Agenda Item Title:
Approve Resolution No. 2022-058 a Resolution Relating to the Improvement of the Wastewater Collection System and Treatment Facilities; Authorizing and Directing the Issuance and sale of a Revenue Bond to Pay the Cost of Said Improvements; Defining the Terms and Manner of Payment of the Bond and the Security Thereof and Approving the Form of Loan Agreement; Pledging Certain Revenues to Secure the Payment of the Revenue Bond and Creating Special Funds and Accounts for the Administration of Funds for Operation of the System and Retirement of the Revenue Bond
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
07/13/2022
City Council Hearing Date:
07/18/2022
Staff Contact:
Pauline Sumption, Finance Director; Stacey Titus, Assistant Public Works Director; Eddie Lopez, Operations Management-Public Works
Agenda Item Summary:
Authorization was previously given to apply for an SRF loan for the construction of a new wastewater treatment facility along with other improvements. This resolution finalizes the authorization to move forward on the loan and to allow the Mayor and Finance Director to sign off on the loan agreement.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Funding Source & Fiscal Impact Notes:
Repayment will be from the net wastewater revenues, per the resolution
Recommendations:
Origination Recommendation Action:
Approve