City of Columbus - File #: 1564-2009

• File #: 1564-2009
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/11/2009
• In control: Utilities Committee
• On agenda: 12/7/2009
• Final action: 12/9/2009
• Title: To authorize the Director of Public Utilities to apply for, accept, and enter into an Ohio Water Development Authority Local Government Agency Loan Program loan agreement for the financing of the Lazelle Road Water Tank construction project; to designate a dedicated repayment source for the loan; and to declare an emergency.

Date	Ver.	Action By	Action	Result
12/9/2009	1	CITY CLERK	Attest
12/8/2009	1	MAYOR	Signed
12/7/2009	1	Columbus City Council	Approved
12/7/2009	1	COUNCIL PRESIDENT	Signed
11/13/2009	1	Auditor Reviewer	Reviewed and Approved
11/13/2009	1	CITY AUDITOR	Reviewed and Approved
11/13/2009	1	Utilities Drafter	Sent for Approval
11/13/2009	1	CITY ATTORNEY	Reviewed and Approved
11/13/2009	1	Utilities Drafter	Sent to Clerk's Office for Council
11/12/2009	1	Utilities Drafter	Sent for Approval
11/12/2009	1	Utilities Reviewer	Reviewed and Approved
11/12/2009	1	Utilities Drafter	Sent for Approval
11/12/2009	1	Utilities Reviewer	Sent for Approval
11/12/2009	1	UTILITIES DIRECTOR	Reviewed and Approved
11/12/2009	1	Utilities Drafter	Sent for Approval
11/12/2009	1	Finance Reviewer	Reviewed and Approved
11/12/2009	1	Finance Reviewer	Reviewed and Approved
11/12/2009	1	FINANCE DIRECTOR	Reviewed and Approved
11/12/2009	1	Utilities Drafter	Sent for Approval
11/11/2009	1	Utilities Drafter	Sent for Approval
11/11/2009	1	Utilities Reviewer	Reviewed and Approved
11/11/2009	1	Utilities Reviewer	Reviewed and Approved

Explanation
1. BACKGROUND

Need: The Ohio Water Development Authority (OWDA) requires this legislation which authorizes the Director of Public Utilities to apply for and execute an OWDA Local Government Agency Loan Program loan agreement for construction of the Lazelle Road Water tank project as identified in Section 1. under the direction of the Division of Power and Water. This Capital Improvement Project is being financed through the OWDA Local Government Agency Loan Program and is administered by the Ohio Water Development Authority (OWDA). The loan program provides low interest rate loans for municipal water utility capital improvements.

2. EMERGENCY DESIGNATION: The loan application is currently being prepared for this project and bids are scheduled to be opened November 18, 2009. This authorizing legislation is a requirement for loan approval and must be submitted to the OWDA as a part of the loan application. This loan agreement is scheduled for approval at the OWDA board meeting on December 10, 2009 therefore emergency designation is needed.

3. FISCAL IMPACT

Budgeted Amount: There is sufficient budget authority in the 2009 Water System Operating Fund for application fee expenditures. This loan will be paid off over a 20-year period from water system fees (dedicated source of repayment). Water rate increases have been projected and planned in anticipation of this project and loan.

Title

To authorize the Director of Public Utilities to apply for, accept, and enter into an Ohio Water Development Authority Local Government Agency Loan Program loan agreement for the financing of the Lazelle Road Water Tank construction project; to designate a dedicated repayment source for the loan; and to declare an emergency.


Body

WHEREAS, the Department of Public Utilities is scheduled to prepare a loan application for approxminately $4,950,000.00 million in financing, for submittal to the Ohio Water Development Authority (OWDA) un...