Explanation
BACKGROUND: Ohio EPA requires this legislation which authorizes the Director of the Department of Public Utilities to apply for, accept, and enter into a Water Supply Revolving Loan Account (WSRLA) Supplemental Loan Agreement adding approximately $1,700,000.00 to the current loan (WSRLA project number FS390274-0466; OWDA Loan Number 10128). This funding is for an unplanned Agreement Modification (Mod. 2) for additional survey work necessary to complete the preliminary design for the Division of Water Distribution project identified in Section 1, under the direction of the Division of Water.
This preliminary design project (identified in Section 1) was originally authorized for WSRLA loan financing via Ordinance 3235-2022 which passed December 12, 2022. The loan was awarded February 23, 2023.
The Water Supply Revolving Loan Account (WSRLA) loan program is jointly administered by the Ohio EPA Division of Environmental and Financial Assistance and the Ohio Water Development Authority (OWDA). The WSRLA program provides below-market interest rate loans for municipal drinking water system improvements.
FISCAL IMPACT: The proceeds of this Supplemental Loan will be incorporated into the current loan for this preliminary design work (WSRLA No. FS390274-0466; OWDA No. 10128). The applicable Loan Administration Fees will be rolled into the loan upon execution of the Loan Agreement. The WSRLA loan will be paid off over a 20-year period from water service fees (the dedicated source of repayment for the loan). Water service rate increases have been projected and planned in anticipation of this project and loan.
CONTRACT COMPLIANCE: ms consultants, Inc.: 34-6546916, expires 12/28/2023, Majority, DAX No. 006988
EMERGENCY DESIGNATION: Emergency action is requested to complete this added component of the project in a timely manner. This additional funding is for a multi-year design project which is on an aggressive completion schedule to meet futur...
Click here for full text