Explanation
1. BACKGROUND
A. Need: This legislation is required of the City to execute a loan agreement for approximately $1,175,000.00 for the Sewerage and Drainage Division's Bulen Avenue/Sycamore Street Sewer Replacement project. This project will be financed through the Ohio Water Pollution Control Loan Fund (WPCLF). This loan program is jointly administered by Ohio EPA's Division of Financial Assistance and the Ohio Water Development Authority (OWDA). The WPCLF provides below-market interest rate loans for municipal wastewater treatment improvements.
B. Emergency Designation: The City is required to submit authorizing legislation to the Ohio EPA as part of the loan application process. The executed loan agreement and a certified copy of this authorizing legislation must be submitted to the State prior to the Ohio Water Development Authority (OWDA) meeting for loan approval.
2. FISCAL IMPACT
A. Budgeted Amount: There is sufficient budget authority in the Sewer System Operating Fund for the application fee expenditure.
Title
To authorize the Director of Public Utilities to execute a Loan Agreement with the Ohio Water Development Authority and the Ohio Environmental Protection Agency, for a Sewerage and Drainage Division Project; and to declare an emergency.
Body
WHEREAS, the City has submitted a loan application to the State of Ohio EPA for the Sewerage and Drainage Division's Bulen Avenue/Sycamore Street Sewer Replacement project, CIP No. 650632, under the Ohio Water Pollution Control Loan Fund (WPCLF), which assistance will be of help in reducing total project costs to the City's sewerage customers; and
WHEREAS, it is necessary to authorize the Director of Public Utilities to execute the loan agreement to obtain financing for the construction of this capital improvements project; and
WHEREAS, an emergency exists in the usual daily operation of the Division of Sewerage and Drainage, Department of Public Utilit...
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