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Shauny Municipal Authority approves up to $4.25 million Clean Water SRF loan to expand waterline work
Summary
The Shauny Municipal Authority authorized a Clean Water SRF loan application not to exceed $4.25 million and related documents to expand waterline replacement projects, noting some loan forgiveness is available under OWRB rules; the city commission later ratified the action.
The Shauny Municipal Authority approved resolution language and related documents to apply for a Clean Water State Revolving Fund (SRF) loan from the Oklahoma Water Resources Board with aggregate principal not to exceed $4.25 million, enabling the city to expand planned waterline replacement projects.
Staff and the city's financial advisers explained the SRF program can include an element of loan forgiveness; staff said leveraging the forgiveness portion would allow the city to increase project scope within already-budgeted capital-improvement plans. A staff participant said the OWRB offers a maximum forgiveness match of $1 million per project, and the authority planned to borrow the minimum necessary to obtain the $1 million forgiveness amount where applicable.
Officials said the projects were already budgeted at $1 million per year for the next three years and the SRF loan would allow the city to expand the scope of those waterline replacements. The authority approved the loan application and related authorizations; the motion recorded in the minutes carried with one abstention. The city commission subsequently ratified the authoritys action through a separate resolution.
Next steps: the city and authority authorized execution of the loan documents, promissory note, trust and security agreements and directed staff to proceed with the loan application process with the OWRB.
