Label
DPU101023RAWWATERMAIN
Division of Water Treatment
J. Goetz (x2399)
Revised
Title
Authorizing the mayor to apply for and enter into loan agreements with the Ohio Water Development Authority (OWDA), and to accept, deposit, appropriate, and expend loan proceeds in an amount not to exceed $15,000,000 into the Water Replacement Loan Fund for the Raw Water Main Project; appropriating $50,000 from the Water Replacement Fund for the payment of loan administrative fees and miscellaneous project costs; authorizing various adjustments and transfers of expenses to comply with the loan agreements; authorizing a dedicated source for repayment of said loans; authorizing the mayor to accept bids and execute necessary agreements related to the project; making certain findings with respect thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Raw Water Main Project design is for the purpose of developing detailed design and bidding documents for the replacement of the 1940 circa 78" steel Raw Water Main that has been identified to be near the end of its useful life. The replacement raw water main is expected to provide service for 100 years or more. To finance the design of the project, the Division of Water Treatment desires to secure funding from the OWDA Fresh Water Loan Program. Prior to loan approval, the OWDA requires an ordinance be passed authorizing the loan application, acceptance, and the execution of agreement as well as designating a dedicated repayment source for the loan funds.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the mayor is authorized to apply for and enter into agreements with the Ohio Water Development Authority and to accept and deposit loan proceeds of an amount not to exceed $15,000,000 into the Water Replacement Fund, Account Code 663L-32000-4UL5623TDSTD, for the Raw Water Main Project.
SECTION 2. That an amount not to exceed $15,000,000 is appropria...
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