Title
Resolution to Adopt the 2010 State Revolving Fund Project Plan for Sanitary System Improvements
Memorandum
This is to recommend approval of the attached resolution adopting the 2010 State Revolving Fund (SRF) Project Plan for Sanitary System Improvements, which is required to secure the funds, and the multi-year SRF applications.
Michigan enacted 1988 PA 317, The Clean Water Assistance Act, to establish the State Revolving Fund (SRF) which is now codified as Part 53, 1994 PA 451, of the Natural Resources and Environmental Protection Act. Michigan's Water Pollution Control Revolving Fund, better known as the State Revolving Fund (SRF), is a low 2.5% interest loan financing program that assists qualified local municipalities with the construction of needed improvements to the existing wastewater treatment and collection system. The SRF interest rate is significantly lower than rates available to the City through other financing methods and therefore minimizes costs and rate requirements for sanitary sewer service.
On February 2, 2010, the City Council approved the FY2011-2016 Capital Improvement Plan (CIP). The CIP identifies major public construction projects and improvements anticipated during the next six fiscal years. The CIP has received significant staff and public review, including a public hearing before the City Planning Commission. The CIP serves as a tool to prioritize and plan for capital improvement recommendations of the various City Master Plans. In addition, the CIP will provide guidance in budget preparation and long-range financial planning, particularly with regard to those projects included in the first year of the document, which was approved in the FY2011 Capital Budget.
The 2010 SRF Project Plan details the selection and implementation of various improvements recommended by the FY2011-2016 CIP and can be viewed at:
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