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The Atoka Municipal Authority received approval Tuesday, November 10, 2020, for a $3,355,000 Financial Assistance Program (FAP) loan from the Oklahoma Water Resources Board (OWRB) to refinance existing debt.
The Municipal Authority will use the funds to refinance two Rural Development Loans, 2011A and 2011B, originally incurred for sewer system improvements.
According to Joe Freeman, chief of the OWRB’s Financial Assistance Division, the Municipal Authority”s customers will save an estimated $522,000 over the life of the 25-year loan by refinancing.
The loan shall be secured with a lien on the revenues of the Municipal Authority’s water and sewer systems and a 1% sales tax.
“Achieving economical savings through this program will help us continue to work towards the long term goals of the City. We appreciate the efforts of the Board and its staff that have allowed us to utilize its programs several times in the past and look forward to working with you again on this financing.”
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 Speaker Charles McCall and State Senator David Bullard for their support of our financial assistance programs,” said Julie Cunningham, Executive Director of the Oklahoma Water Resources Board.