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Drinking Water State Revolving Fund Ashraf Gabour Program Manager CERO/SERO

Drinking Water State Revolving Fund Ashraf Gabour Program Manager CERO/SERO. MassDEP Municipal Services. Water Pollution Abatement Trust Sue Perez Nate Keenan Heather Saxelby O’Donnell. MassDEP Steven McCurdy Joe Delaney John Felix. Jointly Administered. DWSRF Purpose.

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Drinking Water State Revolving Fund Ashraf Gabour Program Manager CERO/SERO

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  1. Drinking Water State Revolving FundAshraf Gabour Program Manager CERO/SERO • MassDEP Municipal Services

  2. Water Pollution Abatement Trust Sue Perez Nate Keenan Heather Saxelby O’Donnell MassDEP Steven McCurdy Joe Delaney John Felix Jointly Administered

  3. DWSRF Purpose • The Safe Drinking Water Act,as amended in 1996, established the Drinking Water State Revolving Fund to make funds available to drinking water systems to finance infrastructure improvements. • App. $80 Million in financing offered to communities yearly.

  4. Traditional DWSRF projects • Water Treatment Plant improvements • Distribution System improvements • Water Storage facilities • NOTE: DWSRF is a financing source, not a regulatory program. If a project is permissible under statutes or regulations, it can be financed with DWSRF.

  5. Non-traditional DWSRF projects • Energy efficiency within system • Renewable Energy at WTF • Water System Planning NOTE: DWSRF is principally concerned with public health, but CWSRF can finance any water quality improvement project. CWSRF is therefore often a better solution for issues like recharge, stormwater management, etc.

  6. DWRSF ScheduleTwo year time line • Project Evaluation Form (PEF): August 15 2014 • Projects are ranked by Mass DEP: Fall 2014 • Mass DEP publishes Intended Use Plan (IUP): March, 2015 • Local Authorization (Town Meeting/City Council): June 30, 2015 • Submitting Loan Application to DEP: October 15, 2015 • Project Approval Certificate (PAC) MassDEP: December 30, 2015 • Commence of Construction: June 30, 2016

  7. Ranking of Projects (PEF)

  8. Why Borrow From the Trust Benefits of Using the Trust 2% Loan vs Market Rate • What does the 2% rate mean for your community? • On an average $5m loan the community would save $738,144 over the life of the loan (using current market rates) • Equates to a 40% interest subsidy • Savings generated through economy of scale • Underwriters fees • FA fees • Bond Counsel fees

  9. Loan Terms and Fees * Rate calculated at time of bond sale, estimated between 2.4-2.9% ** To be determined at time of bond sale to offset costs

  10. Borrower Loan Application • Due to MassDEP October 15, 2015 • Loan Application has three parts • Applicant Information - Authorized Representative, Local Appropriation etc. • Project Requirements - Plans and Specifications, Cost, Schedule, etc. • Supplemental Requirements - Permits, Planning, Professional Services Agreement, etc.

  11. Application Requirements • Certificate of Title • MEPA • Historic Preservation • Conservation Commission • Flood Insurance • DW Permits

  12. MassDEP Project Approval Certificate (PAC) • PAC Issued by MassDEP to the MWPAT • A copy is sent to Community • PAC certifies project eligibility, costs, and lists conditions

  13. Before bidding, MassDEP must give “Permission to Advertise” • Bid Specs/Contracts must be approved by MassDEP • MassDEP Civil Rights Section reviews and approves DBE participation • MassDEP reviews bid results and issues “Authorization to Award”

  14. MassDEP Project Regulatory Agreement (PRA) • Contract between MassDEP and Borrower • Establishes MassDEP control over project • Outlines project eligibility and funding • Establishes disbursement procedures • Loan closeout process • Legal requirements of Borrower • Discusses project defaults and how to remedy

  15. Disbursements • Proceeds of the loan are generally disbursed to the community monthly • “Payment Requisition” is completed by the community and forwarded to MassDEP with the appropriate documentation • MassDEP reviews the request and approves eligible costs • MassDEP forwards the request to the MWPAT • MWPAT wires to borrower every Thursday with funds often available the next day

  16. DWSRF Contact information http://www.mass.gov/dep/water/wastewater/wastewat.htm#dwsrf • Financial • Sue Perez 617-367-9333 x816 • Nate Keenan 617-367-9333 x508 • Heather Saxelby O’Donnell 617-367-9333 x584 • Program • Steve McCurdy 617-292-5779 • Joe Delaney 617-292-5808 • John Felix 617-292-5523 • Ashraf Gabour 617-556-1076

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