New Cordell Utilities Authorityreceives$2,250,000water system funding from OWRB
OKLAHOMA CITY – The New Cordell Utilities Authority (Authority) received approval for $2,250,000 in funding Tuesday from the Oklahoma Water Resources Board (OWRB) to improve the Authority’s water infrastructure. Construction of upgrades and improvements to the water system will be financed by the Oklahoma Drinking Water State Revolving Fund (DWSRF) where $662,500 of the loan will be in the form of loan forgiveness.
The Authority will utilize the proceeds to replace aging water lines in various areas of town and to rehabilitate a water storage tank. These improvements will reduce line failure frequency and water loss resulting in adequate water pressure and volume for residents and businesses in and near the Authority.
Joe Freeman, chief of the OWRB’s Financial Assistance Division calculated that the Authority’s customers will save an estimated $1,011,300 over the life of the 20-year loan compared to traditional financing. The DWSRF loan will be secured with a lien on the revenues of the Authority’s water, sewer, sanitation, and electric systems as well as a mortgage. Mayor of New Cordell, Jerry Beech, stated, “I would like to express our sincere appreciation for consideration and approval of our loan request for critical water improvements. The water lines and storage facilities will go a long way in providing adequate water for the City’s residents and commercial customers. As a first-time borrower from the Board’s loan programs, we have seen first-hand the value the Board brings to small communities such as New Cordell. We applaud the work of the staff to make this happen and we look forward to a meaningful relationship with the OWRB in the future.”
The DWSRF program is administered by the OWRB and the Oklahoma Department of Environmental Quality (ODEQ) with partial funding from the U.S. Environmental Protection Agency (EPA). The DWSRF program has provided approximately $1.7 billion in drinking water 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.
Julie Cunningham, Executive Director of the OWRB, and Scott Thompson, Executive Director of the ODEQ, express their sincere appreciation to State Senator Brent Howard and Representative Todd Russ for their support of the DWSRF program.
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