Tonkawa Municipal Authority receives $2,000,000 water system funding from OWRB
OKLAHOMA CITY – The Tonkawa Municipal Authority (Authority) received approval for $2,000,000 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 $1,000,000 will be in the form of loan forgiveness and another $600,000 provided through a Community Development Block Grant (CDBG).
The Authority will utilize the proceeds to replace approximately 10,600 linear feet of water lines throughout the community. These improvements will ensure water pressure is maintained for residents and businesses within the Authority.
Joe Freeman, chief of the OWRB’s Financial Assistance Division, calculated that the Authority’s customers will save an estimated $2,256,100 over the life of the 30-year loan compared to traditional financing. The DWSRF loan will be secured with a lien on the revenues of the Authority’s water, sewer, and electric systems, and a 1-cent sales tax and mortgage. Tonkawa Municipal Authority’s Chairman, Kenneth Smith, shared “This loan will benefit the quality of life, improve our future water system, and provide a valuable resource for our community. Everyone who travels through the area to visit or do business in the Tonkawa area will enjoy the benefit from this improvement to our water system.”