HomeMy WebLinkAboutCC Res 6045 2010-08-09RESOLUTION NUMBER 6045
A RESOLUTION OF THE SEAL BEACH CITY COUNCIL
DEDICATING A SOURCE OF REVENUE FOR REPAYMENT OF
THE CLEAN WATER STATE REVOLVING FUND LOAN IN
ACCORDANCE WITH THE STATE WATER RESOURCES
CONTROL BOARD'S REQUIREMENTS
WHEREAS, the State Water Resources Control Board, created under the
California Water Code, Section 174 et seq. (the "Board "), offers several Clean
Water State Revolving Fund programs (the "Programs ") pursuant to which
entities can apply for a low interest rate loan in order to finance improvements to
water and wastewater facilities; and
WHEREAS, the City of Seal Beach (the "City ") applied for a loan (the
"Loan ") from the Board pursuant 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 net revenues of the sewer
system ( "Net Revenues "); and
WHEREAS, the Board requires the City to dedicate a source of revenue
for repayment of the Loan.
NOW, THEREFORE, THE SEAL BEACH CITY COUNCIL DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The City Council of the City of Seal Beach hereby dedicates
Net Revenues to pay any and all Clean Water State Revolving Fund financial
agreements on Project No. C -06- 5310 -110 (the "Loan Payments "). This
dedicated source of revenue shall remain in effect until such financing
agreements are fully discharged, unless a modification is approved in writing by
the Board. The Loan Payments will be secured by a lien upon Net Revenues on
a parity with installment payments due and payable on the City's $4,230,000
Certificates of Participation (2000 Sewer System Financing Project) which are
currently outstanding in the amount of $3,460,000.
Section 2. Authorize the City Manager to execute all necessary
documents.
PASSED, APPROVED and ADOPTED by the Seal Beach City Council at a
regular meeting held on the 9th day of August , 2010 by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Council Me
Council Members
Council Members
Council Members
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Resolution Number 6045
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Linda Devine, City Clerk of the City of Seal Beach, do hereby certify that the
foregoing resolution is the original copy of Resolution Number 6045 on file in
the office of the City Clerk, passed, approved, and adopted by the City Council at
a regular meeting held on the 9th day of August , 2010.
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S7296- 000hI059193v2.doc