Label
Councilwoman Morris
OWA Loan for ALUM system
Agenda Review
7/10/24[Date]
Title
From: Councilwoman Morris Response Requested: ASAP
What are the terms of the OWDA Loan for the improvements to the Alum system at Collins Park Water Treatment Plant?
Body
Referral Response:
TO: President Carrie Hartman and Members of Toledo City Council
THROUGH: Wade Kapszukiewicz, Mayor
Abby Arnold, Deputy Mayor
FROM: Douglas Stephens, Acting Director, Public Utilities
The proposed OWDA loan for Alum is a 30 year loan with a published 4.33% interest rate. We will receive a 0.5% discount as a returning borrower giving us an effective interest rate of 3.83%. The first payment is not due until one year after the completion of substantial completion which is projected to be January of 2027 since substantial completion is scheduled for February 28, 2026.