HomeMy WebLinkAbout96-021A RESOLUTION AUTHORIZING THE MAYOR TO SIGN ANAMENDMENT
TO THE STATE REVOLVING FUND LOAN AGREEMENT FOR THE
PURPOSE OF EXTENDING THE PROJECT COMPLETION DATE
Whereas,
The City and the state Department of Ecology are the
parties to an agreement regarding an interest-free, five-
year loan from the State Revolving Fund to assist the
City in funding a wetlands preservation project involving
land acquisitions from numerous owners; and
Whereas,
The agreement contains an estimated project completion
date of December 31, 1995, and specifies that loan
payback will begin one year from the completion date; and
Whereas,
Most of the land acquisitions contemplated by the
agreement, have been completed, but negotiations are
ongoing with certain property owners; and
Whereas,
The Department of Ecology is willing to amend the loan
agreement for the purpose of extending the completion
date to December 31, 1996, and adjusting the loan payback
schedule accordingly,
N 0 W T H E R E F. 0 R E
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND
that it authorizes the Mayor to sign an amendment to the agreement
with the state Department of Ecology regarding an interest-free,
five-year loan from the State Revolving Fund for the purpose of
extending the completion date to December 31, 1996, and adjusting
the loan payback schedule accordingly.
Adopted by the City Council of the City of Port Townsend and signed
by the Mayor this 5th day of February, 1996.
May McCulloch
ATTEST: . ~ ~
/Michae~Hm'~tZdt, Acting City Clerk
,~~,~, ~:ol ~o~:
~~, ~McM~han~cit~ Attorney
Port Townsend City Council
Resolution 96-~21