HomeMy WebLinkAbout2001-03 Increase Borrowed FundsRESOLUTION NO. 2001- O5
A RESOLUTION AUTHORIZING AND APPROVING AN INCREASE IN THE AMOUNT
BORROWED FROM THE CLEAN WATER STATE REVOLVING FUND FOR THE
WASTEWATER TREATMENT FACILITIES PROJECT AND REPEALING
RESOLUTION 2000-05
RECITALS:
A. 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 Clean Water State Revolving
Fund in the amount of $21,767,068, which increases the previously adjusted loan value by $3,797,397.
B. The DEQ has provided to the City a form of the amended Clean Water State Revolving Fund Agreement.
("CWSRF")
C. The City Attorney and Finance Director are finalizing this agreement.
THE CITY COUNCIL OF THE CITY OF ASHLAND RESOLVES:
Section 1. City authorizes and approves the form of the CWSRF Loan Agreement for the increased amount to
finance the Wastewater Treatment Facility Project.
Section 2. City authorizes and approves the establishment and funding of a designated reserve account to meet
the "Loan Reserve" requirement of the CWSRF Loan Agreement, and directs the Director of Finance to establish
this Loan Reserve.
Section 3. City authorizes and approves 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. City
directs the Director of Finance to establish this account.
Section 4. City authorizes and directs the Director of Finance and the City Administrator, acting
for and on behalf of the City, to execute the final CWSRF 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.
Section 5. Resolution 2000-05 is repealed
This resolution was read by title only in accordance with Ashland Municipal Code 2.04.090 duly PASSED and
[~rbara Christense-n, City Recorder
SIGNED and APPROVED this
R,~.~ as to form:
Paul Nolte, City Attorney
day of ~'c~.¥V' ,2001. ¢*
Alan DeBoer, Mayor
F:~cctg\Wastewater~SRF\Council Communication SRF Amend.doc