If approved, SQ 764 creates the Water Infrastructure Credit Enhancement Reserve Fund which increases the Water Resource Board’s ability to provide financing for infrastructure projects.
“The Water Resources Board can lend municipalities and rural water districts money at a lower interest rate than a bank can,” Komiske said. “This saves ratepayers — our customers — money.”
SQ 764 also would create a funding mechanism authorizing $300 million in new financing for water infrastructure enhancements. This fund would make available $3 billion in new financing for projects, assisting municipalities and other water providers to keep up with increasing demands for more drinking water and for wastewater needs.
Proponents of SQ 764 say use of the current OWRB loan program “has saved Oklahoma communities over $900 million since it began, and the new reserve fund would follow a similar model.”