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Preston wins water improvement loan

The city of Preston won approval of a $1,046,577 low-interest loan from the Idaho Department of Environmental Quality (IDEQ).

The funds will be used to help replace aging drinking water distribution pipes and to extend a distribution line.

The loan comes from the IDEQ’s State Revolving Loan Fund. The fund is capitalized annually by grants from the U.S. Environmental Protection Agency. It carries a simple 2.75 percent interest rate and is payable over 20 years.

The favorable loan terms alone represent a $69,039 savings to the community when compared to the cost of what a general obligation debt would cost the city.

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