Washington State Department of Ecology - September 11, 2013

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State proposes limited change to State Revolving Fund loan program for clean water projects

OLYMPIA – The state Department of Ecology (Ecology) proposes to make a limited change to the administration charge for State Revolving Fund loans that would not be passed along to loan customers.

The Revolving Fund is a long-standing, successful program that provides low-interest loans to local governments, tribes and special purpose districts for water quality improvement projects across the state. These projects range from large wastewater treatment plant construction projects to small projects, such as planting vegetation along streams, to prevent diffuse sources of pollution.

The proposed change, approved by the state Legislature, will help keep the State Revolving Fund financially sound and functioning into the future.

The proposal allows Ecology to assess an administration charge on each Revolving Fund loan at the point the loan enters into repayment. The charge cannot exceed one percent of the declining loan balance and may not be applied to loans with an interest rate below the administration charge. The charge will be subtracted from the established interest rate for the loan, therefore it will have no impact on borrowers.

Ecology will hold a public hearing about the proposal at 1 p.m., Oct. 10, at Pierce County Library, PAC (Processing and Administrative Center) Room A, 3005 112th Street East, Tacoma, WA 98446.

Ecology is accepting public comments on the proposal until Oct. 17. You can submit comments by testifying at the public hearing, or by submitting written comments at the public hearing. You may also email comments to daniel.thompson@ecy.wa.gov or mail them to Daniel Thompson, Department of Ecology, P.O. Box 47600, Olympia WA 98504-7600. You may fax your comments to 360-407-7151.

Learn more about Ecology’s proposal online.

Ecology expects to adopt this rule no earlier than Nov. 20, 2013.

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Media Contact: Sandy Howard, 360-407-6408 (desk); 360-791-3177 (cell); sandy.howard@ecy.wa.gov

For more information:

Water Quality Grants and Loans (www.ecy.wa.gov/programs/wq/funding/funding.html)

Ecology’s proposal online (www.ecy.wa.gov/laws-rules/wac17398/1305.html)

Rule proposal notice (https://fortress.wa.gov/ecy/publications/publications/1310037.pdf)

Ecology’s social media (www.ecy.wa.gov/about/newmedia.html)