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Sponsored by: Oates <br />CITY OF SEWARD, ALASKA <br />RESOLUTION 2009-096 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br />ALASKA, REVOKING RESOLUTION 2009-089 AND STATING AN INTENT <br />TO FUND $4,060,000 FOR THE NORTH SEWARD WATER STORAGE <br />TANK & PUMPING FACILITY PROJECT SUBJECT TO RECEIVING A <br />LOAN IN THAT AMOUNT, AUTHORIZING A LOAN APPLICATION <br />WITH THE ALASKA DRINKING WATER FUND AND AUTHORIZING <br />THE CITY MANAGER TO ACCEPT A LOAN OFFER FROM THE ALASKA <br />DRINKING WATER FUND WITH PAYMENTS SUBJECT TO BI-ANNUAL <br />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°Io design (Phase I, Water Main Intertie, at l00% 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; and <br />WHEREAS, the City intends to repay the loan over a period of 20 years from fees paid by <br />water system users or available grant funds; and <br />WHEREAS, payments by the City will be subject to appropriation. <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 water improvement project known as North Seward Water Storage Tank & <br />Pumping Facility (the "Project") and related capital improvements, subject to receiving the loan <br />described below, with the additional details of the Project funding to be determined at a future time. <br />Section 2. The City Manager is hereby authorized to apply for a loan in the amount of <br />$4,060,000 from the State of Alaska Department of Environmental Conservation, Drinking Water <br />Fund, for the Project. <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°Io subject to bi-annual appropriations, including but not limited <br />to an agreement for the loan, provided that any promissory note shall be signed by the Mayor. <br />