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RESOLUTION R-1516-98: A RESOLUTION AGREEING TO FILE APPLICATION WITH THE OKLAHOMA WATER RESOURCES BOARD (THE "OWRB") FOR FINANCIAL ASSISTANCE THROUGH THE DRINKING WATER STATE REVOLVING FUND PROGRAM, WITH THE LOAN PROCEEDS BEING FOR THE PURPOSE OF FINANCING WATER SYSTEM IMPROVEMENTS SERVING THE CITY OF NORMAN, OKLAHOMA; AND CONTAINING OTHER PROVISIONS RELATED THERETO.
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BACKGROUND: The Oklahoma Water Resources Board (OWRB), acting as the agent of the U.S. Environmental Protection Agency (EPA) and the Oklahoma legislature, has administered a Statewide Water Development Revolving Fund loan program (SRF) for many years. These programs provide financial assistance for municipalities to make infrastructural improvements to their water and water reclamation (formerly sewer or wastewater) systems to comply with federal and state drinking water and pollution control standards. The Norman Utilities Authority (NUA) has participated on several occasions in the Oklahoma Water Resources Board's Statewide Revolving Fund loan program and has benefitted from the lower interest rates and favorable terms in the program.
DISCUSSION: The Norman Utilities Authority has completed preliminary design and is nearing completion of final design components and related work to prepare for the construction of improvements to the Norman Water Treatment Facility, through water rate structures approved by the voters of Norman on January 13, 2015. The Trustees have discussed the proposed financing of these improvements through the acquisition of OWRB SRF financing.
The attached Resolution is the first step in the SRF Loan process, authorizing the submission of an application for the loan with the OWRB. Upon the favorable consideration of this Resolution by the NUA Trustees, staff will proceed with the grant application processes, including required public notices and environmental review hearings. If our application is approved by the EPA, acting through the Oklahom...
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