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Durant utilities authority and council approve up to $67.72 million in financing for Main Street, drainage and waterline projects
Summary
Trustees and the City Council approved a package of financings: a bank-placed note up to $16 million for Main Street, an Oklahoma Water Resources Board loan up to $16.45 million for drainage, and an OWRB loan up to $35.27 million for a new 24-inch water transmission line. Staff said projects will be competitively bid once engineering is complete.
The Durant City Utilities Authority and the Durant City Council approved a package of financings intended to fund a multi-part infrastructure program that includes a full reconstruction of Main Street, associated drainage improvements, and a new transmission waterline.
Allen Brooks (Public Finance Law Group) and Chris Gander, the city’s financial adviser with BOK Securities, outlined the structure: the Authority will seek a bank…
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