BOISE — The Idaho Department of Environmental Quality today announced the award of a $1 million low-interest wastewater construction loan to the Sandpiper Shores Master Utilities, Inc., in Bonner County.
The funding will be used to construct an additional lagoon, new lagoon liner, and multiple lagoon cells; upgrade the irrigation pumping system including the new force main and chlorine contact pipe; convert the existing forest spray irrigation to drip; and expand forestland application. Improvements to the collection system will include lift station rehabilitation, pipe repair, and modifications to existing manholes.
DEQ is authorized by state law to make loans to assist in the construction of public wastewater systems. Since the annual cost of wastewater service for residential customers exceeds one and one-half percent of the median household income, the Sandpiper Shores Master Utilities, Inc. is able to qualify for a disadvantaged loan, which carries very favorable repayment terms.
The loan from DEQ’s State Revolving Loan Fund, which is capitalized annually by grants from the Environmental Protection Agency, carries a simple 1.75 percent interest rate, is payable over 30 years, and has $202,281of principal forgiveness. The favorable loan terms represent about a $737,313 savings to the community when compared to average costs for municipal general obligation debt issuances.