When submitting an application for financial assistance to the OWRB, what engineering information should be included?
A detailed engineering report must be submitted with all OWRB financial applications. The report should follow the format adopted by the Funding Agency Coordinating Team (FACT).
Am I required to hire an engineer to prepare a preliminary engineering report?
Projects that require a "Permit to Construct" from the Oklahoma Department of Environmental Quality (DEQ) are required to have a registered professional engineer prepare an engineering report and/or design analysis, as well as the plans and specifications.
Projects that do not require a DEQ "Permit to Construct" are reviewed on a case-by-case basis.
Which financial applications require submittal of an Environmental Information Document (EID)?
The Clean Water and Drinking Water Revolving Loan Funds require submittal of an Environmental Information Document (EID). The OWRB prepares and issues the environmental decision for the CWSRF
loan program, and the Oklahoma Department of Environmental Quality (DEQ) prepares and issues the environmental decision for the DWSRF loan program.
I would like to obtain a loan from the OWRB. How do I get started?
The first step is to submit a preliminary application to the OWRB. For a Clean Water State Revolving Fund loan, contact the OWRB and request to be placed on the CWSRF priority list. Drinking Water State Revolving Fund loan projects are recommended by the Oklahoma Department of Environmental Quality. Applicants should contact DEQ at (405) 702-8100 and ask to be placed on the DWSRF Project Priority List.
Is there a penalty for prepayment of OWRB loan principal?
No. There is no penalty for pre-payment of any loan issued by the OWRB. However, loans from OWRB Revenue Bonds may require that prepayments be received during a specified time period or window of opportunity. Please contact an OWRB financial analyst for details.
What are the interest rates for OWRB loans?
The variable interest rate for a Bond loan changes quarterly. The fixed interest rate for bond loans is set at the time of closing and is based on market conditions at that time. For more information, see current rates.
Are previously incurred engineering expenses eligible for reimbursement from OWRB loan funds?
Yes. Costs directly associated with any engineering study or report related to the proposed project can be reimbursed. For tax purposes, Revenue Bond loans require that a Reimbursement Resolution be provided to the OWRB before any costs are incurred.
Am I required to hire a financial advisor?
No. A financial advisor is not required for any OWRB loan. However, many communities hire a financial advisor to help them complete the loan application and identify the source(s) of repayment. Financial advisor fees may be included in the loan.
Am I required to hire an attorney?
Yes. Both a local attorney and a bond attorney are required to close all OWRB loans. Attorney fees may be included in the loan.
Do I require a trustee bank?
All Revenue Bond loans require a trustee bank; loan funds are transferred to the trustee bank at loan closing and payment requests are made from the trustee bank account. DWSRF and CWSRF loans require a trustee bank after construction is complete; during construction, loan funds are transferred to the borrower as costs are incurred.
When are loan payments due?
Loan payments for bond loans begin the month following loan closing and are due to the trustee bank on the 15th of each month until the loan matures. Loan principal payments for DWSRF and CWSRF loans generally begin within six months of construction completion and are due to the OWRB semi-annually until the loan matures. Interest and administrative fees are billed every six months after the loan is closed and eligible loan costs have been paid.
What type of "emergency" would qualify for an OWRB Emergency Grant?
An emergency is defined in Chapter 50 of the OWRB Rules and Regulations as any situation where the life, health, or property of persons being served by an entity are endangered. OWRB rules include three categories (see 785:50-7) of emergency that must all be beyond control of the applicant. Examples of emergencies include water well contamination, damage from mudslides, flood-damaged lines, and tornado damage. Failures due to poor maintenance are not considered emergencies.
What should a complete grant application include?
All grant applications must be signed and attested and include the attorney's signature. The application must also include the Resolution authorizing application to the OWRB, incorporation documents for the entity, a copy of the ordinance/resolution adopting the current water and/or sewer rates (if necessary), a copy of the water purchase contract, the most recent audit and a preliminary engineering report with an estimated cost of the project.
We have been awarded a REAP and/or Emergency Grant. When will we get the money?
After the OWRB approves the grant, certain documentation is required prior to the release of funds, including the executed Grant Agreement, verification that a separate account for the funds has been opened, executed contract documents, Notice to Proceed, and copy of the DEQ Permit to Construct (when required). Upon receipt of all necessary documentation, OWRB staff request a check from the Office of State Finance. The check is usually issued between 7 and 10 days after the request is received. Once the check arrives at the OWRB, staff contact the entity regarding delivery.
When are REAP applications due?
REAP applications must be received by the OWRB by 5:00 p.m. on the first business day of September to be considered for potential funding from the following Fiscal Year appropriations.