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Subject: Direct Referral - Communication from the General Manager of the Wastewater Utility wishing to discuss the Financial Assistance Agreement for Clean Water Fund Program, Project No. 4285-14, Basin Z Wastewater Storage Facility
Recommendation of the Finance and Personnel Committee on 12-10-07: The Mayor and City Clerk be authorized to enter into a Financial Assistance agreement with the Wisconsin Department of Administration for a Clean Water Fund Loan in the amount of $3,481,931.
Fiscal Note: No City funds are involved with the Clean Water Fund Loan from the State of Wisconsin Department of Administration. The loan rate will be 2.475%. The loan will be repaid with Wastewater Utility funds.
Recommendation of the Wastewater Commission on 12/18/07: The Mayor and City Clerk be authorized to enter into a Financial Assistance Agreement with the Wisconsin Department of Administration for a Clean Water Fund Loan for the purpose of funding the Basin Z Wastewater Storage Facility project in the amount of $3,481,931. Further recommends that $3,481,931.00 in Wastewater Revenue Bonds be issued to the State of Wisconsin Clean Water Fund Program in exchange for a Clean Water Fund Loan in the same amount.
Fiscal Note: Funding will be provided by the Wastewater Utility.