Explanation
1. BACKGROUND
Need: The Ohio EPA requires this legislation which authorizes the Director of Public Utilities to execute 18 WPCLF loan agreements totaling approximately $56 million, for 18 Sewerage & Drainage Division projects. These Capital Improvements Projects, as identified in Section 1., 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.
2. FISCAL IMPACT
Budgeted Amount: There is sufficient budget authority in the 2005 Sewer System Operating Fund for application fee ($196,000) expenditures. These loans will be paid off over a 20-year period from sewerage system fees. Sewerage fee increases have been projected and planned in anticipation of these projects and loans.
Title
To authorize the Director of Public Utilities to execute eighteen (18) Water Pollution Control Loan Fund Agreements with the Ohio Water Development Authority and the Ohio Environmental Protection Agency, for the financing of 18 Sewerage and Drainage Division projects.
Body
WHEREAS, in 2005 the City is scheduled to enter into loan agreements with the Ohio EPA and the Ohio Water Development Authority under the Ohio Water Pollution Control Loan Fund (WPCLF),to finance eighteen (18) Division of Sewerage and Drainage projects, which assistance will be of help in reducing total project costs to the City's sewerage customers; and
WHEREAS, the City is required to submit to the Ohio EPA a certified copy of the approved City Council legislation which authorizes the Director of the Public Utilities Department to execute the WPCLF agreements; Now Therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Public Utilities be, and hereby...
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