The city of Sherman has been approved to seek $12,370,000 in funding for wastewater projects through the Greater Texoma Utility Authority. The GTUA board of directors approved a resolution last week to authorize the city of Sherman to apply for funding through the Texas Water Development Board Clean Water State Revolving Fund for improvements to the city’s wastewater treatment plant.

The project includes an aeration basin upgrade phase two, biological clarifier rehabilitation, a wastewater treatment plant control building expansion, a brine line project and a wastewater treatment plant storm water lift station.

GTUA General Manager Drew Satterwhite said all of the projects are a part of the city’s five-year capital improvements plan.

He recommended the city apply for the funding through the TWDB CWSRF program due to the favorable interest rates which he said would save the city substantially over the life of the bonds. He said the alternative would be to shop for open market bonds.

“We have been meeting with the city of Sherman for about nine months,” Satterwhite said. “They have a list of projects for their capital improvement plans they wanted to fund. They were trying to figure out which ones they wanted to fund through bond issuances. At the last board meeting we had an open market series we were discussing. This is for the clean water revolving fund we hope to clear by the end of the year.”

Satterwhite said it typically takes six to seven months to receive funding for these types of bonds. He also said the specific program offers a 1.65 percent below market interest rate subsidy and every time the GTUA board has applied for the specific funding it has been granted.

Satterwhite said there is another bond program that offers a slighter lower subsidy, but either way is still lower than shopping for open market bonds.