Explanation
BACKGROUND: This legislation is needed for the City to pay the loan fee of $365,705.00 to the Ohio Water Development Authority for a loan agreement totaling $108,974,000.00, for the Blacklick Creek Sanitary Interceptor Sewer Project, CIP 650034-100006. This Sanitary System Engineering Section project (identified in Section 1) has been approved for financing through the Ohio Water Pollution Control Loan Fund (WPCLF) and authorized via Ordinance 0261-2015, passed February 9, 2015. This loan program is jointly administered by the Ohio EPA 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 1.85%.
CONTRACT COMPLIANCE: Ohio Water Development Authority (31-6402047-207), is not contract compliant as it is a governmental agency (State of Ohio).
EMERGENCY DESIGNATION: The City is required to pay the loan fee upon the execution of the loan agreement. The loan agreement was approved by the OWDA on February 25, 2016 and the executed loan agreement along with the loan fee invoice has been received by the City. Loan Fund Payment Requests cannot be processed until the application fee is paid.
FISCAL IMPACT: There is sufficient budget authority in the 2016 Sewer System Operating Fund for Loan Fee expenditures. A transfer between Object Classes is necessary to align the budgeted funds with the expenditure.
Title
To authorize the Director of Public Utilities to pay the Water Pollution Control Loan Fund Loan Fee to the Ohio Water Development Authority for the Blacklick Creek Sanitary Interceptor Sewer Project, CIP 650034-100006; to transfer funds within the Sanitary Sewer Operating Fund 6100; to authorize the expenditure of $365,705.00; and to declare an emergency. ($365,705.00)
Body
WHEREAS, a Division of Sewerage and Drainage project has been approved fo...
Click here for full text