House passes Rep. Smith’s bill to extend loan term of Clean Water Revolving Fund Loan Program
Friday, the House unanimously passed Rep. Norma Smith's bill to extend the allowable loan term of the Clean Water State Revolving Fund (SRF) program by 10 years. This would align state statutes with federal statutes passed in 2014.
Currently, the SRF loan term has a maximum of 20 years. Smith's House Bill 2309 would extend that term to 30 years for local government borrowers.
“This is a simple bill that would have a very significant impact for our local communities, as more than $1.5 billion currently flows through this revolving loan program that serves the people of Washington state,” said Smith, R-Clinton. “By extending the maximum loan term by 10 years, we would be able to better deal with 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.
House Bill 2309 now moves to the Senate for further consideration.
###Washington State House Republican Communications