Explanation
1. Need: This legislation is required of the City to execute five (5) Water Resource Restoration Sponsor Program (WRRSP) agreements with the Ohio EPA and the Ohio Water Development Authority (OWDA). These WRRSP projects, identified in Section 1, were nominated by the City for review and condideration for funding approval for Program Year 2006 through the Ohio Water Pollution Control Loan Fund Program. Seven (7) designated Sewerage and Drainage Division Projects, identified in Section 2., will serve as sponsoring projects for the WRRSP projects.
2. FISCAL IMPACT: The City will recieve a 0.1 percent interest rate discount for all seven DOSD sponsoring project loans.
Title
To authorize the Director of Public Utilities to execute five (5) Water Resource Restoration Sponsor Program (WRRSP) agreements with the Ohio Environmental Protection Agency and the Ohio Water Development Authority; and to designate seven (7) Division of Sewerage and Drainage projects as the sponsoring projects.
Body
WHEREAS, the City has nominated five Water Resource Restoration Sponsor Program (WRRSP) projects for Program Year 2006 funding, and has designated seven Division of Sewerage and Drainage projects as the WRRSP sponsoring projects; and
WHEREAS, the City, as a WRRSP sponsor, will receive a 0.1 percent interest rate discount on each WPCLF sponsoring loan which will reduce its total loan repayments below that which would be required without the WRRSP sponsoring; and
WHEREAS, this legislation must be approved and a certified copy must be submitted to the Ohio EPA in order to enter into the WRRSP agreements with the Ohio EPA and the Ohio Water Development Department; Now Therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Public Utilities be, and hereby is, authorized to execute five (5) Water Resource Restoration Sponsor Program agreements with the Ohio Environmental Protection Agency and ...
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