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DEQ awards $3.1 million to Spirit Bend Water Association

April 2, 2024

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 $3.1 million low-interest drinking water construction loan to Spirit Bend Water Association in Kootenai County, Idaho.

The funding will be used to conduct an environmental review, make upgrades to the well and booster station, upsize distribution piping, replace meters, purchase a new well, and make security 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 1.5% of the median household income, Spirit Bend Water Association qualifies for a disadvantaged loan, which carries 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 1.75% interest rate, is payable over 30 years, and offers $3.1 million in principal forgiveness. The favorable loan terms represent a $5,044,489 savings to the community when compared to average costs for municipal general obligation debt issuances.

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