HomeMy WebLinkAbout1999-71 Increase Borrowed FundsRESOLUTION NO. 99- 7/
A RESOLUTION AUTHORIZING AND APPROVING AN INCREASE IN THE AMOUNT
BORROWED FROM THE CLEAN WATER STATE REVOLVING FUND FOR THE
WASTEWATER TREATMENT FACILITIES PROJECT.
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 $16,891,422.00, which increases the original loan by $1,891,422.
The DEQ has provided to the City a form of the amended Clean Water State Revolving Fund
Agreement.
C. The City Attorney and Director of Finance are finalizing this agreement.
'FHE 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
tbr 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.
This resolution was read by title only in accordance with Ashland Municipal Code 2.04.090 duly
P~OPTE t
Barbara Christensen, City Recorder
SIGNED and APPROVED this ZZ- day of/'~'~999.
Rev~.wed as to for: '?
Paul Nolte, City Attorney
Catherine M. Shaw, Mayor