Midwest City Municipal Authority receives $3,300,000 loan from the OWRB for water and wastewater system improvements
OKLAHOMA CITY – Midwest City Municipal Authority (Authority) received approval for a $3,300,000 Financial Assistance Program (FAP) loan Tuesday from the Oklahoma Water Resources Board (OWRB) to improve their water and wastewater infrastructure.
The Authority is undertaking a water and sewer infrastructure expansion to service commercial, industrial, and future expansion. The loan proceeds will be utilized to construct a lift station, install approximately 8,700 feet of 12” water line, approximately 400 feet of 8” sewer gravity main, approximately 1,300 feet of 4” sewer force main.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $15,200 over the life of the 10-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 1.6515 cent sales tax. Representatives for the Authority included Tim Lyon, City Manager, Carrie Evenson, Assistant Public Works Director, Paul Streets, Public Works Director and Brandon Bundy, Engineering. Mr. Lyon stated, “We want to thank the OWRB for your consideration of our proposed project that will supply a new industrial client, which will provide 100 new jobs to our community.”
Since 1983, the Oklahoma Water Resources Board has approved over $7.1 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.
“We are grateful to State Legislators from the Midwest City area for their continued support of our financial assistance programs,” said Julie Cunningham, Executive Director of the OWRB.
“This investment in Midwest City's infrastructure will enhance our municipal water and sewer systems, ensuring they are functional and safe for many years to come. Our community is greatly appreciative of the Oklahoma Water Resources Board for their continued collaboration and support through the advancement of this grant application,” Senator Brenda Stanley, R-Midwest City.
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Contact:
Joe Freeman
Oklahoma Water Resources Board
(405) 530-8800
Joe.Freeman@owrb.ok.gov
