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New Business Item 1 NEW BUSINESS ITEM 1 St. Mary’s County Metropolitan Commission 23121 Camden Way, California, MD 20619 Serving our customers since 1964 www.metcom.org Phone: 301-737-7400 Potable Water Distribution - Wastewater Collection / Treatment FAX: 301-737-7459 MEMORANDUM DATE: January 14, 2021 TO: Metropolitan Commission Board Members FROM: Patty Stiegman, Chief Financial Officer R. Christopher Beaver, Legal Counsel VIA: George A. Erichsen, P.E. Executive Director RE: Bond Resolution 2021-01: Maryland Water Quality Financing Administration (MWQFA) Loans - Resolution authorizing the issuance and sale of general obligation installment bonds for the St. Clements Shores Water System, Phase 2 Project Historical / Background Information. MWQFA loans are borrowed at the time of award. Construction contracts are conditionally awarded, contingent upon approval of the loan(s) by the Maryland Department of the Environment and the Maryland Board of Public Works. Typically, the loan periods for water and sewer projects can be 20 years or 30 years. Portions of projects, such as design and land acquisition, are often forward funded prior to loan closings. The authority to borrow monies for the completion of capital projects is accomplished through Resolutions by both the Metropolitan Commission (MetCom) and the Commissioners of St. Mary’s County (CSMC). This project was included in prior approved Capital Improvement Budget submissions and the combined debt capacity calculations, as prepared by the County and presented to the CSMC. Project Information. This project is the final planned phase of the project that will replace the St. Clements Shores Water System, which was originally built in the 1950s as a stand-alone water system. MetCom later took over operation of this system, which serves 228 homes. Phase 2 will include the installation of approximately 2,900 feet of 12” diameter water main and approximately 19,000 feet of 8” diameter water main to replace the existing lines. Associated valves, hydrants, and appurtenances will also be installed. Phase 1 was previously approved and funded by MWQFA in the amount of $3,368,474, and resulted in the replacement of approximately 10,400 linear feet of water line and associated appurtenances. Operational Acceptance was issued on 5/03/19; Final Acceptance was issued on 4/27/20. Summary / Related information. Phases 1 and 2 of the project were approved as a part of the Capital Improvement Budget and Plan. Following approval by the MetCom Board on 12/13/201, The CSMC was presented with and approved the loan application for funding on 01/15/19. The MWQFA application was submitted by the MetCom Executive Director to the MWQFA for Federal FY19/State FY21 Capital Project Financial Assistance on 1/21/19. On 5/17/19, MWQFA identified the project as eligible for financing from the Drinking Water State Revolving Fund (DWSRF) Intended Use Plan. The project bid is within the approved budget amount. Design for both phases was awarded in the amount of $490,980. Timeline (past, present and future). The project was advertised for bid on 7/07/20 and a pre-bid conference was held on 7/28/20. Bids were opened on 8/25/20 and a Conditional Award was made on 10/08/20. The estimated completion time for construction is 360 calendar days. Construction Notice to Proceed will be issued upon approval by the Maryland Board of Public Works, which is underway; and the closing of the loan is expected to occur within the next several months. Previous Board actions. The Board has taken the following actions on the St. Clements Shores Water Replacement Project. The project was originally created as one project, but was separated into two phases. The original estimate for the project was $5,498,000, which was later updated during the capital budgeting process to $7,290,293, based on engineers’ phasing estimates. Prior Intent Resolutions # 2015-01, 2016-02 & 2019-02 Completed prior Capital Improvement Budget, Phase 1: $ 3,602,859 Resolution 2017-01, Approval of MWQFA Loan for Phase 1: $ 3,368,474 Award of Construction, Phase 1: $ 2,720,570 11/20/2017 Capital Improvement Budget, Phase 2: $ 3,687,434 FY2020 MetCom Approval of MWQFA Application, Phase 2 $ 3,687,434 December 13, 2018 CSMC Approval of MWQFA Application, Phase 2 $ 3,687,434 January 15, 2019 Conditional Award of Construction, Phase 2: $ 1,908,750 October 8, 2020 ST. MARY’S COUNTY METROPOLITAN COMMISSION RESOLUTION NO. 2021-21 A RESOLUTION OF THE ST. MARY'S COUNTY METROPOLITAN COMMISSION (the “Borrower”), authorizing the issuance and sale of its general obligation installment bond: the St. Mary's County Metropolitan Commission Drinking Water Bond, Series 2021A in the maximum principal amount not to exceed $3,687,434 (the “Series 2021A Bond” also referred to as “Drinking Water Bond” and the “Bond”), pursuant to the authority of the Maryland Water Quality Financing Administration Act (codified as Sections 9-1601 to 9-1622, inclusive, of the Environment Article of the Annotated Code of Maryland (2014 Replacement Volume and 2020 Supplement) and Sections 113-1 to 113-30, inclusive, of the Code of Public Local Laws of St. Mary's County (1978 Edition, as amended, being Article 19 of the Code of Public Local Laws of Maryland, as enacted by Chapter 369 of the Laws of Maryland of 1978, as amended), the Bond is designated the “St. Mary's County Metropolitan Commission Drinking Water Bond, Series 2021A” (or such other designation for the Bond as the officers of the Borrower may agree upon); providing that the payment of the principal of and interest on the Bond shall be guaranteed by the full faith and credit of the Commissioners of St. Mary's County; authorizing the execution of a loan agreement between the Borrower and the Maryland Water Quality Financing Administration (the “Administration”); prescribing the form and tenor of the Bond and the terms and conditions for the issuance and sale thereof at private sale to the Administration; providing for the prompt payment of the maturing principal of and interest on the Bond; and generally relating to the issuance, sale and delivery of the Bond. RECITALS Title XIV of the Public Health Service Act (the “Safe Drinking Water Act”) authorizes the United States Environmental Protection Agency (the “EPA”) to award grants to qualifying States to establish and capitalize State Revolving Funds (“SRFs”) for the purpose of providing loans and certain other forms of financial assistance to finance, among other things, the construction of publicly-owned and privately- owned water supply systems, including any structure, channel or appurtenance used to prepare water for use or to deliver water to a consumer. As contemplated by the Safe Drinking Water Act, the General Assembly of Maryland at its 1988 session enacted the Maryland Water Quality Financing Administration Act, codified at Sections 9-1601 through 9-1622, inclusive, of the Environment Article of the Annotated Code of Maryland (2014 Replacement Volume and 2020 Supplement) (the “Act”), establishing the Administration and establishing the Maryland Drinking Water Revolving Loan Fund (the “Drinking Water Fund”), which Drinking Water Fund is to be maintained and administered by the Administration. The Act authorizes the Administration, among other things, to make loans from the Drinking Water Fund to a “local government” (as defined in 1 the Act) for the purpose of financing all or a portion of the cost of a “water supply system” (as defined in the Act). The Borrower is a “local government” within the meaning of the Act. The Borrower has applied to the Administration for a loan from the Drinking Water Fund to assist in the financing of certain projects which constitute a “water supply system”, all within the meaning of the Act. As contemplated by the Act, the Administration and the Borrower will enter into a loan agreement (the “Loan Agreement”) to effect and evidence the loan. The Borrower has determined that it will issue one bond, which constitutes a “loan obligation” within the meaning of the Act, to evidence its payment obligation under the Loan Agreement. BE IT RESOLVED BY THE ST. MARY'S COUNTY METROPOLITAN COMMISSION: Section 1. Pursuant to the authority of the Act, and Sections 113-1 to 113-30, inclusive, of the Code of Public Local Laws of St. Mary's County (1978 Edition, as amended, being Article 19 of the Code of Public Local Laws of Maryland), as enacted by Chapter 369 of the Laws of Maryland of 1978, as amended (the “Public Local Law”), the Borrower, a body politic and corporate of the State of Maryland, hereby determines to borrow money and incur indebtedness for the public purpose of financing or refinancing improvements to the water supply system and related architectural, financial, legal, planning and engineering expenses permitted under the Safe Drinking Water Act, as more fully described in Exhibit A (the “Project”). The portion of the Project being funded by the Drinking Water Fund constitutes a “water supply system” within the meaning of the Act. As contemplated by the Act, such borrowing and indebtedness shall be made and incurred in accordance with the provisions of the Loan Agreement. The Loan Agreement for the Project is hereby approved in substantially the form set forth in Exhibit B attached hereto as a part hereof, with such insertions, omissions or variations as may be deemed necessary, appropriate, helpful or desirable and approved by the officers executing the same (their execution of the Loan Agreement to constitute conclusive evidence of such approval). The Borrower hereby approves the form of and authorizes the execution and delivery of the Loan Agreement by the Chairman of the Borrower in substantially the form set forth in Exhibit B, including all covenants and conditions set forth therein.
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