HomeMy WebLinkAboutReso 2008-019 - State Revolving Fund Financial Agreement
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RESOLUTION NO. 2008 - 19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING AUTHORIZING DESIGNATED CITY OFFICIALS TO
FILE AN APPLICATION FOR FINANCIAL ASSISTANCE FROM THE
STATE WATER RESOURCES CONTROL BOARD, TO ACCEPT AND
EXPEND THOSE FUNDS IF THE APPLICATION IS GRANTED, AND
TO DEDICATE THE SOURCE OF REVENUE FOR PAYMENT TO
THE STATE REVOLVING FUND FINANCIAL AGREEMENT
WHEREAS, the City of Redding (the "City") desires to finance the costs of planning, design, and
construction for the Clear Creek Wastewater Treatment Plant Rehabilitation and Expansion Project (the
"Project"); and
WHEREAS, the City intends to finance the construction and/or reconstruction of the Project or
portions of the Project with moneys ("Project Funds") provided by the State of California, acting by and
through the State Water Resources Control Board (the "Board"); and
WHEREAS, the Board may fund the Project Funds with proceeds from the sale of obligations the
interest upon which is excluded from gross income for federal income tax purposes (the "Obligations"); and
WHEREAS, prior to either the issuance ofthe Obligations or the approval by the Board of the Project
Funds the City desires to incur certain capital expenditures (the "Expenditures") with respect to the Project
from available moneys of the City; and
WHEREAS, the City has determined that those moneys to be advanced on and after the date hereof
to pay the Expenditures are available only for a temporary period and it is necessary to reimburse the City for
the Expenditures from the proceeds of the Obligations.
NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Redding that the City
Engineer or the Director of Municipal Utilities is hereby authorized and directed to sign and file, for and on
behalf of the City of Redding, a Financial Assistance Application for imancing from the State Water
Resources Control Board in the amount not to exceed seventy one million dollars for the planning, design,
and construction of Clear Creek Wastewater Treatment Plant Rehabilitation and Expansion Project; and
BE IT FURTHER RESOLVED that the City of Redding hereby agrees and further does authorize
the aforementioned representatives or his designee to certify that the City has and will comply with all
applicable state and federal statutory and regulatory requirements related to any federal and state financing
received; and
BE IT FURTHER RESOLVED that the aforementioned representatives or his designee is hereby
authorized to negotiate and execute the financing agreement contract and any amendments or change orders 0 .
thereto and certify financing agreement disbursements on behalf of the City; and (:J
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Rescinded by Resolution No. 2011-14 ~
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BE IT FURTHER RESOLVED as follows:
I. The City hereby states its intention and reasonably expects to reimburse Expenditures paid
prior to the issuance of the Obligations or the approval by the Board of the Project Funds.
2. The reasonably expected maximum principal amount of the Project Funds is $71,000,000.
3. This resolution is being adopted no later than 60 days after the date on which the City will
expend moneys for the portion of the Project costs to be reimbursed with Project Funds.
4. Each Expenditure by the City will be of a type properly chargeable to a capital account under
general federal income tax principles.
5. To the best of our knowledge, the City is not aware of the previous adoption of official intents
by the City that have been made as a matter of course for the purpose of reimbursing
expenditures and for which tax-exempt obligations have not been issued.
6. This resolution is adopted as official intent of the City in order to comply with Treasury
Regulation S 1.1 50-2 and any other regulations of the Internal Revenue Service relating to the
qualification for reimbursement of Project costs; and
BE IT FURTHER RESOLVED that the City hereby dedicates Wastewater Connection Fees and
Monthly Service Charges as the source of revenue to pay any and all State Revolving Fund fmancing on the
Project (C-06-4971-11 0 /210/220/230/240/250/260). This dedicated source of revenue shall remain in effect
throughout the term of said fmancing, unless modification or change of such dedication is approved in
writing by the State Water Resources Control Board.
I HEREBY CERTIFY that the foregoing resolution was introduced, read, and adopted at a regular
meeting of the City Council on the 19th day of February, 2008, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Dickerson, Jones, Murray, and Bosetti
None
Stegall
None
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RICK BOSETTI, Vice-Mayor
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Attest: ~ ':" ~\ '-':/.
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Form Approved:
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CONNIE$TROHMA - City Clerk
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