State Rep. Michael O’Brien (D-Warren) today announced that Gov. DeWine signed House Bill (HB) 264, a bipartisan bill that provides for the refinancing of loans for certain public water and wastewater infrastructure projects, into law on Jan. 9. The bill passed both the House and the Senate unanimously in the 133rd General Assembly.
“This legislation has the potential to be a great cost-saving measure for local governments, who previously were locked into the rates they obtained for infrastructure projects until the loan maturity date. At a time when many counties are struggling to maintain their water systems, House Bill 264 gives local governments the option to refinance those loans with the Ohio Water Development Authority at a lower interest rate, potentially saving thousands of dollars in the process,” said Rep. O’Brien.
Jointly sponsored with Representative Shane Wilkin (R-Hillsboro), the bill has the support of the County Commissioners Association and the Ohio Rural Water Association among others. The law will take effect 90 days after the Jan. 9 date when the governor signed the bill.