The Greater Texoma Utility Authority recently approved a series of bonds, totalling $3,758,106 to assist Whitewright in making improvements to the city’s water plant.
GTUA General Manager Drew Satterwhite said the bond were very favorable to the city. He said there were three components to the two bond resolutions and a principal forgiveness agreement the GTUA passed at its monthly meeting Monday.
The first bond is for $1.64 million at 1.32 percent interest rate over 30 years.
Satterwhite said as good as that was, the other two bonds were even more ideal for the agencies involved. The second bond was for $1,025,000 at 0 percent interest for 30 years. The final amount was $1,088,106 in principal forgiveness which Satterwhite likened to basically being a grant.
“The Texas Water Development Board suggested we could save $2.5 million on this loan in addition to the forgiveness portion of this by using their interest subsidized program,” Satterwhite said. “What we’re looking to build is the city needs a new water well, a new ground storage tank, pump station, elevated storage tank as well as water line replacements throughout town.”
The next step is for the Whitewright City Council to approve the bonds at its December meeting. Then the construction bidding process will begin shortly after as three separte projects.
The city of Whitewright did not respond for comment at this time.