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Sponsored by: Oates <br />CITY OF SEWARD, ALASKA <br />RESOLUTION 2009-089 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br />ALASKA, STATING AN INTENT TO FUND $4,060,000 FOR THE NORTH <br />SEWARD WATER STORAGE TANK & PUMPING FACILITY PROJECT <br />SUBJECT TO RECEIVING A LOAN IN THAT AMOUNT, AUTHORIZING <br />A LOAN APPLICATION WITH THE ALASKA DRINKING WATER FUND <br />AND AUTHORIZING THE CITY MANAGER TO ACCEPT A LOAN OFFER <br />FROM THE ALASKA DRINKING WATER FUND WITH PAYMENTS <br />SUBJECT TO BI-ANNUAL APPROPRIATION <br />WHEREAS, the Seward City Council in its 2009 Capital Budget identified the North <br />Seward Water Storage Tank & Pumping Facility as being an infrastructure priority; and <br />WHEREAS, the project is at 35% design (Phase I, Water Main Intertie, at 100% design); and <br />WHEREAS, the City of Seward seeks to obtain the necessary financial assistance to <br />complete the North Seward Water Storage Tank & Pumping Facility by way of obtaining a loan <br />from the State of Alaska, Department of Environmental Conservation's Alaska Drinking Water <br />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 is hereby committing to the State of Alaska (ADEC), its intent <br />to fund the $4,060,000 project, subject to receiving the loan described below, with the additional <br />details of the project funding to be determined at a future time. <br />Section 2. The City Manager is authorized to apply for a loan in the amount of $4,060,000 <br />from the State of Alaska Department of Environmental Conservation, Drinking Water Fund, for the <br />water improvement known as North Seward Water Storage Tank & Pumping Facility. <br />Section 3. The City Manager is hereby authorized to execute any and all documents that <br />may be necessary to reflect the $4,060,000 loan from ADEC, the terms of its repayment over 20 <br />years at a rate of interest equal to 1.5%subject to bi-annual appropriations, including but not limited <br />to an agreement for the loan and a promissory note. <br />Section 4. This resolution shall take affect immediately upon its adoption. <br />PASSED AND APPROVED by the City Council of the city of Seward, Alaska, this 28t~' day of <br />September, 2009. <br />