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Sponsored by: Hunt <br /> CITY OF SEWARD, ALASKA <br /> i ""' RESOLUTION 2012 -058 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, STATING AN INTENT TO FUND $400,000 FOR THE MAPLE <br /> STREET SEWER LINE PROJECT SUBJECT TO RECEIVING A LOAN IN <br /> THAT AMOUNT, AUTHORIZING A LOAN APPLICATION WITH THE <br /> ALASKA CLEAN WATER FUND AND AUTHORIZING THE CITY <br /> MANAGER TO ENTER INTO A LOAN AGREEMENT WITH THE ALASKA <br /> DRINKING WATER FUND WITH ANNUAL PAYMENTS NOT TO EXCEED <br /> $24,000, AND SUBJECT TO ANNUAL APPROPRIATION <br /> WHEREAS, in 2010 city staff identified several issues necessitating the addition of 850 <br /> linear feet of gravity sewer main on Maple Street; and <br /> WHEREAS, in 2011 staff completed and submitted the required questionnaire to compete <br /> for loan monies being offered by the Alaska Clean Water Fund; and <br /> WHEREAS, this project was placed on Alaska's point based funding priority planning list <br /> for fiscal year 2012; and <br /> ism WHEREAS, the City of Seward seeks to obtain the necessary financial assistance to <br /> complete the Maple Street Sewer Main Extension by obtaining a loan from the State of Alaska, <br /> Department of Environmental Conservation's Alaska Clean Water Fund. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF SEWARD, ALASKA that: <br /> Section 1. The City of Seward hereby confirms its commitment to the State of Alaska <br /> (ADEC), and its intent to fund a $400,000 maple street sewer extension project, subject to receiving <br /> a loan from the ADEC. <br /> Section 2. The City Manager is authorized to apply for a loan in the amount of $400,000 <br /> from the State of Alaska Department of Environmental Conservation, Clean Water Fund, for the <br /> sewer system improvement known as Maple Street Sewer Main Extension. <br /> Section 3. The City Manager is hereby authorized to execute any and all documents that may <br /> be necessary to reflect the $400,000 loan from ADEC, the terms of its repayment over 20 years at a <br /> rate of interest equal to 1.5% subject to annual appropriations, including but not limited to an <br /> agreement for the loan and a promissory note. Annual loan payments shall not exceed $24,000. <br /> Section 4. The City Manager is directed to report to the City Council a payment schedule <br />