HomeMy WebLinkAboutRES NO 105-96RESOLUTION NO. 1 0 ,.~ - 9 6
A RESOLUTION AGREEING TO A CERTAIN RETURN FOR
A ZERO PERCENT INTEREST STATE REVOLVING FUND
LOAN
WHEREAS, the City of Bakersfield has applied for a State Revolving Fund Loan
which will be in the approximate amount of Four Million Seven Hundred Fifty Thousand
Dollars ($4,750,000.00); and
WHEREAS, the City of Bakersfield agrees to contribute the State of California's
sixteen and 2/3rd Percent (16 2/3%) share amounting to approximately Nine Hundred Fifty
Thousand Dollars ($950,000.00) to the upgrade or expansion of Wastewater Treatment
Plant No. 2 (Project); and
WHEREAS, City anticipates paying back the total loan commitment of approximately
Five Million Seven Hundred Thousand Dollars ($5,700,000.00) over twenty (20) years at
zero percent (0.0%) interest.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
BAKERSFIELD AS FOLLOWS:
The City Council hereby agrees to the following in return for a zero percent (0.0%)
interest State Revolving Fund Loan:
1. To contribute the State matching share equal to 16.667% of the eligible
project costs, in an estimated amount of Nine Hundred Fifty Thousand Dollars
($950,000.00).
2. To pay an administrative fee of up to 0.575% of the eligible project costs for
the administrative match amount, if requested by the State Water Resources Control
Board (SWRCB), prior to the issuance of the zero percent (0.0%) interest State Revolving
Fund loan contract, provided that the fee shall be waived by the SWRCB if sufficient
monies to fund the administrative match are available from other sources.
3. To establish a state match account for the project, and deposit sufficient
funds, as necessary, to make the state match payments to the contractor(s).
4. To provide the SWRCB, Division of Clean Water Programs (Division) a
certification with each progress payment request stating that the appropriate state match
amount for the requested payment has been paid to the contractor(s).
5. To provide the Division with copies of the canceled checks documenting
payment of the state match amount, on a quarterly basis.
I HEREBY CERTIFY that the foregoing Resolution was passed and adopt~_dl~the
Council of the City of Bakersfield at a regular meeting thereof he d on /~t)G 2
by the following vote: '
AYES: COUNCiLMEMBER DeMONO, CARSON,~McOERMOTT, ROWLES, SULLIVAN, SALVAGG~O
NOES: COUNCiLMEMBER
ABSTAIN: C(XINCILMEMBER 0~,~,.~.~,~.
ABSENT: COUNCiLMEMBER
c[113g CITY CLERK and EX OFFl~/IJo of the
Council of the City of Bakersfield
APPROVED: AUG 2 1. 1996
APPROVED AS TO FORM:
JUDY K. SKOUSEN
CITYATTORNEY
By:
ALAN~D.~DANIE~
Assistant City Attorney
City of Bakersfield
ADD:dlr/meg
$:~COUNCIL~ES~STATEREV.RES
August 13, 1996
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