June 26, 2023
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 $3,124,087 low-interest wastewater construction loan to the city of Harrison in Kootenai County.
The funding will be used to upgrade the system’s treatment plant by transitioning to application treatment, constructing a new four-inch parallel force main to the system’s wastewater treatment plant, upgrading the system’s existing parallel force main, and constructing a new central lift station.
DEQ is authorized by state law to make loans to assist in the construction of public wastewater systems. Since the annual cost of wastewater service for residential customers exceeds one and one-half percent of the median household income, the city of Harrison qualifies for a disadvantaged loan that carries favorable repayment terms.
The loan from DEQ’s State Revolving Loan Fund, which is capitalized annually by grants from the United States Environmental Protection Agency, carries a simple 1.50% interest rate, is payable over 30 years, and has a $1,621,849 principal forgiveness. The favorable loan terms represent a $3,308,126 savings to the community when compared to average costs for municipal general obligation debt issuances.