Explanation
BACKGROUND: This legislation is needed in order for the City to pay the Ohio Water Development Authority (OWDA) loan fee for a Division of Sewerage and Drainage capital project receiving funding through the Ohio Environmental Protection Agency’s Water Pollution Control Loan Fund (WPCLF) which is administered by OWDA. The loan fee has been invoiced for the following project which was awarded WPCLF loan financing at the June 24, 2021 Ohio Water Development Authority Board meeting:
Holt/Somersworth Area Stormwater System Improvements Project (CIP# 611010-100000); Loan amount: $1,320,004.25; Loan Fee: $4,620.00.
This Stormwater Section project (identified in Section 1) has been approved for financing through the Ohio Water Pollution Control Loan Fund (WPCLF) and authorized via Ordinance 2762-2020 which passed December 14, 2020.
The Water Pollution Control Loan Fund (WPCLF) 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 0.66%.
FISCAL IMPACT: $4,620.00 is needed for Loan Fee expenditures.
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 OWDA loan fee upon the execution of the loan agreement. The loan agreement was approved by the OWDA on June 24, 2021. The executed loan agreement along with the loan fee invoice has been generated for payment by the City. Loan Fund Payment Requests for the construction of this project cannot be processed until the loan fee is paid.
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 Holt/Somersworth Area ...
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