Governor signs Rep. Smith’s bill extending loan term of Clean Water State Revolving Fund program
After unanimous approval in the House and Senate, Gov. Jay Inslee signed Rep. Norma Smith’s bill to extend the loan term of the Clean Water State Revolving Fund (SRF) program. Under House Bill 2309, the SRF loan term will be extended from 20 years to 30 years, aligning state statutes with federal statutes passed in 2014.
Smith says this is an important development for Washingtonians.
“Our local communities will see an enormous benefit from this loan extension, as more than $1.5 billion currently flows through this revolving loan program for important projects,” said Smith, R-Clinton. “Extending the maximum loan term will help our communities better address challenges on the ground around our state, and at a lower monthly cost.”
The SRF program was established by Congress in 1987, and is currently managed by the Department of Ecology. It provides low-interest loans to cities, counties, special purpose districts, federally recognized Indian tribes, and other public bodies to plan, design, construct, and improve water pollution control facilities such as wastewater treatment plants, sewer mains and stormwater projects.
Smith’s bill will go into effect June 2016.
###Washington State House Republican Communications