Press Release

Newcastle Public Works Authority receives $3,300,000 loan from OWRB

OKLAHOMA CITY – The Newcastle Public Works Authority (Authority) received approval for a $3,300,000 loan Tuesday from the Oklahoma Water Resources Board (OWRB) to improve the Authority’s infrastructure. Construction of upgrades and improvements to the system will be financed by the Oklahoma Clean Water State Revolving Fund (CWSRF).

The Authority’s current water meters are not functioning properly, contributing to overall system inefficiency, and increased unmetered water loss. These proceeds will be used to replace approximately 5,200 meters with automative metering analytic meters, about 750-meter boxes, and a cellular based automated metering analytics system. This project helps to meet Oklahoma’s Water for 2060 goals by focusing on water conservation and efficiency and reducing unintended flows to the wastewater treatment plant. 

Joe Freeman, chief of the OWRB’s Financial Assistance Division, calculated that the Authority’s customers will save an estimated $449,700 over the life of the 10-year loan compared to traditional financing. The CWSRF loan will be secured with a lien on the revenues of the Authority’s water and sewer systems along with a two (2) cents sales tax. The Authority was represented by Stuart England, bond counsel, and Jeff Bryant, local counsel. Mr. England stated, “Receiving this loan is an important aspect for the city of Newcastle. This project is essential.”