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DEQ Awards 0% Loan To Dietrich For Drinking Water Project
Dietrich, Idaho (KMVT-TV) The Idaho Department of Environmental Quality today announced the award of a $1,330,000 low-interest drinking water construction loan to the city of Dietrich, Lincoln County.
The funding will be used to construct a new well, well house, and distribution line.
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 one and one-half percent of the median household income, the city of Dietrich is able to qualify for a disadvantaged loan which carries very favorable repayment terms.
The loan from DEQ’s State Revolving Loan Fund carries a simple 0.00% interest rate and is payable over 30 years, and has a $162,662 principal forgiveness. The favorable loan terms represent about $1.1 million savings to the community when compared to average costs for municipal general obligation debt issuances.