Minco Municipal Authority receives $7,635,000 loan from the OWRB for water and wastewater system improvements
OKLAHOMA CITY – Minco Municipal Authority (Authority) received approval for a $7,635,000 Financial Assistance Program (FAP) loan Tuesday from the Oklahoma Water Resources Board (OWRB) to improve their water and wastewater infrastructure.
These proceeds will be used for transforming the Authority’s existing wastewater lagoon system into a seasonal discharge and land application process consisting of an irrigation system with center pivot irrigation. Additionally, this project will include planning and replacement of old cast iron water mains. These improvements will assist in reducing water loss and improve the reliability of the water supply.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $1,828,500 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 and sewer systems, a 3-cent sales tax, and mortgage. Minco Mayor, Susan Hollandsworth shared, “Minco greatly appreciated this opportunity. We are in need and thank you so much.“
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 Senator Lonnie Paxton and State Representative Dick Lowe for their support of our financial assistance programs,” said Julie Cunningham, Executive Director of the OWRB.
Representative Lowe stated, "I am very excited about the changes and improvements that this financial opportunity provides for Minco residents. The investment in our rural communities is vital to the growth and quality of life we are so desperately needing in Oklahoma. I look forward to the start of the project and know that this funding will be a boost to moving Minco, OK in a positive direction toward the future."
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Contact:
Joe Freeman
Oklahoma Water Resources Board
(405) 530-8800
Joe.Freeman@owrb.ok.gov
