SEILING--Seiling recently received a multi-million dollar loan to fund an extension of the town's municipal utility lines to service areas of new development in the community.
The Seiling Public Works Authority's $3.2 million low-interest loan was approved on March 19 by the Oklahoma Water Resources Board, according to a an OWRB press release.
The release states that part of the loan will be used to refinance bonds used to fund construction of the town's 720,000 gallon-per-day reverse osmosis water treatment plant.
Seiling Town Administrator Karen Riffel said that another portion of the loan will be used to run water and sewer utilities to Seiling's new hospital site.
Riffel said that the remaining loan proceeds will be used to extend water and sewer lines to a new commercial area to the northwest of the town.
"We are in the process of annexing 40 acres on the corner of (Highways) 183 and 270," she said.
She said that plans for the new addition include construction of a large truck stop, a restaurant, and a truck wash.
Riffel stated she was excited about the new loan, and that she expected it to increase the possibility of additional businesses moving into Seiling.
"There will be water and sewer in an area along Highway 270, so if a new business wants to locate there, there will already be utilities," she said.
Since the projects are being funded by an OWRB low-interest loan, OWRB's Financial Assistance Division Chief Joe Freeman said that Seiling will be able to expand its services at a lower cost to customers. Freeman estimated that Seiling utility customers will save around $870,000 in interest charges over the life of the debt when compared to traditional financing.