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Subject: Communication from the General Manager of the Wastewater Utility wishing to discuss the Financial Assistance Agreement for Clean Water Fund Program, Project No. 4285-15, Ohio St. Interceptor and Michigan Blvd. Collection Sewers. (Res.10-1886)
Recommendation of the Finance & Personnel Committee on 02-22-10: The Mayor and City Clerk be authorized to enter into a Financial Assistance agreement with the State of Wisconsin Department of Administration for a Clean Water Fund Loan in the amount of $2,657.592.00.
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 2.2%. The loan will be repaid with Wastewater Utility funds.
Recommendation of the Wastewater Commission on 2/23/10: 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 Ohio Street Interceptor and Michigan Boulevard Collection Sewers projects in the amount of $2,657,592.00. Further recommends that $2,657,592.00 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.