HomeMy WebLinkAbout1997-43 WWTP Revolving FundLoanRESOLUTION NO, 97-
A RESOLUTION AUTHORIZING AND APPROVING OF A STATE REVOLVING FUND LOAN
AGREEMENT TO FINANCE A WASTEWATER TREATMENT FACILITIES PROJECT
RECITALS:
The City of Ashland (the "City") has entered into negotiations with the State of Oregon
Department of Environmental Quality (the "DEQ") for a loan to the City from the State Revolving
Fund in the approximate amount of $15,000,000.00.
B. The DEQ has provided to the City a form of State Revolving Fund Agreement,
C. The City Attorney and' Director of Finance are finalizing this agreement.
THE CITY COUNCIL OF THE CITY OF ASHLAND RESOLVES:
Section 1. The City does authorize and approve of the form of the SRF Loan Agreement for the
financing of the Wastewater Treatment Facilities Project°
Section 2. The City does authorize and approve the establishment and funding of a designated
reserve account to meet the "Loan Reserve" requirement of the SRF Loan Agreement, and does direct
the Director of Finance to establish this Loan Reserve.
Section 3. The City does authorize and approve the establishment and funding of a Wastewater
Rate Stabilization Account. The purpose of this account is to mitigate rate shock when the Food and
Beverage Tax sunsets. The City does direct the Director of Finance to establish this account.
Section 4. The City does authorize and direct the Director of Finance and the Interim City
Administrator, acting for and on behalf of the City, to execute the final SRF Loan Agreement and such
other and additional documents as may reasonably be required for the consummation and closing of
the Loan, and any amendments required thereafter.
This resolution was read by title only in accordance with Ashland Municipal Code {}2.04.090 duly
Barbara Christensen, City Recorder
SIGNED and APPROVED this //'~ day o~997.
Catherine M. Golden, Mayor
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