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Newcastle council agrees to use OWRB loan contingency for wastewater engineering to avoid higher borrowing costs
Summary
Council authorized using roughly $2.5'$3 million in excess contingency from the OWRB wastewater loan for engineering on the new southern wastewater (NBR) plant and the Tri Cities sewer line, citing low current loan rates and near-term project timelines.
Newcastle's council voted to obligate contingency funds from a recently closed Oklahoma Water Resources Board (OWRB) wastewater loan to pay engineering and related costs for upcoming wastewater projects, a move officials said would avoid more expensive borrowing later.
City staff told the council that the OWRB loan closing left an expected $2.5 million to $3 million in contingency that can legally be used on wastewater projects. Staff recommended using the contingency now for engineering work on the new southern wastewater plant (referred to in meeting…
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