HomeMy WebLinkAboutRES NO 118-02 118-02
RESOLUTION NO,
RESOLUTION AUTHORIZING A $2,000,000
INTERFUND LOAN FROM THE WASTEWATER
ENTERPRISE FUND TO THE GAS TAX FUND
FOR ROAD REHABILITATION
WHEREAS, currently there is a 10 year backlog in rehabilitating City streets; and
whereas, the number of streets requiring repairs is growing faster than City crews can
rehabilitate or reconstruct them; and
WHEREAS, if street repairs are not done on timely basis, reconstruction of the street
may be necessary; and
WHEREAS, the cost is approximately $.80 per square foot for rehabilitation and $4.00
per square foot for reconstruction; and
WHEREAS, the City plans to accelerate its rehabilitation program during the 2002-03
fiscal year; and
WHEREAS, the Wastewater Enterprise fund will have approximately $15 million at the
end of June 30, 2002, the majority of which is set aside for future capital replacement; and
WHEREAS, it would be cost effective for an interfund loan from the Wastewater
Enterprise Fund to be used for road rehabilitation.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City Of Bakersfield as follows:
1. The above-recitals are true and correct and incorporated herein by reference.
A $2,000,000 interrund loan from the Wastewater Enterprise Fund will be used for
road rehabilitation and repaid with interest at 4% over no more than a four year
period commencing in the 2003-04 fiscal year from City revenues.
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the City
Council of the City Of Bakersfield at a regular meeting thereof held on
j~j.u. 2 ~ Z@0~_ , by the following vote:
AYES: COUNCILMEMBER CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SALVAGGIO
NOES: COUNClL~IEMBE~ ~
ABSTAIN: COUNCILMEMBER ~
ABSENT: COUNCILMEMSER ¢,.._~..v~ ,
CITY CLERK and Ex Officio C~rk of the
Council of the City Of Bakersfield
APPROVED
JUN 26 Z0n~
--/! ,',-
HARVEY L~ HALL ~
MAYOR of the City Of Bakersfield
APPROVED astoform:
CITY ATTORNEY of the City Of Bakersfield
S:\KimG\Gregory\RES - LoanfromWWEntFund.doc