Explanation
1. BACKGROUND
Need: The Ohio EPA requires this legislation which authorizes the Director of Public Utilities to apply for and execute up to eight (8) Ohio Water Pollution Control Loan Fund (WPCLF) loan agreements totaling approximately $122 million, for construction of up to eight Sanitary and Treatment Engineering Captial Improvement Projects as identified in Section 1., under the direction of the Division of Sewerage and Drainage (DOSD). 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 Loan Fund program provides below-market interest rate loans for municipal wastewater treatment improvements.
2. FISCAL IMPACT
These loans will be paid off over a 20-year period from sewer service rate fees (dedicated source of repayment). Sewer service rate fee increases have been projected and planned in anticipation of these projects and loans.
Budgeted Amount: Sufficient budget authority is planned in the 2014 Sewer Systems Operating Funds for application fee expenditures. These loans will be paid off over a 20-year period from sewerage system fees (dedicated source of repayment). Sewerage system fee increases have been projected and planned in anticipation of these projects and loans.
Title
To authorize the Director of Public Utilities to apply for, accept, and enter into up to eight (8) Ohio Water Pollution Control Loan Fund Agreements with the Ohio Water Development Authority and the Ohio Environmental Protection Agency, for the financing of up to eight Division of Sewerage and Drainage Division (DOSD) construction projects; and to designate a dedicated source of repayment for the loans.
Body
WHEREAS, in 2014 the Department of Public Utilities is scheduled to prepare loan applications for up to $122 million in financing, for submittal to the Ohio EPA under the Ohio Water Pollution Control Loan Fund (WPCLF) program to f...
Click here for full text