June 25, 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 $2,671,175 low-interest drinking water construction loan to Terrace Lakes Water Company in Boise County, Idaho.
The funding will be used to drill a new well, replace a reservoir, construct a booster pump station, replace mains, and map the system.
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 2.5% interest rate and is payable over 20 years. The favorable loan terms represent a $360,075 savings to the community when compared to average costs for municipal general obligation debt issuances.