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RESOLUTION NO. 10762 (2016 SERIES) <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS <br />OBISPO, CALIFORNIA, PLEDGING SEWER FUND REVENUES TO THE <br />STATE WATER RESOURCES CONTROL BOARD FOR THE <br />FINANCING OF THE WATER RESOURCE RECOVERY FACILITY <br />UPGRADE <br />WHEREAS, the City of San Luis Obispo's Water Resource Recovery Facility is in need <br />of upgrades to fulfill its regulatory mandates and capacity requirements for full build -out of the <br />City; and <br />WHEREAS, the City Council desires to finance the construction phase of the Water <br />Resource Recovery Facility upgrade through the State Water Resources Control Board; and <br />WHEREAS, the City Council directed staff to submit an application to the State Water <br />Resources Control Board for the applicable financing. <br />NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of San Luis <br />Obispo as follows: <br />SECTION 1. The City of San Luis Obispo will dedicate and pledge sewer rate revenue <br />from its Sewer Fund to payment of any and all Clean Water State Revolving Fund financing for <br />the Water Resource Recovery Facility Upgrade project (the "Project"). <br />SECTION 2. The City of San Luis Obispo commits to collecting such revenues and <br />maintaining the Sewer Fund throughout the term of such financing and until the City of San Luis <br />Obispo has satisfied its repayment obligation thereunder unless modifications or change is <br />approved in writing by the State Water Resources Control Board. <br />SECTION 3. So long as the financing agreement is outstanding, the City of San Luis <br />Obispo's pledge hereunder shall constitute a lien in favor of the state Water Resources Control <br />Board on the foregoing fund and revenue without any further action necessary. So long as the <br />financing agreement is outstanding, the City of San Luis Obispo commits to maintain the Sewer <br />Fund and its revenue at levels sufficient to meet its obligations under the financing agreement. <br />Upon motion of Council Member Christianson, seconded by Council Member Pease, and on the <br />following roll call vote: <br />AYES: Council Members Christianson, Gomez and Pease, <br />Vice Mayor Rivoire, and Mayor Harmon <br />NOES: None <br />ABSENT: None <br />R 10762 <br />