HomeMy WebLinkAboutResolution No. 09-7116 - Approving Fin Assist App - Blandwood Rd & True Ave Sanitary Sewer Lift Stations Replacement ProjRESOLUTION NO. 09-7116
{
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING THE SUBMITrAL OF A FINANCIAL ASSISTANCE
APPLICATION FOR THE BLANDWOOD ROAD AND TRUE AVENUE
SANITARY SEWER LIFT STATION REPLACEMENT PROJECT TO THE
STATE WATER RESOURCES CONTROL BOARD AND AUTHORIZING THE
CITY MANAGER OR DESIGNEE TO SIGN AND FILE FOR A FINANCING
AGREEMENT UNDER THE STATE REVOLVING LOAN PROGRAM.
WHEREAS, the City of Downey (the City) desires to finance the costs of constructing the
Blandwood Road and True Avenue Sanitary Sewer Lift Station Replacement Project (the
“Project”); and
WHEREAS, the City intends to finance the construction of the Project or portions of the
Project with moneys (“Project Funds”) provided by the State of California, acting by and through
the State Water Resources Control Board (State Water Board); and
WHEREAS, the State Water Board may fund the Project Funds with proceeds form the sale
of obligations the interest upon which is excluded from gross income for federal income tax
purposes (the “Obligations”); and
WHEREAS, the City has determined that those moneys to be advanced on and after the
date hereof to pay the Expenditures are available only for a temporary period and it is
necessary to reimburse the City from the proceeds of the Obligations.
(
NOW. THEREFORE. THE CITY COUNCIL OF THE CITY OF DOWNEY DOES HEREBY
RESOLVE, ORDER, AND DETERMINE AS FOLLOWS:
SECTION 1. The City Manager or Designee of the City of Downey is hereby authorized and
directed to cause the necessary data to be prepared and investigations to be made in the name
of the City of Downey and is authorized to sign and file such application with the State Water
Resources Control Board .
SECTION 1. The City Manager or designee of the City of Downey is hereby authorized to
negotiate and execute a financial assistance agreement from the State Water Resources
Control Board and any amendments or changes thereto and certify financing agreement
distributions on behalf of the City of Downey.
SECTION 3. The City Manager or designee of the City of Downey is hereby authorized to
execute the resultant grant or loan agreement and any amendments thereof for the purpose of
securing grant or loan funds not to exceed $1,207,110.
APPROVED AND ADOPTED this 24th day of February, 2009.
ATTEST:
=hFo
Mia„,)g. ncaa&a&
KATI {LEEN L. MIDSTOKKE, City Clerk
RESOLUTION NO. 09-7116
PAGE TWO
I HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of
the City of Downey at a regular meeting held on the 24th day of February, 2009, by the following
vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN :
Council Members: Bayer, Brossmer, Gafin, Marquez, Mayor Guerra
Council Member: None
Council Member: None
Council Member: None
qM*W.
KATHLEEN L. MIDSTOKKE, City Clerk