A RESOLUTION AUTHORIZING AND APPROVING AN INCREASE IN THE
AMOUNT BORROWED FROM THE CLEAN WATER STATE REVOLVING
FUND FOR THE WASTEWATER TREATMENT FACILITIES PROJECT AND
REPEALING RESOLUTION 2001-03.
A. The City of Ashland (the "City") has entered into negotiations with the State of Oregon Department of Environmental Quality (the "DEQ") for a loan to the City from the Clean Water State Revolving Fund in the amount of $23,420,068, which increases the previously adjusted loan value by $1,653,000.
B. The DEQ has provided to the City a form of the amended Clean Water State Revolving Fund Agreement. ("CWSRF")
C. The City Attorney and Finance Director are finalizing this agreement.
THE CITY COUNCIL OF THE CITY OF ASHLAND RESOLVES:
Section 1. City authorizes and approves the form of the CWSRF Loan Agreement for the increased amount to finance the Wastewater Treatment Facility Project.
Section 2. City authorizes and approves the establishment and funding of a designated reserve account to meet the "Loan Reserve" requirement of the CWSRF Loan Agreement, and directs the Director of Finance to establish this Loan Reserve.
Section 3. City authorizes and approves the establishment and funding of a Wastewater Rate Stabilization Account. The purpose of this account is to mitigate rate shock when the Food and Beverage Tax sunsets. City directs the Director of Finance to establish this account.
Section 4. City authorizes and directs the Director of Finance and the City Administrator, acting for and on behalf of the City, to execute the final CWSRF Loan Agreement and such other and additional documents as may reasonably be required for the consummation and closing of the Loan, and any amendments required thereafter.
Section 5. Resolution 2001-03 is repealed.
Section 6. This resolution takes effect upon signing by the mayor.
This resolution was read by title only in accordance with Ashland Municipal Code 2.04.090 duly PASSED and ADOPTED this 15th day of January,2002.
Barbara Christensen, City Recorder
SIGNED and APPROVED this 16th day of January,2002.
Alan DeBoer, Mayor
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