HomeMy WebLinkAboutResolution No. 09-7117 - Approving Fin Assist App - Sanitary Swere Ingrastructure Rehab & Replacement ProjRESOLUTION NO. 09-7117
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY APPROVING
THE SUBMITTAL OF A FINANCIAL ASSISTANCE APPLICATION FOR THE
SANITARY SEWER INFRASTRUCTURE REHABILITATION AND 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
Sanitary Sewer Infrastructure Rehabilitation and 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.
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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 2. 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 $1,357,022.
APPROVED AND ADOPTED this 24TH day of February, 2009.
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MARIO A. GUERRA, Mayor
ATTEST:
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KATHLEEN L. MIDSTOKKE, City Clerk
RESOLUTION NO. 09-7117
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
KAt’FTLE-iN- L MIDSTOKKE, City Clerk
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