) today announced the award of a $6,857,000 low-interest drinking water construction loan to Kidd Island/Harbor View Joint Sewer Board in Kootenai County.
The funding will be used for the design, acquisition, construction, and installation of improvements to the existing treatment and collection system, and the acquisition of easements and/or rights-of-way, as necessary.
DEQ is authorized by state law to make loans to assist in the construction of public drinking water or wastewater systems. Since the annual cost of drinking water service for residential customers exceeds one and one-half percent of the median household income, Kidd Island Bay/Harbor View Joint Sewer Board 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 US Environmental Protection Agency, carries a simple 1.5% interest rate, is payable over 30 years, and has $777,955 in principal forgiveness. The favorable loan terms represent $3,091,949 in savings to the community when compared to average costs for municipal general obligation debt issuances.