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Northwest Welcomes Well # 3

By Michael Hutchins
Herald Democrat

The Greater Texoma Utility Authority passed measures in a monthly meeting Monday that will lay the groundwork for bonds to upgrade two water systems in Grayson County.

The GTUA passed measures finalizing the financing of a bond for the Northwest Grayson County Water Control and Improvement District for the construction of a new well, ground storage unit, and water pump for the project....Learn more...

Northwest elected to use a direct purchase loan from Compass Bank to finance the $1.355 million project. The 15-year bond will have a 3.76 percent annual interest rate, making it the lowest interest option, said GTUA General Manager Drew Satterwhite.

In a separate action, the Board approved a request to solicit bids for the project. The Board also set agreements for the repayment of the bond debt. The agreement is similar to a previous agreement used to repay a 1998 bond.