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Committee briefed on $25M WIIA award, pending loans and CWSRF application
Summary
Consultants said the project received a $25 million WIIA grant, the CWSRF application is in progress, and remaining costs are expected to be financed via subsidized borrowing; consultants gave preliminary loan terms as reported in their update.
Delaware Engineering presented the financing picture for the Orange County wastewater project, summarizing grants, loan applications and preliminary borrowing assumptions.
Mary Beth Bianconi said the project was awarded a $25 million WIIA grant and that the Clean Water State Revolving Fund (CWSRF) application had been submitted and is in progress. On loan terms she said the update included a "20% million 0% interest borrowing" and that the balance of project costs would be financed through a subsidized loan described as roughly "50% of market" interest in the consultant's materials. Bianconi told the committee these figures reflect the current financing plan as presented in the handout.
Why it matters: funding sources and loan terms determine the capital plan and the potential rate impact for users; the committee requested an updated chart to show effects on ratepayers.
