Intended Use Plan for FY-2012 - Water Resources Board - State of ...

The funds are restricted by several EPA provisions including:••The indebtedness may be in the form of a loan or bond purchase and willnot exceed three years in duration.••The amount will not exceed a $12 million balance at any time.••The interest rate will be equivalent to the interest that would have beenearned had OWRB invested in traditional institutions.••OWRB will provide results of their DWSRF investment in the AnnualReports.••EPA will be informed of the total outstanding balance and informed ofthe terms each time an indebtedness instrument is signed.OWRB deems it to be in the best interest of Oklahoma to fully meet fundingdemands of the DWSRF. The traditional method of funding DWSRF loans withundedicated pool long-term bonds is no longer a viable option because of therequirements of the Tax Increase Prevention and Reconciliation Act of 2005.Therefore, staff requested and was granted special permission from the EPAfor this investment in order to provide an efficient and economical interimfinancing alternative to serve our borrowers.Public Review and Future IUP AmendmentsThe OWRB has met therequirements under Section1452(b)(1) of the SDWA throughthe public review and commentsprocess. A public meeting toreview this FY 2012 CWSRF DraftIntended Use Plan and ProjectPriority List will be held on June2, 2011 following public noticethrough a press release issuedon April 29, 2011 to print mediastatewide, statewide publicationin The Oklahoman on May 1,2011, and OWRB web posting onApril 28, 2011 (Appendix E). TheDraft FY 2012 IUP and PriorityList were posted on the OWRB’swebpage and a notice distributedto public wastewater authoritiescurrently listed on the IUP, stateand federal agencies, and otherstakeholders on April 29, 2011.The public comment period wasopen through June 10, 2011 and nocomments were received.23