HomeMy WebLinkAboutCC Ord 1574 2008-07-14ORDINANCE NUMBER 1574
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SEAL
BEACH AUTHORIZING THE CITY TO BORROW MONEY FROM
THE STATE WATER RESOURCES CONTROL BOARD FOR
CERTAIN SEWER IMPROVEMENTS
_.~_~-~ ~~ •-~ ,, RECITALS:
WHEREAS, the•State Water~,Resources Control Board, created under the
California Water Code•,•SectionF 1.74 et seq. (the "Board"), offers several programs
(the "Programs") pursuant,te°wfiich entities can apply for a low interest rate loan in
order to finance improvements to their water and wastewater facilities; and
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WHEREAS, th'e,City of Seal•Beach (the "City") desires to apply for a loan (the
"Loan")from the Board pu'rsua~nt to one of the Board's eligible Programs in order to
obtain financing for improvements to its sewer system; and
WHEREAS, the Loan will be paid back from revenues of the sewer system;
and
WHEREAS, the Board offers a program pursuant to which the City can
contribute 16.667 percent of the eligible project costs in exchange for a lower
interest rate (the "Local Match"); and
WHEREAS, the City desires to participate in the Local Match using funds
from the sewer revenues in order to achieve a lower interest rate.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL
BEACH DOES HEREBY ORDAIN AS FOLLOWS:
1. Recitals. The above recitals are all true and correct.
2. Loan. By passage of this Ordinance, the City Council authorizes the
City to enter into the Loan from the Board in order to finance certain
sewer improvements to be paid back from certain sewer revenues.
3. Local Match. By passage of this Ordinance, the City Council
authorizes the City to participate in the Local Match using funds from
the sewer revenues in order to achieve a greater interest rate savings.
4. Authorization. The City Manager and the City Engineer are each
hereby authorized and directed, for and in the name and on behalf of
the City, to apply for the Loan and the Local Match, and to execute
and deliver any and all documents necessary to enter into the Loan
and the Local Match.
5. Severabilitv. If for any reason any portion of this Ordinance is found
to be invalid, the balance of this Ordinance shall not be affected.
6. Effective Date. This Ordinance shall be in full force and effect 30 days
from and after the date of its adoption. This Ordinance shall be
subject to the provisions for referendum applicable to the City.
7. Posting and Publication. The City Clerk is directed to cause copies of
this Ordinance to be posted in three prominent places in the City of
Seal Beach and to cause publication once in the Seal Beach Sun, the
official newspaper of the City of Seal Beach, of a notice setting forth
the date of adoption, the title of this Ordinance, and a list of places
where copies of this Ordinance are posted, within 15 days after
adoption of this Ordinance.
11245.0001 760458v1
Ordinance Number 1574
PASSED, APPROVED AND ADOPTED by the City Council of the City of Seal
Beach at a meeting thereof held on the 14th day of Julv , 2008.
~~.~ ~~
Mayor
ATTEST:
Ci Clerk
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Linda Devine, City Clerk of the City of Seal Beach, California do hereby certify that
the foregoing Ordinance was introduced for first reading at a meeting held on the
9th day of June , 2008 and was passed, approved and adopted by
the City Council at a meeting held on the 14th day of July , 2008
by the following vote:
AYES: Councilmembers: (,~/yl~(,i~~ / r cJ'(.~GG1 . c~~t~ ~
NOES: ~ Councilmembers: / c I~
ABSENT: Councilmembers:
ABSTAIN: Councilmembers:
And do hereby further certify that Ordinance Number 1574 has been published
pursuant to the Seal Beach City Charter and Resolution Number 2836.
ity Clerk
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Ordinance Number 1574
PROOF OF PUBLICATION
(2015.5 C.C.P.)
STATE OF CALIFORNIA,
County of Orange
I am a citizen of the United States
and a resident of the county afore-
said; I am over the age of eighteen
years, and not a party to or inter-
ested in the above-entitled matter.
I am the principal clerk of the printer
of the SEAL BEACH SUN, a
newspaper of general circulation,
printed and published' ran eeklX in the
City of Seal Beach, County of
Orange and which newspaper has
been adjudged a newspaper of
general circulation by the Superior
Court of the County of Orange, State
of California, under the date of
2/24/75. Case Number A82583; that
the notice of which the annexed is a
printed copy (set in type not smaller
than nonpareil), has been published
in each regular and entire issue of
said newspaper and not in any
supplement thereof on the following
dates, t9-wit: ,
all in the year 2008.
I certify (or declare) under penalty of
perjury that the foregoing is true and
correct.
Dated at I
the ~ day
Signature
PUBLICATION PROCESSED B
THE SEAL BEACH SUN
216 Main Street
Seal Beach, CA 90740
(562) 430-7555
This space is for the County
Clerk's Filing Stamp
Proof of Publication of
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~B;U•M'M A •R1r =ORDINANCE
~;,,AN ORDINANCE OFTHE CITY
~iCOUN~IL'_'OF TW,E~'CITY,OF
1! SEdL `BEACIi 'AUTHORIZI N6
4TH-.,~c!rr~;D.~gB gRaw~wfoNFr
-FROM#T'HE; STATE^ WATER
•RESOUR~E$'".CONTROL
BOARD~FOR:CER7AIN SEWER
'IMPROVEMENTS.~~~':; t~'•~,
'•Couridll,ilirebted •staff to per-.
sue the low/no interest loan•wlth
•• Board? The p'rbgram• staffs puf'i
sued ',was the:0%_Interest rate,
IWlth a'113.696 match. The pro=
gam retprire¢ an onimence author,-
zf ing filing an appplication for a
'_State Revolving:FUnd.L'•oan"'i `~'
Particlpatin rn the: State
r;f~tevoNing FUn`~Loa'ri~Progiarii
`Fund ~ThIs IbanaapSpellcation wPlltbe ;
!;tfor $10,000,000.Thefiends vnll be
~, drawn down over a period of .
e••years, as needed•to support the,
vetlous sewer' projects;
'~~•Ordinarice Number 167.4'was
~, Introduced' at the regular Clty.':
' Couhcll meeting bf June 9; 2008. .
Adoptltiri~of;Or~l'rianfe'Number •
• 1574 was. appps roved ornJuly 1$, ,
.2008 by'the.follo{nringwte: '~•' `
'tAYES:~~Antos;• Levitt; Miler; .
'Shanks;:SlSan: ~ ~1 • Vtl •~! `",''•:'.'s•
9;NOES:.Norie Motion carfl~ed~,,~
• Copies bf~Ordinance;Nutnber;
r.~574 are available frblri, ttieofflce
'~ of the Cittyy.Clerk, Ciltyy Hell;'211's=.
'.8th Street,'Seal Beach;telepfione
(562 431,~2527tezt:.1906?,- ~-w
DAT~D~THI6 15th tduy ;of~July.+
2ooe. , ~, • a ••c - •
Linda De'vine;'CItyty Clerks rte; '• y{
+,Clty df Seal Beaoh •• ',
Published intlhe~S3eal,9each Sun
57296-1 106/866461