COLUMBUS, Ohio – Sebring will receive a $1,225,625 loan at 1.75% for 20 years from the Ohio Water Development Authority to replace 2,200 water meters that have exceeded their useful life.
The village’s loan is part of $7.20 million awarded by OWDA through low interest loans to Ohio communities to improve wastewater and drinking water infrastructure and make water quality improvements for Ohioans. Last month, the authority funded five projects that will provide improvements and replace aging infrastructure. The five awarded projects received an interest rate ranging from 1.75% to 5.08%.
The other projects to receive loan funding are in Columbus, Belpre in Washington County, Cuyahoga Falls in Summit County and Liberty Center in Henry County.
Ohio created the OWDA to provide funding for the construction of public water and wastewater infrastructure in the state. Since its creation in 1968, OWDA has pursued borrowing that assures the OWDA the lowest cost of funds to maintain low borrowing rates for the local governments of Ohio. The low borrowing rates allow local governments to construct necessary water and sewer improvements while minimizing the impact to user charges.
More information about OWDA’s financing programs is available HERE.