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File #: ORD 15-031    Version: 1 Name: Ordinance No. 15-031 Drinking Water SRF Loan for Slow Sand Filter
Type: Ordinance Status: Passed
File created: 12/17/2015 In control: CITY COUNCIL REGULAR
On agenda: 12/21/2015 Final action: 12/21/2015
Title: Public Hearing for Ordinance No. 15-031 Drinking Water State Revolving Fund Loan for Slow Sand Filter Water Treatment Facility Details: In June, 2012, the City borrowed $7,920,792 from the Drinking Water State Revolving Fund (DWSRF) for the Slow Sand Filter Water Treatment Facility and Water Supply Project. For the next phase of the project, the DWSRF has loaned the City $2.6 million with 50% subsidy (or a loan principal forgiveness of $1.3 million). The loan has a duration of 24 years with 1% interest rate. Attached is the loan ordinance authorizing the City to enter into the loan agreement. City Council had the opportunity to hear public testimony about the DWSRF loan. Presenter: Cathy Huber Nickerson, Finance Director
Indexes: Debt Issuances
Attachments: 1. 122115 Ordinance 15-031 To Enter Into a Drinking Water WA State SRF Loan to Construct Slow Sand Filter Water Treatment Facility.pdf
Related files: AI 15-155, REP 16-400, ORD 16-018

Title

Public Hearing for Ordinance No. 15-031 Drinking Water State Revolving Fund Loan for Slow Sand Filter Water Treatment Facility

Details:  In June, 2012, the City borrowed $7,920,792 from the Drinking Water State Revolving Fund (DWSRF) for the Slow Sand Filter Water Treatment Facility and Water Supply Project. For the next phase of the project, the DWSRF has loaned the City $2.6 million with 50% subsidy (or a loan principal forgiveness of $1.3 million). The loan has a duration of 24 years with 1% interest rate. Attached is the loan ordinance authorizing the City to enter into the loan agreement. City Council had the opportunity to hear public testimony about the DWSRF loan.

Presenter:  Cathy Huber Nickerson, Finance Director

Recommended Action

Recommended Action:  Staff recommends Council conduct a public hearing, deliberate and move to adopt Ordinance No. 15-031.