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Press Release
June 17, 2015

Locust Grove Public Works Authority Receives $820,000 Loan from OWRB

Locust Grove Public Works Authority (Authority) received approval for a $820,000 Financial Assistance Program (FAP) loan Tuesday from the Oklahoma Water Resources Board (OWRB) for refinancing an existing water infrastructure loan.

The Authority will use the FAP loan to refinance its 1995 FAP loan issued in the original amount of $1,675,000.00 for the purpose of clean water and wastewater system improvements. The refinancing of the 1995 loan will benefit the Authority's customers by locking in a fixed rate while interest rates are low, and thereby eliminating the risk of a future interest rate increase.

The 8-year loan shall be secured with a lien on the revenues of the Authority's water, sewer, and garbage systems, as well as the proceeds of a two cent sales tax. Local officials attending the OWRBs monthly meeting in support of the loan application included Tamatha Ogilvie, Clerk, and Cheri McNutt, Project Coordinator.

Since 1983, the Oklahoma Water Resources Board has approved over $3.2 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.

We are grateful to the State Senator Kim David and State Representative Ben Sherrer for their support of our financial assistance programs, said J.D. Strong, executive director of the OWRB.

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