Wagoner Public Works Authority receives $5,040,000 loan from the OWRB for system improvements
Wagoner Public Works Authority (Authority) received approval for a $5,040,000 Financial Assistance Program (FAP) loan Tuesday from the Oklahoma Water Resources Board (OWRB) to improve their system infrastructure.
The Authority has a city-wide stormwater conveyance and regional stormwater detention plan. These proceeds will be used to address six different stormwater projects in the city.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division the Authority’s customers will save an estimated $1,067,500 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, sanitation, electric, and stormwater systems. An Authority representative stated, “On behalf of the citizens of Wagoner, we would like to express our appreciation for your consideration of our proposed loan. We have used the OWRB loan programs almost exclusively for the last 20 plus years and feel that has been very much to our benefit.”
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 Kim David and Representative Kevin McDugle for their support of our financial assistance programs,” said Julie Cunningham, Executive Director of the OWRB.