Jones Public Works Authority (Authority) received approval for a $10,535,000 Financial Assistance Program (FAP) loan Tuesday from the Oklahoma Water Resources Board (OWRB) to improve their water and wastewater infrastructure.
The Authority will use the proceeds to make improvements to the wastewater treatment plant, replace water and sewer lines, replace the current water meters with new Automatic Meter Reading (AMR) equipment, develop a new water well, install a new elevated storage tank, install new water lines for the well and storage tank.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $2,019,800 over the life of the 31 year loan compared to traditional financing. The loan will be secured with a lien on the revenues of the Authority’s water, sewer, sanitation and gas system along with a 2 cent sales tax, 2 cent use tax and a mortgage.
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