HomeMy WebLinkAboutReso 2009-107 - State Water Resources Control Board
.
.
:1
RESOLUTION NO. 2009 - 107
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING AUTHORIZING DESIGNATED CITY OFFICIALS TO
FILE AN APPLICATION FOR FINANCIAL ASSISTANCE FOR
A FINANCIAL AGREEMENT 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 FORREP A YMENT TO
THE CLEAN WATER STATE REVOLVING LOAN FUND
WHEREAS, the City of Redding (the "City") desires to finance the costs of constructing and/or
reconstructing certain public facilities and improvements relating to its water and wastewater system,
including certain treatment facilities, pipelines, and other infrastructure of the Expansion of the Stillwater
Wastewater Treatment Plant 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 (the "Project Funds") provided by the State of Cali fomi a, acting by and
through the State Water Resources Control Board (the "State Water Board"); and
WHEREAS, the State Water 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 State Water 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 ofthe Obligations;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the 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 a financing agreement from the State
Water Resources Control Board for the planning, design, and construction of the Project.
BE IT FURTHER RESOLVED that the City of Redding hereby agrees and further does authorize
the aforementioned representatives or their designee to certify that the City has and will comply with all
applicable state and federal statutory and regulatory requirements related to any financing or financial
assistance received from the State Water Resources Control Board.
k
BE IT FURTHER RESOLVED that the aforementioned representatives or their designee City of
Redding are hereby authorized to negotiate and execute a financial assistance agreement from the State Water
Resources Control Board and any amendments or change orders thereto and certify financing agreement
disbursements on behalf of the City.
~
o
-J
~
I
.
.
BE IT FURTHER RESOLVED as follows:
I. The City hereby states its intention and reasonably expects to reimburse the Expenditures paid
prior to the issuance of the Obligations or the approval by the State Water Board of the Project
Funds.
2. The reasonably expected maximum principal amount of the Project Funds is $25,000,000.
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 the Project Funds.
4. Each City Expenditure 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 1.150-2 and any other regulations of the Internal Revenue Service relating to the
qualification for reimbursement of the Project costs.
BE IT FURTHER RESOLVED that the City hereby dedicates Wastewater Connection Fees and
Monthly Service Charges as the sources of revenue for the payment of any and all Clean Water State
Revolving Fund and/or Water Recycling Funding Program financing on the Project. This dedicated source
of revenue shall remain in effect throughout the term of such financing 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 ofthe City Council on the 16th day of June, 2009, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Dickerson, Jones, McArthur, and Bosetti
None
Stegall
None
t3&~~)
RICK BOSETTI, Mayor
., .
'.~- i-
'. :-. I,j /
ATTEST:...;.."""^....) (
~ ~~v .,": l.. \ ~ I f~'\ /, '..
rfJ:'.~:?~' ~"'j" -- .
~_'r'....
btN:OJN~~ S~~~H~}~E~; City Clerk
_,1 ~ "''' - ~,...~ .'
.. ,
FORM APPROVED:
~~~
RICHARD A. DUVERNAY, City A ey