Broken Arrow Municipal Authority Receives $6,280,000 Loan for Refinance of Water and Wastewater System Improvements from the OWRB

OKLAHOMA CITY – The Broken Arrow Municipal Authority (Authority) received approval for a $6,280,000 Financial Assistance Program (FAP) loan on Tuesday from the Oklahoma Water Resources Board (OWRB) to refinance recent improvements to their water and wastewater infrastructure.

The Authority, located in Tulsa County, operates water and wastewater systems that serve the City of Broken Arrow. The community will use these funds to refinance a Financial Assistance Program (FAP) loan originally approved in 2015, which supported several key infrastructure improvements throughout the city. The completed projects, finished in April 2021, enhanced the capacity, reliability, and efficiency of the city’s water and wastewater systems. This refinancing will help the Authority strengthen its long-term financial position, ensuring continued investment in essential water infrastructure.

According to Lori Johnson, chief of the OWRB’s Financial Assistance Division, the Authority’s  customers will save an estimated $64,800 compared to traditional financing. The loan shall be secured with a senior lien on the revenues of the Authority’s  water, sewer, and sanitation services, and a one cent sales tax.

Local officials attending the OWRB’s monthly meeting in support of the loan application included Finance Director Cindy Arnold. “We come back on a yearly basis, and I can’t stress enough how much we appreciate the OWRB,” said Arnold. “Broken Arrow is thriving, and we couldn’t do this without you.”

“We are grateful to the Oklahoma Water Resources Board for their continued partnership and approval of funding to support the Broken Arrow Municipal Authority,” said Rep. Mark Chapman, R-Broken Arrow. “This refinancing will allow the city to strengthen and maintain critical water and wastewater infrastructure, ensuring reliable service and supporting continued growth and development in the community.”

“We are grateful to State Legislators from the Broken Arrow area for their continued support of our financial assistance programs,” said Julie Cunningham, Executive Director of the OWRB.

Since 1983, the Oklahoma Water Resources Board has approved over $8.3 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.