2016 Construction Loan Program
Funding Recommendations to be Made at August 8 Public Works Board Meeting
Ninety applications worth $263.5 Million were received in May 2014
$7 million maximum per jurisdiction, per biennium
No local match required
2.55% interest rate. Rates are based on loan term selected and a certain percentage of average daily tax-exempt municipal bond market rates 30-60 days prior to application cycle, OR before contract execution (whichever is less)
For drinking water and sanitary sewer projects not on the 2014 unfunded PWTF construction loan list, applicants must FIRST had to have applied to the Departments of Health / Ecology during their normal funding cycle. Only projects not selected for funding and/or partially funded by Departments of Health / Ecology were eligible for the 2016 Construction Loan program.
Program Description: Low-interest loans for local governments to finance public infrastructure construction and rehabilitation. Eligible projects must improve public health and safety, respond to environmental issues, promote economic development, or upgrade system performance.
- Special purpose districts
- Quasi‐municipal organizations
Tribes, school districts, and port districts are ineligible for this program.
Eligible infrastructure systems:
- Domestic Water
- Sanitary Sewer
- Solid Waste/Recycling
- Storm Water
The Board is mandated by statute to recommend a construction loan list for FY 2016.
Applications for construction loans were due May 16, 2014. Funding decisions will be made on August 8, 2014. Loans worth $175 Million will be made in July 2015 subject to Legislative approval.