Boise City Public Works Authority receives $1,750,000 loan from the OWRB for water and wastewater system improvements
Boise City Public Works Authority (Authority) received approval for a $1,750,000 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 drill a new water well with a well house and piping, a new SCADA system, for laying 8-inch and 10-inch sewer lines, and 10-inch PVC water lines.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $343,200 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 system and a mortgage. A representative for the Authority stated, “The City of Boise City appreciates the OWRB’s help in providing funds for the new well and sewer line replacement projects. Providing adequate water to our residents and businesses in the Panhandle is a high priority for the City Council. As a first-time borrower from the Board, we recognize the valuable assistance the Board offers in meeting critical water and sewer needs. Thank you.”
Since 1983, the Oklahoma Water Resources Board has approved over $5.3 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.
“We are grateful to State Senator Casey Murdock and Representative Kenton Patzkowsky for their support of our financial assistance programs,” said Julie Cunningham, Executive Director of the OWRB.