HomeMy WebLinkAboutRES NO 105-96(2)AMENDMENT NO. 2 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, on August 6, 1997 the City Council approved Amendment No.
1 to Resolution No. 105-96 increasing State Revolving Fund loan
amounts and corresponding state matching share payment amounts; and
WHEREAS, subsequent State staff analysis and review of information
provided by City staff and City's consultant has again 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 Eighteen Million Five Hundred Thousand Dollars
($18,500,000); 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 Three Million Eighty Three Thousand
dollars ($3,083,000); and
WHEREAS, the City anticipates paying back the approximate Eighteen
Million Five Hundred Thousand Dollars ($18,500,000) 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:
ORIGINAL
A. 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 Three Million Eighty Three
Thousand Dollars ($3,083,000).
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 NOV 5 1997 , 1997 by
the following vote:
AYES: COUNCILMEMbER DeMOND, CARSON, Sk~.ITH, McDeRMOTt, ROV~_ES, SULLIVAN, SALVAGGIO
NOES: COUNCILMEMBER___ ~ L~-~,~z.'
~TAtN: COUNCiLMEMbER ~t ~ -~
~ ~UNCILMEMBER )~ ~,~
APPROVED: NOV 5 1997
BOB PRICE, MAYOR
CITY OF BAKERSFIELD
City Clerk
APPROVED AS TO FORM:
JUDY K. SKOUSEN
CITY ATTORNEY
ORIGINAL