HomeMy WebLinkAboutCC Res 6102 2011-01-10RESOLUTION NUMBER 61
A RESOLUTION OF THE SEAL BEACH CITY COUNCIL
DEDICATING A SOURCE OF REVENUES FOR REPAYMENT OF
THE CLEAN WATER STATE REVOLVING FUND FINANCING IN
ACCORDANCE WITH THE STATE WATER RESOURCES
CONTROL BOARD'S REQUIREMENTS
WHEREAS, the State Water Resources Control Board (the "Board "), created
under the California Water Code, Section 174 et seq., offers several Clean
Water State Revolving Fund programs (the "Programs ") pursuant to which
entities can apply for financing for improvements to water and wastewater
facilities; and
WHEREAS, the City of Seal Beach (the "City ") applied for one of the Board's
eligible Programs in order to obtain financing for improvements to its sewer
system; and
WHEREAS, such financing 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 revenues for
repayment of the financing.
THE CITY COUNCIL OF THE CITY OF SEAL BEACH 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 financing on
Project Numbers C -06- 5310 -110 and C -06- 5310 -120 (the "Projects "). This
dedicated source of net revenues shall remain in effect throughout the term of
such financing unless modification or change of such dedication is approved in
writing by the State Water Resources Control Board. The Clean Water State
Revolving Fund financing for the Projects 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 (the "2000 COPs "),
unless the 2000 COPs are paid off before maturity. The City expects the 2000
COPs to be paid off in January 2011 if market conditions are favorable.
PASSED, APPROVED and ADOPTED by the Seal Beach City Council at a
regular meeting held on the 10th day of January , 2011 by the following vote:
AYES: Council Membersoal
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NOES: Council Members Y �Lw
ABSENT: Council Members I K 197V
ABSTAIN: Council Members T �Mj
ATTEST:
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Resolution Number 6102
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 6102 on file in
the office of the City Clerk, passed, approved, and adopted by the Seal Beach
City Council at a regular meeting held on the 10th day of January , 2011.
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City Clerk
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