Explanation
1. BACKGROUND
Need: The Ohio EPA requires this legislation which authorizes the Director of Public Utilities to execute four (4) loan Water Pollution Control Loan Fund (WPCLF) loan agreements totaling approximately $35 million, for construction of four Sanitary Sewer System projects as identified in Section 1., under the direction of the Sewerage & Drainage Division. These Capital Improvements Projects are being financed through the Ohio Water Pollution Control Loan Fund program. 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 provides below-market interest rate loans for municipal wastewater treatment improvements.
2. FISCAL IMPACT
Budgeted Amount: There is sufficient budget authority in the 2008 Sewer System Operating Fund for application fee expenditures. These loans will be paid off over a 20-year period from sewerage system fees (dedicated source of repayment) . Sewerage fee 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 four (4) Water Pollution Control Loan Fund Agreements during the year 2008 with the Ohio Water Development Authority and the Ohio Environmental Protection Agency for the construction of sewerage system wastewater treatment facilities; and to designate a dedicated repayment source for the loans.
Body
WHEREAS, in 2008 the Department of Public Utilities is scheduled to prepare loan applications for submittal to the Ohio EPA under the Ohio Water Pollution Control Loan Fund (WPCLF) program to finance the construction of four Capital Improvements Projects under the Division of Sewerage and Drainage, which financial assistance will be of help in reducing total project costs to the City's sewerage customers; and
WHEREAS, the WPCLF loan application and l...
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