DEQ awards $771,262 to Harrison
HARRISON, Idaho (KIFI) — The Idaho Department of Environmental Quality (DEQ) announced the award of a $771,262 low-interest drinking water construction loan to the City of Harrison, Kootenai County.
The funding will be used to investigate and develop the Stonegate well, undergo leak detection, make necessary reservoir repairs, and replace meters.
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 Harrison qualifies for a disadvantaged loan that carries favorable repayment terms.
The loan from DEQ’s State Revolving Loan Fund, which is capitalized annually by grants from the United States Environmental Protection Agency, has $771,262 in principal forgiveness. The favorable loan terms represent a $1,266,012 savings to the community when compared to average costs for municipal general obligation debt issuances.
