HomeMy WebLinkAboutRES NO 105-96(1)RESOLUTION NO. 1 0 ~ ' 9 6(~
AMENDMENT NO. 1 TO RESOLUTION NO. 105-96 INCREASING
DOLLAR AMOUNTS RELATIVE TO A STATE REVOLVING FUND LOAN
WHEREAS, on August 21, 1996, the City Council of the City of
Bakersfield passed and adopted Resolution No. 105-96, "A RESOLUTION
AGREEING TO A CERTAIN RETURN FOR A ZERO PERCENT INTEREST STATE
REVOLVING FUND LOAN," for upgrade and expansion of Wastewater
Treatment Plant No. 2; and
WHEREAS, subsequent State staff analysis and review of information
provided by City staff and City's consultant has increased the
amount of improvements eligible for State Revolving Fund loan
funding; and
WHEREAS, the State Revolving Fund loan applied for has increased
from Four Million Seven Hundred Fifty Thousand Dollars ($4,750,000)
to approximately Sixteen Million Four Hundred Thousand Dollars
($16,400,000); and
WHEREAS, the State's Sixteen and 2/3 Percent (16 2/3%) matching
amount has increased from Nine Hundred Fifty Thousand Dollars
($950,000) to approximately Two Million Seven Hundred Thirty Four
Thousand dollars ($2,734,000); and
WHEREAS, the City anticipates paying back the approximate Sixteen
Million Four Hundred Thousand Dollars ($16,400,000) loan commitment
over a twenty (20) year period at zero percent (0.0%) interest; and
WHEREAS, Paragraph 1 of Resolution No. 105-96 must be amended to
reflect City's increased contribution of the State matching share.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
BAKERSFIELD AS FOLLOWS:
So
Paragraph 1 of Resolution No. 105-96 is amended to read:
To contribute the State matching share equal to
16.6667% of the eligible project costs, in an
estimated amount of Two Million Seven Hundred
Thirty Four Thousand Dollars ($2,734,000).
All other paragraphs of Resolution No. 105-96 remain
unchanged.
............. o0o ..............
I HEREBY CERTIFY that the foregoing Resolution was passed
and adopted by the Council of the City of Bakersfield at a
regular meeting thereof held on_ ~U8 06 ~ , 1997 by
the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
COUNCILMEMBER CARSON, DEMOND. ~ MCDERMO~CI', ROWLES. SULLIVAN, SALVAGGIO
COUNCILMEMBER ~
COUNCILMEMBER
COUNCILMEMBER
CITY CLERK and EX OFFICIO of the
Council of the City of Bakersfield
APPROVED:
CITY OF BAKERSFIELD
APPROVED AS TO FORM:
JUDY K. $KOUSEN
CITY ATTORNEY