Explanation
1. BACKGROUND
The Ohio EPA requires this ordinance which authorizes the Director of Public Utilities to apply for and execute Ohio Water Pollution Control Loan Fund (WPCLF) loan agreements in 2024 for the design and construction of Sanitary, Stormwater, and Treatment Engineering Capital Improvement Projects as identified in Section 1 of this ordinance, under the direction of the Division of Sewerage and Drainage (DOSD). This loan program is jointly administered by the Ohio EPA's Division of Environmental and Financial Assistance and the Ohio Water Development Authority (OWDA). The WPCLF Loan Fund program provides below-market interest rate loans for municipal Wastewater and Stormwater system improvements.
The Department of Public Utilities anticipates applying for loan funding for the projects listed in Section 1 of this ordinance. However, it may become necessary to add or subtract from this list of projects depending upon project schedule adjustments, departmental need, or the loan agency deciding a project is not eligible for funding. The dollar amount of each loan will be based upon bids received for construction services projects, or after professional service contract pricing has been negotiated as part of the City's Request for Proposal process for design projects.
2. FISCAL IMPACT
There is sufficient budget authority in the 2024 Sewer Systems and Stormwater Operating Funds for the loan application fee expenditures. These loans will be paid off over a 20-year period from Sewerage System and Stormwater rates (dedicated source of repayment). Sewerage System and Stormwater rate increases have been projected and planned in anticipation of these projects and loans.
Title
To authorize the Director of Public Utilities to apply for, accept, and enter into Ohio Water Pollution Control Loan Fund Loan Agreements with the Ohio Water Development Authority and the Ohio Environmental Protection Agency for the financing of Division of Sewerage...
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