Guymon Utilities Authority receives $4,200,000 loan from the OWRB for water system improvements
Guymon Utilities Authority (Authority) received approval for a $4,200,000 Financial Assistance Program (FAP) loan Tuesday from the Oklahoma Water Resources Board (OWRB) to improve their water infrastructure.
The Authority will utilize the proceeds to engineer, design, and construct two 500,000-gallon water storage tanks and one elevated 300,000-gallon water storage tank.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $698,700 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 gas systems and a one cent sales tax.
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.