HomeMy WebLinkAboutRES NO 182-95RESOLUTION 1 8 2 ' 9 5
ARESOLUTION ACCEPTING CONTRACT NO. E84004 FOR
A THREE MILLION DO?~%R ($3,000,000) LOAN WITH
THE STATE. OF CALIFORNIA DEPARTMENT OF WATER
RESOURCES, AND DESIGNATING CERTAIN OFFICERS TO
ACCOMPLISH CERTAIN DESIGNATED ACTS, AND
ESTABLISHING A DEDICATED SOURCE OF REVENUE.
WHEREAS, the City of Bakersfield has applied for a loan
under the Water Conservation Bond Law of 1988 (Proposition 82); and
WHEREAS, the State of California Department of Water
Resources has reviewed the City's loan application and determined
the City of Bakersfield is eligible for a three million dollar
($3,000,000) new local water supply construction loan; and
WHEREAS, the total project cost is estimated to be four
million fifty thousand dollars ($4,050,000); and
WHEREAS, the difference between the construction loan of
three million dollars ($3,000,000) and the project cost estimated
to be four million fifty thousand dollars ($4,050,000) will be
funded by the City of Bakersfield; and
WHEREAS, the State requires the City of Bakersfield to
accomplish certain acts before it will fund the loan; and
WHEREAS, the State requires the City of Bakersfield to adopt
a resolution accepting the loan, designating an officer to sign the
loan contract, designating a person to approve partial payment
estimates, and the City is required to formally establish a
dedicated source of revenue to repay said loan; and
WHEREAS,
all these tasks
contract number.
the City of Bakersfield is willing to accomplish
in order to accept the loan under the aforesaid
NOW, THEREFORE, BE IT RESOLVED by the Council of the City
of Bakersfield as follows:
1. The City accepts construction loan Contract No. E84004
(Contract herein) between the City of Bakersfield and the State of
California Department of Water Resources concerning a loan not to
exceed three million dollars ($3,000,000) for local water supply
construction under the Water Conservation Bond Law of 1988 and the
City agrees to comply by all the terms of said Contract and hereby
authorizes the Mayor to execute and deliver the same to the State
of California Department of Water Resources.
2. The City of Bakersfield hereby designates the City
Manager as the officer to sign the loan contract.
3. The City of Bakersfield hereby designates the Water
Resources Manager as the officer to approve partial payment
estimates under the contract.
4. The City of Bakersfield hereby establishes a designated
source of revenue, to wit: water user fees collected by the City
of Bakersfield, savings as a result of reduced groundwater pumping
assessments, savings from water availability fees collected,
savings as a result of off-peak power used for pumping, and annual
allocations from the capital budget diverted from construction of
anticipated additional water wells. The Finance Director for the
City of Bakersfield is directed to establish a designated account
or fund which will hold amounts sufficient to meet the semi-annual
principal and interest payments as they become due under Contract
No. E84004. The City's Finance Director is further directed and
authorized to follow the requirements of Contract No. E84004 and
otherwise comply with the lawful requirements of the State of
California Department of Water Resources for the funding and
repayment of said loan.
5. It is understood and accepted a 5% administrative fee
will be added to the principal. It is further understood and
accepted the City of Bakersfield will fund the difference between
the total project cost and the loan, estimated to be one million
fifty thousand dollars ($1,050,000).
6. Contract No. E84004 is attached to this resolution as
Exhibit "A" and is incorporated by reference as though fully set
forth.
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I HEI~BY CERTIFY that the foregoing Resolution was passed
and adopted by the Council of the City of Bakersfield at a regular
meeting thereof held on N0¥ 29 ~0~ , by the following vote:
AYES: COUNCILMEMBeR DeMOND, CARSON, SMITH, McOERMOTr, ROWLES, SULUVAR, SALVAGGtO
NOES: COUNCILUEU,BER__
ABSTAIN: COUNCIL~'~MBE,:;
A~ENI: COUNCILMEMBER
CITY CLERK and EX OFFICIO of the
Council of the City of Bakersfield
APPROVED
MAYOR
APPROVED AS TO FORM:
JUDY K. SKOUSEN
City Attorney
~ALAN '"]3~ J3~ ~_~ssista~n~ City Attorney
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