OKC Water Wins Loans For City Upgrades

OKLAHOMA CITY - Oklahoma City's Water Utilities Trust (Trust) has received approval for a $60,000,000 Financial Assistance Program (FAP) loan from the State's Water Resources Board (OWRB).

The Trust will utilize the FAP proceeds, in addition to approximately $4.5 million in reserve funds, for the refinancing of bonds for several water and sewer projects throughout Oklahoma City's system. The bonds were issued in 2011, and it is estimated the City will save approximately $18 million by refinancing with the OWRB.

Joe Freeman, chief of the OWRB's Financial Assistance Division, acknowledged that in addition to the cash flow benefit, a key plus for the Trust will be the savings on interest rate. This loan will be secured with a lien on the revenues of the Trust's water and sewer systems.

Chris Browning, the Trust's Utilities Director, stated, "The Oklahoma City Water Utilities Trust would like to thank the Oklahoma Water Resources Board for considering the FAP Loan. This financing will provide bond refunding savings for the benefit of our ratepayers. We value the longstanding working relationship with the OWRB Financial Assistance Division staff. On behalf of the residents of Oklahoma City, we thank you in advance for your consideration."

Since 1983, the Oklahoma Water Resources Board has approved over $4.7 billion in loans and grants for water and wastewater infrastructure improvements throughout Oklahoma.

"We are grateful to State legislators from the Oklahoma City metro area for their support of our financial assistance programs," said Julie Cunningham, Executive Director of the OWRB.