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Press Release
October 13, 2016

Atoka Municipal Authority Receives $5,200,000 Water System Funding from OWRB

The Atoka Municipal Authority (Authority) received approval for $5,200,000 in funding Tuesday from the Oklahoma Water Resources Board (OWRB) to refinance debt originally issued to improve the Authority’s water infrastructure. The Authority will utilize Oklahoma Drinking Water State Revolving Fund (DWSRF) proceeds to refinance two existing U.S. Department of Agriculture Rural Development (RD) loans. The original RD loans were issued for the construction of a new water treatment facility, rehabilitation of two lagoons, installation of three high service pumps, a new generator, and construction of approximately 9,500 feet of water line. That project has been completed, and through this action the Authority will create a significant savings for its customers who essentially pay-off the loan through their water payments.

Joe Freeman, chief of the OWRB’s Financial Assistance Division, calculated that the Authority’s customers will save an estimated $1,800,000 over the life of the 23-year loan. By using the DWSRF program to refinance the existing RD debt the Authority will be better financially positioned to make future infrastructure improvements to the system. The DWSRF loan will be secured with a lien on the revenues of the Authority’s water system and a 0.75% sales tax revenue. Attending the OWRB’s monthly meeting in support of the loan application for Atoka was Brian Cathey, Vice Mayor.

The DWSRF program is administered by the OWRB and the Oklahoma Department of Environmental Quality (ODEQ) with partial funding from the U.S. Environmental Protection Agency (EPA). The DWSRF program has provided approximately $1.0 billion in drinking water loans to provide communities the resources necessary to maintain and improve the infrastructure that protects our valuable water resources statewide.

Since 1983, the Oklahoma Water Resources Board has approved over $3.4 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.

J.D. Strong, executive director of the OWRB, and Scott Thompson, executive director of the ODEQ, express their sincere appreciation to State Senator Joseph Silk and Representative Bobby Cleveland for their support of the DWSRF program.

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