HomeMy WebLinkAbout24096 RESOLUTION NO. 24096
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 WASTEWATER
TREATMENT PLANT UPGRADE, (CP 15-14).
WHEREAS, the City of Palm Springs, (the "City"), desires to finance the costs of
constructing and/or reconstructing certain public facilities and improvements relating to
its wastewater system, including certain treatment facilities, pipelines and other
infrastructure, identified as the City of Palm Springs Wastewater Treatment Plant
Upgrade, City Project No. 15-14, (the "Project'); and
WHEREAS, the City intends to finance the construction and/or reconstruction 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, 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 CWSRF.
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.
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
Resolution No. 24096
Page 2
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 21ST DAY OF SEPTEMBER, 2016.
2
David H. Ready, City r
ATTEST:
mes Thompson, City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 24096 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 the 215t day of September,
2016, by the following vote:
AYES: Councilmember Foat, Councilmember Kors, Councilmember Roberts,
Mayor Pro Tern Mills, and Mayor Moon.
NOES: None.
ABSENT: None.
ABSTAIN: None.
/Ja6es Thompson, City Clerk
�-City of Palm Springs, California 10/04/zo1(o