HomeMy WebLinkAboutReso 81-15 Pledge of Revenues and Funds for State Revolving Fund Plannign Loan for WRF from State Water Quality Control BoardRESOLUTION NO. 81-15
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
PLEDGE OF REVENUES AND FUNDS FOR A STATE REVOLVING FUND
PLANNING LOAN FOR THE WATER RECLAMATION FACILITY
FROM THE STATE WATER QUALITY CONTROL BOARD
THE CITY COUNCIL
City of Morro Bay, California
WHEREAS, the City of Morro Bay ("City") is actively pursuing development of a
Water Reclamation Facility (the "Project") that will provide treated disinfected recycled water to
supplement the City's water portfolio; and
WHEREAS, the State of California State Water Resources Control Board (SWRCB) has
State Revolving Fund (SRF) loan funding available for the planning, procurement, and design of
the Project; and
WHEREAS, it is in the public interest to pursue planning loan funding for the Project;
and
WHEREAS, the City's authorized representative is submitting an SRF Loan Application
to the SWRCB to request such funding as necessary to fund planning and design efforts for the
Water Reclamation Facility, resulting in a planning loan agreement with the SWRCB for project
financing; and
WHEREAS, the SWRCB requires the City to provide commitment to maintain revenues
and funds to satisfy the repayment obligation for such planning loan agreement to fund planning
and design efforts for the Project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
Bay that the City of Morro Bay, as follows:
1. The City of Morro Bay hereby dedicates and pledges Net Revenues of the Sewer
Enterprise Fund and the Sewer Enterprise Fund to payment of any and all Clean
Water State Revolving Fund and/or Water Recycling Funding Program financing
for the Morro Bay Water Reclamation Facility Project — Phase 1, CWSRF #8185.
2. The City of Morro Bay commits to collecting such revenues and maintaining such
fund(s) throughout the term of such financing and until the City of Morro Bay has
satisfied its repayment obligation thereunder unless modification or change is
approved in writing by the State Water Resources Control Board.
3. So long as the financing agreement(s) are outstanding, the City of Morro Bay's
pledge hereunder shall constitute a lien in favor of the State Water Resources
Control Board on the foregoing fund(s) and revenues(s) without any further action
necessary. So long as the financing agreement(s) are outstanding, the City of
Morro Bay commits to maintaining the fund(s) and revenues(s) at levels sufficient
to meet its obligations under the financing agreement(s).
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a regular
meeting thereof held on the 8th day of December, 2015 by the following vote:
AYES: Irons, Headding, Johnson, Makowetski, Smukler
NOES: None
ABSENT: None
JAM L. IR N , May
ATTEST:
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DANA SWANSON, City Clerk
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City of Morro Bay
Morro Bay, CA 93442
(805) 772-6205
www. morro-bay.ca. us
CERTIFICATION
I, Dana Swanson, City Clerk for the City of Morro Bay, hereby certify that
the attached Resolution No. 81-15, adopted by the City Council at its regular
meeting held on December 8, 2015 is a true and correct copy of the original
document.
DATED: December 9, 2015
A/kI oe-3
Dana Swanson, City Clerk