Contact: MaryAnna Peavy, Grants and Loans Bureau Chief, maryanna.peavey@deq.idaho.gov.
BOISE – The Idaho Department of Environmental Quality (DEQ) today announced the award of a $38,600 low-interest drinking water loan to Cedar Springs Community Water in Bonner County, Idaho.
The funding will be used to develop a corrosion control treatment study. Cedar Springs Community Water intends to use this study to find the most cost effective way to reduce metals in their drinking water system.
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 United States Environmental Protection Agency has 100% principal forgiveness. Cedar Springs Community Water has a median household income that meets the criteria to qualify for disadvantaged assistance which carries very favorable repayment terms. The favorable loan terms represent a $75,358 savings to the community when compared to average costs for municipal general obligation debt issuances.