Contact: MaryAnna Peavey, Grants and Loans Bureau Chief, maryanna.peavey@deq.idaho.gov
BOISE – The Idaho Department of Environmental Quality (DEQ) today awarded $860,000 in low-interest drinking water lead service line loan funding to the City of Arco in Butte County, Idaho.
The funding will be used for the replacement of lead service lines.
This funding comes from the Infrastructure Investment and Jobs Act, otherwise known as the Bipartisan Infrastructure Law, which supports the inventory and replacement of lead service lines within a public drinking water system. The loan carries a simple 1% interest rate, is payable over 30 years, and has $372,408 in principal forgiveness. The favorable loan terms represent a $1,026,728 savings to the community when compared to average costs for municipal general obligation debt issuances.