The governor signed into law a bill sponsored by state Rep. Michael J. O’Brien to allow communities with Ohio Water Development Agency loans for water and wastewater infrastructure projects to refinance them at lower rates.
“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,” said O’Brien, D-Warren, who was the bill’s lead sponsor with state Rep. Shane Wilkin, R-Hillsboro.
“At a time when many counties are struggling to maintain their water systems, (the bill) 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,” he said.