Mayor Jerry Floyd was recently placed on the Water Resource Board meeting agenda, and came home with good news. The city of Chouteau will see a savings of $2.4 million over 20 years.
“We've been trying to get this loan for years, “ said Floyd. “It will cut our payments down quite a bit.”
The city has been making payments on the wastewater treatment plant with a bond the town received in 2006.
The new loan from the Water Resource Board will decrease the interest rate from 4.75 percent to 1.77 percent.
When the Chouteau Wastewater Treatment Plant project first started, the estimated cost was $3,152,970 and the Water Resource Board was unable to assist the town at that time.
Floyd reported at that time that Chouteau sold over $4 million in bonds which were purchased by the Bank of Oklahoma, the facility finalizing the new loan..
Floyd extends his thanks to everyone involved in the process.
“It's a tremendous savings for the town. I don't imagine I'll be around to see it but someone will sure enjoy it,” said Floyd.