McLoud Public Works Authority receives $6.4M loan for wastewater improvements
The Shawnee News-Star
OKLAHOMA CITY – McLoud Public Works Authority (Authority) received approval Tuesday for a $6,475,000 Financial Assistance Program (FAP) loan from the Oklahoma Water Resources Board (OWRB) to improve their wastewater infrastructure. The Authority will use the funds for the installation of new headworks, two new sewer lift stations, and new sewer lines.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $1,321,400 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, sewer, and sanitation systems, a one-cent sales tax, and a mortgage.