HomeMy WebLinkAbout14-014 Public Works Trust Fund Low-Interest Loans Resolution 14-014
RESOLUTION 14-014
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PORT TOWNSEND, WASHINGTON, REGARDING APPLICATION FOR PUBLIC
WORDS TRUST FUND LOW-INTEREST LOANS AND MAINTAINING ADEQUATE
RESERVES TO REPAY DEBT TO THE PUBLIC WORKS BOARD IF THE 2016
CONSTRUCTION LOANS ARE RECEIVED AND ACCEPTED
WHEREAS,the City is pursuing two Public Works Board 2016 Construction Loans for
the Long-term 2 Enhanced Surface Water Treatment Rule Water Treatment Facility and the
Replacement Reservoir for the existing 5 million gallon reservoir for a maximum of$7,000,000
for both loans; and
WHEREAS,the repayment of the Public Works Board 2016 Construction Loan funding
requires adequate revenue to meet debt service;
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 Public Works Trust
Fund for water treatment facility 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 28th day of April, 2014.
David King, Mayor
Att Approved as to form:
Pamela Kolacy, MMC {' John P. Watts
City Clerk City Attorney