OKLAHOMA CITY – The Newcastle Public Works Authority (Authority) received approval for a $3,300,000 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).
The Authority’s current water meters are not functioning properly, contributing to overall system inefficiency, and increased unmetered water loss. These proceeds will be used to replace approximately 5,200 meters with automative metering analytic meters, about 750-meter boxes, and a cellular based automated metering analytics system. This project helps to meet Oklahoma’s Water for 2060 goals by focusing on water conservation and efficiency and reducing unintended flows to the wastewater treatment plant.
Joe Freeman, chief of the OWRB’s Financial Assistance Division, calculated that the Authority’s customers will save an estimated $449,700 over the life of the 10-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 along with a two (2) cents sales tax. The Authority was represented by Stuart England, bond counsel, and Jeff Bryant, local counsel. Mr. England stated, “Receiving this loan is an important aspect for the city of Newcastle. This project is essential.”
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 $2.6 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 $6.9 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.
“We are grateful to State Senator Jessica Garvin and Representative Sherrie Conley 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
