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Press Release
November 16, 2016

Coalgate Public Works Authority Receives $2,395,000 Water System Funding from OWRB

Coalgate Public Works Authority (Authority) received approval for a $2,395,000 Financial Assistance Program (FAP) loan Tuesday from the Oklahoma Water Resources Board (OWRB) to refinance debt originally issued to improve the community’s water infrastructure.

The Authority will utilize the OWRB’s FAP loan program to refinance a Series 2007 Utility System Refunding & Capital Improvement Revenue bond issue. The bonds were originally issued for the replacement of obsolete units in their water treatment plant, addition of new equipment to improve the performance of the plant, rehabilitate the City’s water wells and construct a connection to the Oklahoma City aqueduct to be used in emergency situations. The estimated refinance portion of the project and cost to establish a debt service reserve is $2,395,000.

According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $386,000 over the life of the 25-year loan by refinancing the debt utilizing the OWRB’s FAP loan. The loan shall be secured with a one cent sales tax and a lien on the Authority’s water, sewer and sanitation revenues. Local officials attending the OWRB’s monthly meeting in support of the loan application included Roger Cosper, City Manager.

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.

“We are grateful to State Senator Josh Brecheen and Representative Bobby Cleveland, for their support of our financial assistance programs,” said Julie Cunningham, Interim Executive Director of the OWRB.

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