HomeMy WebLinkAboutReso 52-24 Authorizing PW Director to Sign Planning Loan AmendmentsRESOLUTION NO. 52-24
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
AUTHORIZING THE DIRECTOR OF PUBLIC WORKS TO EXECUTE
SRF PLANNING LOAN AMENDMENTS
THE CITY COUNCIL
City of Morro Bay, California
WHEREAS, over the course of the Water Reclamation Facility (the "Project"), the City of Mono Bay
("City") has pursued grant and loan opportunities to minimize the cost impacts of the Project on the City's
ratepayers; and
WHEREAS, the State of California State Water Resources Control Board (SWRCB) made State
Revolving Fund (SRF) loan funding available for the planning, permitting, and design of the Project; and
WHEREAS, the SWRCB requires the City to authorize a designated representative to sign and file
on behalf of the City an SRF Loan Application to obtain a loan to fund planning and design efforts for the
Water Reclamation Facility; and
WHEREAS, the authorized representative is designated to provide the assurances, certifications
and commitments required for the SRF Loan Application, including executing an SRF Loan Agreement
with the SWRCB and any amendment or changes thereto; and
WHEREAS, the authorized representative is designated to represent the City in carrying out the
City's responsibilities under the Loan Agreement, including certifying disbursement requests on behalf of
the City and compliance with applicable state and federal laws; and
WHEREAS, in order to fund the planning phase of the Water Reclamation Facility Program (WRF),
the City Council approved Resolution 80-15 to authorize and direct the Public Works Director/City Engineer
to sign and file, for and on behalf of the City, an SRF Loan Application with the SWRCB to obtain loan
funding for the planning and design of the Water Reclamation Facility; and
WHEREAS, Resolution 80-15 did not specially authorize the authorized representative to execute
amendments to the SRF Planning Loan Agreement; and
WHEREAS, the City now seeks to execute an amendment to the Planning Loan Agreement, to the
benefit of the City's ratepayers, to decrease the loan's interest rate from 1.7% to 0.9%, increase the
repayment period from 10 years to 30 years, and defer the start of loan repayments from August 2024 to
September 2027.
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro Bay, that he Public
Works Director, as authorized representative, is hereby authorized to sign, for and on behalf of the City,
an SRF Planning Loan Amendments with the State Water Resources Control Board.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a regular meeting
thereof held on the 13th day of August 2024 by the following vote:
AYES:
Wixom, Barton, Edwards, Ford, Landrum
NOES:
None
ABSENT:
None
ABSTAIN:
None
RECUSE:
None
cl�
CARLA WIXOM, Mayor
ATTEST:
DAKA SWANSON, City Clerk