HomeMy WebLinkAbout14-049 Drinking Water State Revolving Fund Loan Resolution 14-049
RESOLUTION 14-049
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PORT TOWNSEND,WASHINGTON, REGARDING APPLICATION FOR DRINKING
WATER STATE REVOLVING FUND (DWSRF) LOAN LOW-INTEREST LOANS AND
MAINTAINING ADEQUATE REVENUE STREAMS SUFFICIENT TO PROVIDE
FUNDS TO PAY ALL SYSTEM OPERATING EXPENSES AND DEBT REPAYMENTS
DURING THE TERM OF THE LOAN
WHEREAS,the City is pursuing financing options for the Long-term 2 Enhanced
Surface Water Treatment Rule Drinking Water Treatment Facility and the Replacement
Reservoir/Booster Pump Station; and
WHEREAS the DWSRF provides loans to water systems for capital improvements that
increase public health protection and compliance with drinking water regulations; and
WHEREAS the DWSRF loan provides up to $12,000,000 per biennium per jurisdiction
at 1.5% interest rate for 20 years and a potential for principal forgiveness for communities that
qualify; and
WHEREAS the City of Port Townsend desires to apply for the Washington State
Department of Health Office of Drinking Water 2014 DWSRF Construction Loan: and
WHEREAS, the City Council adopted Ordinance No. 3090 on July 1, 2013 adopting
utility rates and a Capital surcharge that will cover the costs of operating expenses and
repayment of debt services for these capital improvements;
NOW,THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend,to authorize the City Manager to submit loan applications for the Drinking Water
State Revolving Fund for the Long-term 2 Enhanced Surface Water Treatment Rule Drinking
Water Treatment Facility and the Replacement Reservoir/Booster Pump Station projects and to
maintain adequate revenue streams sufficient to provide funds to pay all system operating
expenses and debt repayments during the term of the loan.
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this 2nd day of September, 2014.
P
David King
Mayor
Attest: Approved as to form:
.
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Joanna Sanders, CMC Steven L. Gross
City Clerk City Attorney