For Immediate Release:
May 2, 2022
Treasurer’s Office Issues $500,000 Local Direct Investment Financing Moab Irrigation District Well Construction
Spokane County, WA – Moab Irrigation District #20 is the recipient of a $500,000 Local Direct Investment (LDI) issued today by the Spokane County Treasurer’s Office. LDI funds will be used towards well repair and pumphouse construction to expand water capacity to district ratepayers. The financing will be re-paid by the district over a five-year term.
Moab Irrigation District will use the LDI financing to soon begin the rebuild of a pumphouse and currently non-operational district well. The increased capacity resulting from re-commissioning the well will allow the district to meet daily demand during the summer months and provide backup support to other district assets. Originally founded in 1968, Moab Irrigation District #20 is located on the northeast corner of Spokane Valley near Newman Lake to the state line. The District serves land owners managing and providing drinking and irrigation water to its users.
“The Treasurer’s Office is pleased to partner with Moab Irrigation District in support of their capital improvements which will improve their capacity during high-demand periods. This project is a great example of our Local Direct Investment program at work in our community.” Said Michael Baumgartner, Treasurer of Spokane County.
The Treasurer of Spokane County manages the Spokane Public Investment Fund consisting of $1.5 billion in local government cash reserves invested in a fixed income portfolio. Local Direct Investments are an authorized investment offering financing to public investment participants at competitive rates, saving tax dollars on community projects. Past LDI’s have included financing towards public safety training and equipment, Bigelow Gulch infrastructure improvements, and land conservation.
“We are extremely grateful to the Spokane County Treasurer’s Office for the loan we received from the Local Direct Investment program. As a small district, programs like this are what makes it possible for us to continue to improve and repair our water system for the future, at a cost we can afford.” Said Moab Irrigation District Chairman of the Board, Teresa Phelps.
The Treasurer of Spokane County collects, safeguards and invests the public’s funds. Managing approximately $1.5 billion in invested local government cash reserves, the Spokane Public Investment Fund provides safety, liquidity and investment income to over eighty regional government entities.