HomeMy WebLinkAbout94-010RESOLUTION NO. 94- '10
A RESOLUTION AUTHORIZING THE MAYOR TO SIGN AN AGREEMENT
WITH THE DEPARTMENT OF ECOLOGY REGARDING AN INTEREST-FREE
LOAN FROM THE STATE REVOLVING FUND.
The City has applied to the Department of Ecology for a
loan' from the State Water Pollution Control Revolving
Fund to be used for the preservation of a significant
wetland within the plat of Fowler's Park Addition; and
The Department of Ecology has notified the City of its
eligiblity for an interest-free loan in the amount of
$400,000, subject to the terms and conditions of an
agreement between the City and the Department of Ecology;
and
WHEREAS f
Property purchases funded by the loan will be for the
purpose of complying with state laws regarding stormwater
discharged into Puget Sound; and
The agreement obligates the City to repay the loan~over
a five year period and to dedicate revenues from the
City's stormwater utility to secure the repayment of the
loan, which may be repaid from any revenue source; and
It is the finding of the City Council that an interest-
free loan is a preferable method for financing the
property purchases necessary to preserve the wetland,
which has many functions and values worthy of protection,
N O W T H E R E F O R E
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND
that it authorizes the Mayor to sign an agreement with the
Department of Ecology regarding an interest-free loan in the amount
of $400,000 for the purpose of preserving through property
purchases a wetland within the plat of Fowler's Park Addition to
the City of Port Townsend.
Adopted by the City Council of ~he~y ~ P~t Townsend and signed
by the Mayor this 18th day of~ary, ~3 .
t~ / John M. Clise, Mayor
ATTEST:
David A. Grove, City Clerk
APPROVED AS TO FORM:
Dennis McLerran, City Attorney