McLoud Public Works Authority receives $6.4M loan for wastewater improvements
OKLAHOMA CITY – McLoud Public Works Authority (Authority) received approval Tuesday for a $6,475,000 Financial Assistance Program (FAP) loan from the Oklahoma Water Resources Board (OWRB) to improve their wastewater infrastructure. The Authority will use the funds for the installation of new headworks, two new sewer lift stations, and new sewer lines.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $1,321,400 over the life of the 30-year loan compared to traditional financing. The loan shall be secured with a lien on the revenues of the Authority’s water, sewer, and sanitation systems, a one-cent sales tax, and a mortgage.
McLoud’s City Manager, Buck Day, thanked the board.
“On behalf of the Authority and citizens of McLoud, I would like to express our appreciation to the Board and its staff for its assistance in providing low interest rate financing to make various improvements to our sewer system," Day said. "The efforts of all those involved are well appreciated and we look forward to working with the Board and others in successfully completing this much needed project. Thank you.”
Since 1983, the Oklahoma Water Resources Board has approved over $5.1 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.
“We are grateful to State Senator Shane Jett and State Representative Danny Williams for their support of our financial assistance programs,” said Julie Cunningham, Executive Director of the OWRB.