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Public Notice

Draft Amendment No. 1 to the FFY 2001 CWSRF Intended Use Plan
“Extended Term Financing” and Fund Revisions

The Federal Fiscal Year (FFY) 2001 Intended Use Plan (IUP) for the Clean Water State Revolving Fund (CWSRF) for Water Pollution Control Projects, dated September 2000, is being amended.

The New York State Environmental Facilities Corporation (“EFC”), together with the New York State Department of Environmental Conservation (“DEC”), administers the Clean Water State Revolving Fund (“CWSRF”). Since it began operating in 1990, the CWSRF program has made over $5.1 billion in project loans to over 360 municipalities and public agencies for water pollution control projects and has saved these municipalities and agencies millions of dollars through interest rate subsidies. Financings from the CWSRF have, traditionally, taken the form of a loan, the term of which is limited to twenty (20) years from the date of project completion by both the Federal Clean Water Act and the State Public Authorities Law. The United States Environmental Protection Agency (“EPA”) recently confirmed that certain financings provided under state revolving funds, other than loans, may be provided for a term exceeding twenty (20) years. As a result, EFC is proposing to provide financing for eligible projects with CWSRF moneys for terms up to 30 years. This extended term financing may be made available by EFC’s purchase or investment in municipal debt obligations or by using the CWSRF moneys as a source of security for bonds issued by EFC to finance CWSRF eligible projects. To the extent that CWSRF financing is available in a form other than a loan, it may have a term established by EFC within a period not exceeding the useful life of the project as defined by state law or thirty (30) years of project completion, whichever is less.

EFC has received EPA approval to provide extended term CWSRF financing and expects to be able to provide such financing within the current IUP period. The application process and eligibility requirements for this additional form of CWSRF financing will not differ materially from those already in place for the CWSRF program. Fees and subsidy rates for extended term financings will be the same as those for long-term leveraged and long-term direct loans as described in the FFY 2001 IUP. The first projects eligible for extended term financing will be those listed in the Annual CWSRF Project Priority List of the FFY 2001 IUP for the financing period October 1, 2000 through September 30, 2001.

It is proposed that a new sub-section be added to Section III. Loan Programs and Interest Rates titled “Extended Term Financing”. In addition it is proposed to modify Appendix C: Loan Application Process to reflect the proposed Extended Term Financing.

Draft Amendment No. 1 also includes adjustments to the sources and uses of funds. The CWSRF received additional funds from the recent federal capitalization grant which will be used to finance additional short-term loans during the remainder of the FFY 2001 IUP period.

Copies of Draft Amendment No. 1 can be requested by calling the EFC toll-free line at (800) 882-9721 ext. #4 (within NYS only) or at (518) 457-3833. Copies of the draft amendment will be mailed to those municipalities and interested parties who were mailed the final FFY 2001 CWSRF IUP in late September. Draft Amendment No. 1 will also be available on the EFC web site at www.nysefc.org (click on “What’s New”).

Written comments on Amendment No. 1 to the CWSRF IUP will be accepted by fax or mail until close of business, Friday, May 11, 2001. Comments should be addressed to: Mr. David Morseman, Program Services Representative III, Division of Program Management, NYS Environmental Facilities Corporation, 50 Wolf Road, Room 502, Albany, New York 12205-2603, FAX: (518) 485-8494.