HomeMy WebLinkAbout2002-26 WWTP/DEQ Loan RESOLUTION NO. 2002-
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 2002-01.
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 $23,920,068, which increases the previously adjusted loan value by
$500,000.
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 Finance Director 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 Finance Director to establish this account.
Section 4. City authorizes and directs the Finance Director 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 Resolution 2002-01 is repealed.
Section 6. This resolution takes effect upon signing by the mayor.
This resolution was read by title only in accordance with Ashland Municipal Code 2.04.090 duly PASSED
and A~J~OPTED this ,~ .day of~~~2002.
Alan W. DeBoer, Mayor
Re ' wed as to form:
Paul Nolte, City Attorney
F:Wcctg\Wastewater\SRF\Council Communication SRF Amend 2002.doc