BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Update on California WaterFix and Authorization to Execute the Agreement Between the Department of Water Resources and the Santa Clara Valley Water District for the Advance or Contribution of Money to the Department of Water Resources for Preconstruction Planning Costs of the California WaterFix, a Facility of the State Water Project.
End
RECOMMENDATION:
Recommendation
A. Receive an update on the California WaterFix; and
B. Approve and authorize the Chief Executive Officer to execute the Agreement for the Advance or Contribution of Money to the Department of Water Resources for Preconstruction Planning Costs of the California WaterFix, a Facility of the State Water Project, between the Department of Water Resources and the District for preconstruction planning costs for the WaterFix for a District contribution of $1,092,975.
Body
SUMMARY:
1.0 Update on WaterFix
WaterFix Finance Authority Joint Powers Agreement (Finance JPA)
On July 6, 2018, the District Board approved execution of the WaterFix Finance Authority Joint Powers Agreement (Finance JPA), and Director Kremen was nominated to serve on the Finance JPA Board. The first meeting of the Finance JPA was held on July 19, during which the Finance JPA Board approved submittal of a Letter of Interest (LOI) for the Water Infrastructure Finance and Innovation Act of 2014 (WIFIA) federal credit program. The due date for submitting the LOI for the 2018 evaluation process is July 31, 2018.
WIFIA is administered by the Environmental Protection Agency (EPA) to provide financial assistance in the form of low interest loans for water infrastructure, including projects such as WaterFix. Congress established the WIFIA program in the Water Resources Reform and Development Act (WRDA) of 2014. The LOI is the first step in applying for a WIFIA loan. It describes the project, the financing needs, the credit worthiness of the borrower, the project plan and schedule, and provide...
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