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Sponsored by: Hunt <br /> CITY OF SEWARD,ALASKA <br /> RESOLUTION 2016-004 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA,AUTHORIZING THE CITY MANAGER TO INCREASE ALASKA <br /> CLEAN WATER FUND LOAN#769091 FROM$490,000 TO$781,838.23 FOR <br /> THE SMIC AND LOWELL POINT SLUDGE REMOVAL AND DISPOSAL <br /> PROJECT <br /> WHEREAS,in 2012 City Council authorized an Alaska Clean Water Fund(ACWF) loan <br /> for$490,000 for the Seward Marine Industrial Center(SMIC)and Lowell Point Sludge Removal and <br /> Disposal Project and a separate ACWF loan of$1,200,000 for only the Lowell Point portion of the <br /> project; and <br /> WHEREAS, upon completion of the project, the loan funds available for SMIC (ACWF <br /> Loan#769091)were$291,838.23 short of covering total project costs, and $445,844.93 remained <br /> unused for Lowell Point in ACWF Loan#769111; and <br /> WHEREAS,the Alaska Department of Conservation(ADEC)will allow an increase in Loan <br /> #769091 to a total of $781,838.23 at the original interest rate of 1.5%. In addition, the loan <br /> agreement stipulates potential eligibility for loan forgiveness of up to 10% of the loan principal <br /> related to disadvantaged community assistance; and <br /> WHEREAS, the ACWF Loan #769111 for Lowell Point will be closed out at a total of <br /> $754,155.07, which is lower than the authorized loan amount of$1,200,000, in addition to the <br /> potential eligibility for forgiveness of up to 10% of the loan principal related to disadvantaged <br /> community assistance; and <br /> WHEREAS,the combined loan total of the two ACWF loans authorized by the Seward City <br /> Council is$1,690,000,but given that the City underspent the total authorized loan amount,the two <br /> loans will be executed at$1,535,993.30,with the potential eligibility for forgiveness of up to 10%of <br /> this principal amount. <br /> NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF SEWARD,ALASKA that: <br /> Section 1.The City Manager is hereby authorized to apply for,and accept,an increase in the <br /> State of Alaska Department of Environmental Conservation Alaska Clean Water Fund Loan No. <br /> 769091 from $490,000 to $781,838.23. <br /> Section 2. The City Manager is hereby authorized to execute any and all documents that may <br /> be necessary to reflect the increased loan amount now totaling$781,838.23,from ADEC,the terms <br />