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Ordinance No. 16-018 Drinking Water State Revolving Fund (DWSRF) Loan for Surface Water Transmission Mains
Details: In June 2012, the City borrowed approximately $8 million from the Drinking Water State Revolving Fund (DWSRF) for the initial phases of the Water Treatment Facility and Water Supply Project to bring surface water from the Jones and Boulder Creek watershed area to the City. In the fall of 2015, the City was awarded $6.034 million in total proceeds from DWSRF for the next phase of the overall Water Supply Project. For DWSRF administrative reasons, the $6.034 million awarded in 2015 was broken up into two separate loans. The first, which was approved by Council in December 2015 via Ordinance No. 15-031, was a $2.6 million loan with 50% subsidy (or a loan principal forgiveness of $1.3 million), 24-year loan term, and a 1.0% interest rate. Staff is recommending approval of the second loan, which is for $3.434 million with a 20-year loan term and a 1.5% interest rate. Attached...
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