$2,800,000 loan approval for water and wasterwater improvements
Bristow Municipal Authority (Authority) received approval for a $2,800,000 Financial Assistance Program (FAP) loan Tuesday from the Oklahoma Water Resources Board (OWRB) to improve their water and wastewater infrastructure.
The Authority will use these proceeds to install water and sewer lines to the north side of Bristow, add fire hydrants, manholes, and a pump station to complete the project. These improvements will ensure water pressure and sanitary sewer operation is maintained for residents and businesses within the Authority.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Authority’s customers will save an estimated $729,800 over the life of the 30-year loan compared to traditional financing. The loan shall be secured with a lien on the revenues of the Authority’s water, sewer, and sanitation systems, a 4-cent sales tax, and a mortgage. Local officials attending the OWRB’s monthly meeting in support of the loan application included Mayor’s Assistant, Steve Gilbert, and Vice-Mayor, Judd Johns. Mr. Gilbert stated, “Bristow is experiencing a lot of activity. The Mayor and Authority thank the Board for their support in helping to prepare Bristow’s north side for Turner Turnpike changes.”
Since 1983, the Oklahoma Water Resources Board has approved over $6.5 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.
“We are grateful to State Senator Todd Gollihare and State Representative Kyle Hilbert for their support of our financial assistance programs,” said Julie Cunningham, Executive Director of the OWRB.