HomeMy WebLinkAbout13-017 Interfund Loan for Temporary Financing of Ultraviolet Water Treatment Project Design Resolution 13-017
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RESOLUTION NO. 13-017
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON AUTHORIZING AN INTERFUND LOAN FOR TEMPORARY FINANCING OF
THE ULTRAVIOLET WATER TREATMENT PROJECT DESIGN
Recitals:
A. This Resolution authorizes an interfund loan from the Transmission Line Replacement Fund to the
Water CIP for temporary financing of the UltraViolet (UV)Water Treatment Project design.
B. The amount is not to exceed$1,000,000 for design work(including appropriate City engineering
and overhead costs)only. The term is not to exceed 3 years at 3%interest.
C. The loan will be refinanced when the City completes the project and the utility issues a revenue
bond to fund the balance of the CIP project(s).
D. The Council has previously identified UV treatment as the treatment type to meet Long Term 2
Enhanced Surface Water Treatment Rule(LT2)requirements.
E. The City has bid certain equipment and is reviewing the choice of equipment and bidder with the
state Department of Health. Once the equipment(and bidder) is approved, additional design work
would proceed.
F. The matter would come back to Council for approval of a construction bid for the project.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Port
Townsend as follows:
1. This City Manager is authorized to take necessary steps and execute necessary documents to effect
an interfund loan from the Transmission Line Replacement Fund to the Water CIP for temporary
financing of the UltraViolet (UV)Water Treatment Project design.
2. The amount is not to exceed$1,000,000 for design work(including appropriate City engineering
and overhead costs) only. The term is not to exceed 3 years at 3% interest.
3. The loan will be refinanced when the City completes the project and the utility issues a revenue
bond to fund the balance of the CIP project(s).
ADOPTED by the City Council of the City of Port Townsen at a regular meeting thereof, held
this 20th day of May 2013.
David King, a or
Attest: Approved as to form:
flaiYre,la Kolacy, MMC J John P. Watts
City Clerk City Attorney