Joe Freeman,
Chief, Financial Assistance Division
Ardmore Public Works Authority receives $30,000,000 loan from OWRB
OKLAHOMA CITY – The Ardmore Public Works Authority (Authority) received approval for a $30,000,000 loan Tuesday from the Oklahoma Water Resources Board (OWRB) to improve the Authority’s infrastructure. Construction of upgrades and improvements to the system will be financed by the Oklahoma Clean Water State Revolving Fund (CWSRF).
Ardmore’s Mountain Lake and City Lake are in need of dam repairs. The gates at Mountain Lake dam will be replaced and upgraded as well as some other minor correction. City Lake will address leakage in the spillway and the intake structure while raising the elevation of the dam. Additionally, the Authority will be using proceeds to address repairs to the inflow and infiltration (I/I) issues throughout the collection system. The rehabilitation of the dams has been approved as a Nonpoint Source (NPS) project to help in the protection of stream stability and prevent additional sediment and nutrients from being washed downstream into Caddo Creek and the Washita River. Ardmore City Lake and Mountain Lake exhibit good water quality and this project will help to protect these waterbodies from becoming impaired; protecting two important drinking water supplies for Ardmore and its citizens.
Joe Freeman, chief of the OWRB’s Financial Assistance Division, calculated that the Authority’s customers will save an estimated $6,987,800 over the life of the 30-year loan compared to traditional financing. The CWSRF loan will be secured with a lien on the revenues of the Authority’s water and sewer systems and a half cent sales tax. Ardmore’s City and Authority Manager, Kevin Boatright, shared, “The city of Ardmore appreciates the efforts of the OWRB leadership and staff to provide financing for infrastructure across the state of Oklahoma.”
The CWSRF program is administered by the Oklahoma Water Resources Board with partial funding from the U.S. Environmental Protection Agency (EPA). The CWSRF program has provided approximately $2.0 billion in water quality loans to provide communities the resources necessary to maintain and improve the infrastructure that protects our valuable water resources statewide.
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 Frank Simpson and Representative Tammy Townley for their support of our financial assistance programs,” said Julie Cunningham, Executive Director of the OWRB.
Add this issuer to your watchlist to get alerts about important updates.
UNDER NO CIRCUMSTANCES SHALL THE INFORMATION ON THE SITE CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. OFFERS TO PURCHASE SECURITIES MAY BE MADE ONLY THROUGH A REGISTERED BROKER-DEALER AND THROUGH AN OFFICIAL STATEMENT.
BondLink has not prepared or developed any of the Content on the Site and the Content available on the Site with respect to any issuer is not maintained by or under the control of BondLink. The content on this Site with respect to any issuer was specifically authorized by that issuer to be communicated through this Site. BondLink has not reviewed such information in any respect and has not checked such information for accuracy, and in some cases, the information provided may not have been viewed by BondLink. The Content contained on the Site has been provided by the applicable issuer and is included for general informational purposes only and is provided without warranty of any kind and, in particular, no representation or warranty, express or implied, is made or is to be inferred as to the accuracy, reliability, timeliness or completeness of any such information. The Content presented on the Site speaks only as of the date the Content was prepared by the issuer or other third party and has not been updated since that date and as a result, may not address all factors which may be material to an investor and may contain omissions of fact or statements that are not accurate because of the passage of time or changes in facts or circumstance subsequent to the date of such Content. Consequently, no person should make any investment decision in reliance upon the Content contained on the Site. See “Terms” for the full terms of use of this website including your release of any and all claims against BondLink for use of this website.
