Explanation
1. BACKGROUND
A. Need: This legislation is needed for the City to pay the loan application fee for a loan agreement totaling $11,810,088.00, for the Columbus Southerly Waste Water Treatment Plant Support Facilities Project (CIP# 650344.100001). This Treatment 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 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. The interest rate for this loan is 3.25%.
B. FISCAL IMPACT
Budgeted Amount: There is sufficient budget authority in the 2010 Sewer System Operating Fund for application fee expenditures.
C. EMERGENCY DESIGNATION: The City is required to pay the application fee upon the execution of the loan agreement. The loan agreement was approved on December 10, 2009. The executed loan agreement along with the application fee invoice has been received by the City. Fund Payment Requests cannot be processed until the application fee is paid, therefore an emergency designation is requested.
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 Division of Sewerage and Drainage project; to authorize the expenditure of $41,335.00 from the Sewer System Operating Fund; and to declare an emergency. ($41,335.00)
Body
WHEREAS, a Division of Sewerage and Drainage project has been approved for financing through an Ohio Water Pollution Control Loan Fund agreement approved on December 10, 2009 through which financial assistance will help to reduce the total project costs to the City's sewerage customers; and
WHEREAS, it is necessary to authorize the Director of Public ...
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