Financing of the system infrastructure improvements

The United States Department of Agriculture (USDA) financed OVMWC’s system infrastructure improvements by awarding the following three Rural Development loans:

USDA LOAN #1

In October 2011, the USDA awarded OVMWC a loan collateralized by OVMWC’s real property in the amount of $3,931,716 to finance the 2010–2013 construction projects. OVMWC is repaying the loan over 40 years from 2011 to 2051 in semiannual installments for principal and interest of $96,456. The loan bears an interest rate of 3.75%.  Loan balance on June 30, 2026 was $2,763,770.

USDA LOAN #2

In November 2023, the USDA awarded OVMWC a loan collateralized by OVMWC’s real property in the amount of $4,223,660 to finance the 2020–2023 construction projects. OVMWC is repaying the loan over 40 years from 2024 to 2064 in semiannual installments for principal and interest of $98,538. The loan bears an interest rate of 3.5%.  Loan balance on June 30, 2026 was $4,122,519.

USDA LOAN #3

In February 2024, the USDA awarded OVMWC a loan collateralized by OVMWC’s real property in the amount of $723,000 to finance the 2020–2023 construction projects. OVMWC is repaying the loan over 40 years from 2024 to 2064 in semiannual installments for principal and interest of $16,868. The loan bears an interest rate of 3.5%.  Loan balance on June 30, 2026 was $705,685.

More information available in our annual audits.