Explanation
1. BACKGROUND
A. Need: This legislation is required of the City to execute four supplemental loan agreements totaling approximately $3,500,000.00 for four Sewerage & Drainage Division projects as identified in Section 1 of this ordinance. These projects are being financed through the Ohio Water Pollution Control Loan Fund (WPCLF). 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.
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 agreements 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
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 four Supplemental Loan Agreements with the Ohio Water Development Authority and the Ohio Environmental Protection Agency, for four Sewerage and Drainage Division project; and to declare an emergency.
Body
WHEREAS, due to additional project construction and engineering services, the City is in the process of submitting four supplemental loan applications to finance these unforeseen costs to the State of Ohio EPA for four Sewerage and Drainage Division projects, 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 these supplemental loan agreements to obtain additional financing for the construction and comple...
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