Title
Resolution to Adopt the 2009 Drinking Water Revolving Fund and Clean Water State Revolving Fund Project Plans for Water and Sanitary System Improvements
Memorandum
This is to recommend approval of the attached resolution adopting the 2009 Drinking Water Revolving Fund (DWRF) and State Revolving Fund (SRF) Project Plans for Water and Sanitary System Improvements, which is required to secure the funds.
Under Part 54 of PA 451, 1994, Michigan established the Drinking Water Revolving Fund (DWRF) program, which is designed to assist water suppliers in satisfying the requirements of the Safe Drinking Water Act by offering low interest loans of 2.5% for improvements to the water treatment process and distribution system. In addition, 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 American Recovery and Reinvestment Act of 2009 (ARRA) was signed into law on February 17, 2009. The bill contains $787 billion in federal funding for a wide range of purposes, from tax cuts to infrastructure spending. The ARRA includes $2 billion for Drinking Water Revolving Funds (DWRF) administered by the states, of which Michigan will receive $67,454,000. In addition, $4 billion is included for Clean Water State Revolving Funds (SRF) administered by the states, of which Michigan will receive $168,509,000. These funds will provide Michigan with the ability to tender more loans and provide additional subsidy through the existing DWRF and SRF structures.
On January 20, 2009, the City Council approved the FY2010-2015 Capit...
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