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Nampa authorizes $165 million DEQ promissory note to finalize wastewater project financing
Summary
Council approved a resolution authorizing execution of a $165 million promissory note and loan agreement with the Idaho Department of Environmental Quality to convert interim construction draws into permanent financing for the city's wastewater renewal project.
The Nampa City Council voted Sept. 15 to authorize the mayor to execute a promissory note and associated loan documents with the Idaho Department of Environmental Quality (DEQ) to provide permanent financing for the wastewater system improvements. Bond counsel John McDermott told the council the note will total $165,000,000 with a 30‑year term maturing Sept. 26, 2055, with annual payments; counsel said the loan will replace interim construction draws previously taken from DEQ and will be payable from system revenues.
City staff and bond counsel said the new note will be issued on parity with an earlier DEQ note and that the pledged repayment source is wastewater system revenues. Questions from council members addressed interest rate history on prior SRF/DEQ financings; staff stated the current DEQ permanent financing will carry a stated interest rate (discussed in session) and that the structure follows DEQ terms for long‑term loans.
A council motion to authorize the mayor to sign the resolution and accept the DEQ loan documents passed unanimously. Staff said the resolution also authorizes related loan agreement documents, a reserve fund and other customary closing matters to complete the permanent financing.
