Explanation
1. BACKGROUND
A. Need: This legislation is necessary for the City to pay the loan application fee for a loan agreement totaling $7,265,450.00, for the Blacklick Sanitary Sewer Interceptor Capacity Augmentation, Part 2 project. This Sanitary System Engineering Section project (identified in Section 1.) has been approved for financing through the Ohio Water Pollution Control Loan Fund (WPCLF). This loan program is jointly administered by 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.
B. Emergency Designation: The City is required to pay the loan application fee upon the execution of the loan agreement. Fund Payment Requests cannot be processed until the fee is paid.
2. FISCAL IMPACT
Budgeted Amount: There is sufficient budget authority in the 2003 Sewer System Operating Fund for application fee expenditures.
Title
To authorize the Director of Public Utilities to pay the Water Pollution Control Loan Fund application fee to the Ohio Water Development Authority, for a Sewerage and Drainage Division project; to authorize the expenditure of $25,429.00; and to declare an emergency. ($25,429.00)
Body
WHEREAS, a Sewerage and Drainage Division project has been approved for financing through the Ohio Water Pollution Control Loan Fund, 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 pay the requisite loan application fee to the Ohio Water Development Authority payable upon the delivery of the executed loan agreement; and
WHEREAS, an emergency exists in the usual daily operation of the Division of Sewerage and Drainage, Department of Public Utilities, in that it is immediately necessary to authorize the Director of Public Utiliti...
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