Drinking Water State Revolving Fund
Loan Program

A low-interest loan program, administered cooperatively between the OWRB and Oklahoma Department of Environmental Quality (ODEQ), to assist communities with public water supply infrastructure construction projects. Eligible entities can receive up to 30-year financing, not to exceed the useful life of the proposed project.

Application Requirement

Timing Requirement

Eligible Entities

• Counties, towns, and municipalities
• Public Works Authorities
• Districts formed under Title 82 of the State's statutes as follows:
  • Water conservancy districts
  • Rural water districts

Eligible Projects

• Treatment system
• Distribution/storage system rehabilitation
• New transmission/distribution systems
• New intake/raw water lines
• New storage
• Wells

Program Requirements

• Projects must be listed on the DWSRF Project Priority List and current Intended Use Plan maintained by the Department of Environmental Quality (DEQ). Projects that are ready to proceed will receive the highest priority.
• Engineering report as required by the DEQ, including a cost-effective analysis
• Sufficient economic and environmental information for the DEQ to issue an environmental decision regarding project impacts
• Public participation/public hearing with public notice
• Project will be required to comply with federal Safe Drinking Water Act requirements and federal cross-cutting laws and authorities.

DWSRF Loan Terms

• Interest Rate: Approximately 70% of AAA market rate with 30% savings through federal subsidy.
• 0.50% Administration fee
• Up to 30 year term
• 1.25x Debt Coverage Ratio
• No reserve requirements (unless required by borrower's existing outstanding debt)
• Loan proceeds drawn down as cost are incurred
• Interest and administrative fees billed every 6 months
• Principal will be billed every 6 months after construction completion