Alva Utility Authority receives $5,835,000 loan from the OWRB for water improvements

OKLAHOMA CITY – Alva Utility Authority (Authority) received approval for a $5,835,000 Financial Assistance Program (FAP) loan Tuesday from the Oklahoma Water Resources Board (OWRB).

The Authority will use these proceeds to replace its ground storage tank at the well field with a new 500,000-gallon tank, approximately 11,150 feet of 6-inch water main, 1,800 linear feet of 10-inch water main, and for a telemetry system.

According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $1,155,900 over the life of the30-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 mortgage.   Alva’s City Manager, Stephen Ford, stated, “The ground water storage tank being replaced was built in 1942. This project is essential.”  

Since 1983, the Oklahoma Water Resources Board has approved over $6.9 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.

“We are grateful to State Senator Casey Murdock and Representative Carl Newton for their support of our financial assistance programs,” said Julie Cunningham, Executive Director of the OWRB.

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Contact:
Joe Freeman
Oklahoma Water Resources Board
(405) 530-8800
Joe.Freeman@owrb.ok.gov