The Greater Texoma Utility Authority Board authorized more than $10 million in revenue bonds to fund wastewater improvement projects for the city of Sherman during its monthly meeting Monday afternoon. GTUA will split the bond issuance, taking $3.03 million to the open market and pursuing the remaining $7.06 through the Texas Water Development Board’s low-interest loan program.

The Greater Texoma Utility Authority Board authorized more than $10 million in revenue bonds to fund wastewater improvement projects for the city of Sherman during its monthly meeting Monday afternoon. GTUA will split the bond issuance, taking $3.03 million to the open market and pursuing the remaining $7.06 through the Texas Water Development Board’s low-interest loan program.


"In total, it will save the city of Sherman about $1.5 million by doing this," said General Manager Drew Satterwhite.


Sherman Director of Utilities Mark Gibson said the funds will be used to replace aging sewer lines throughout the city, as well as to perform major upgrades to the headworks and pump station at the Post Oak Wastewater Treatment Plant south of the city.


In a series of votes on the bonds, the Board first authorized the issuance, then granted authority to Satterwhite to advertise the projects for bids, then siphoned $815,000 from the $7 million figure to pay for up-front engineering costs.


In other business, the Board made a pair of financial tweaks to benefit two of its member cities. Members agreed to establish an escrow account allowing the city of Gunter to refinance $570,000 in debt to obtain a more desirable interest rate. Additionally, the Board made an accounting change to funds set aside for water treatment plant upgrades in Gainesville, reflecting a $485,000 grant from the Environmental Protection Agency.


During the General Manger’s report, Satterwhite informed the directors of groundwater sampling conducted by the state at the shuttered Dripping Springs Landfill east of Denison. The landfill, which closed in 1993, was originally projected to exit post-closure monitoring by 2001, but persistent gas emissions at the location means the site still has not been released.


"We’re currently required to do this groundwater sampling once every four years, until the gas levels go down low enough to where the state recognizes it as a close-out," said Satterwhite, who explained the costs associated with the ongoing monitoring are minimal.