HomeMy WebLinkAbout24353 RESOLUTION NO. 24353
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, PLEDGING ITS
WASTEWATER ENTERPRISE FUNDS AS PAYMENT TO
THE STATE WATER RESOURCES CONTROL BOARD
UNDER THE CLEAN WATER STATE REVOLVING FUND
FOR THE CITY OF PALM SPRINGS BIOGAS-TO-ENERGY
PROJECT, CITY PROJECT NO. 15-26
WHEREAS, the City of Palm Springs, (the "City"), desires to finance the costs of
developing and constructing a renewable biogas fired cogeneration plant to convert
methane generated by the City's Wastewater Treatment Plant into electricity, identified
as the Biogas-to-Energy Project at the Wastewater Treatment Plant, City Project No.
15-26, (the "Project"); and
WHEREAS, the City intends to finance the development, design and construction of the
Project or portions of the Project with moneys ("Project Funds") provided by the State of
California, acting by and through the State Water Resources Control Board (the "State
Water Board"); and
WHEREAS, the State Water Board may fund the Project Funds through its Clean Water
State Revolving Fund ("CWSRF"), and
WHEREAS, the CWSRF can provide a very low interest loan to the City for Project
Funds necessary to fund the Project; and
WHEREAS, the Project is eligible for the State's Green Project Reserve (GPR), which
provides grants to local agencies in the form of loan forgiveness under the SRFL; and
WHEREAS, it is necessary to pledge the City's Wastewater Enterprise Funds as
payment to the State Water Board for the Project Funds made available to the City
through the SRFL.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby dedicates and pledges the Net Revenues of the
Wastewater Enterprise fund and the Wastewater Enterprise fund to payment of any and
all Clean Water State Revolving Fund financing for the Project.
SECTION 2. The City Council hereby commits to collecting such revenues and
maintaining such funds throughout the term of such financing and until the City has
satisfied its repayment obligation thereunder unless modification or change is approved
in writing by the State Water Resources Control Board.
Resolution No. 24353
Page 2
SECTION 3. The City Council hereby acknowledges that the City's pledge hereunder
shall constitute a lien in favor of the State Water Resources Control Board on the
foregoing funds and revenues without any further action necessary, so long as the
financing agreement is outstanding.
SECTION 4. The City Council hereby commits to maintaining the funds and revenues
at levels sufficient to meet its obligations under the financing agreement, so long as the
financing agreement is outstanding.
ADOPTED THIS 3rd day of January, 2018.
Z
David H. Ready, City e
ATTEST:
A th ny J.
City Clerk
CERTIFICATION
STATE OF CALIFORNIA ) ss.
CITY OF PALM SPRINGS )
I, Anthony Mejia, City Clerk of the City of Palm Springs, hereby certify that Resolution
No. 24353 is a full, true and correct copy, and was duly adopted at a regular meeting of
the City Council of the City of Palm Springs on January 3, 2018, by the following vote:
AYES: Councilmember Holstege, Kors, Middleton, Mayor Pro Tern Roberts, and
Mayor Moon
NOES: None
ABSENT: None
ABSTAIN: None 1
I
ony J.
City Clerk