OKLAHOMA CITY – Chickasha Municipal Authority (Authority) received approval for a $72,000,000 Financial Assistance Program (FAP) loan Tuesday from the Oklahoma Water Resources Board (OWRB) to improve their water infrastructure.
The Authority will use these proceeds to upgrade its existing water system for continued service to the community. The project includes the installation of new drum intake screens, raw water pumps with variable frequency drives to improve efficiency, new water lines, for modification and improvements to the holding pond, upgrades to the raw water pond pumps, and construction of a new water treatment plant.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $19,777,100 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 sanitation systems, and a potential 1.25 cent sales tax. Representatives of the Authority attending the OWRB’s monthly meeting included Chickasha Mayor, Chris Mosley, and City Manager, Keith Johnson. Mr. Mosley shared, “There are many high utility demands which will dramatically change Chickasha. With an increase in visitor traffic, permit requests, and the trend of state growth pushing out from the metro areas, Chickasha is picking up more users.”
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