April 5, 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 $1,985,620 low-interest drinking water construction loan to the city of Council in Adams County, Idaho.
The funding will be used to install a new well, well pump, storage tank, and booster pump and replace the current booster station and water mains.
The loan from DEQ’s State Revolving Loan Fund, which is capitalized annually by grants from the US Environmental Protection Agency, carries a simple 2.5% interest rate, and is payable over 20 years. The favorable loan terms represent a $336,942.24 savings to the community when compared to average costs for municipal general obligation debt issuances.