Explanation
1. Need: This legislation is required of the City to execute three (3) Water Resource Restoration Sponsor Program (WRRSP) agreements with the Ohio EPA and the Ohio Water Development Authority (OWDA). These WRRSP projects, identified in Section 1, were designated by the City for sponsorship through WRRSP Sponsorship Letters of Intent for funding approval for Program Year 2008 through the Ohio Water Pollution Control Loan Fund Program. Four (4)) designated Sewerage and Drainage Division Projects, identified in Section 2., will serve as sponsoring projects for the WRRSP projects.
2. FISCAL IMPACT: The City will save money by receiving a 0.1 percent interest rate discount for all four Division of Sewerage and Drainage sponsoring project loans.
Title
To authorize the Director of Public Utilities to execute three (3) Water Resource Restoration Sponsor Program (WRRSP) agreements with the Ohio Environmental Protection Agency and the Ohio Water Development Authority; and to designate four (4) Division of Sewerage and Drainage projects as the sponsoring projects.
Body
WHEREAS, in October, 2007 the City submitted Sponsor hip Letters of Intent to the Ohio EPA Division of Environmental and Financial Assistance expressing the City's intent to sponsor three Water Resource Restoration Sponsor Program (WRRSP) projects for Program Year 2008 funding, and has designated four Division of Sewerage and Drainage projects as the WRRSP sponsoring projects; and
WHEREAS, the City, as a WRRSP sponsor, will save money by receiving a 0.1 percent interest rate discount on each WPCLF sponsoring loan which will reduce its total loan repayments below that which would be required without the WRRSP sponsoring; and
WHEREAS, this legislation must be approved and a certified copy must be submitted to the Ohio EPA in order to enter into the WRRSP agreements with the Ohio EPA and the Ohio Water Development Department; Now Therefore:
BE IT ORDAINED BY...
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