HomeMy WebLinkAboutR-10762 - Resolution pledging sewer fund revenues to the state water resources control boardRESOLUTION NO. 10762 (2016 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, PLEDGING SEWER FUND REVENUES TO THE
STATE WATER RESOURCES CONTROL BOARD FOR THE
FINANCING OF THE WATER RESOURCE RECOVERY FACILITY
UPGRADE
WHEREAS, the City of San Luis Obispo's Water Resource Recovery Facility is in need
of upgrades to fulfill its regulatory mandates and capacity requirements for full build -out of the
City; and
WHEREAS, the City Council desires to finance the construction phase of the Water
Resource Recovery Facility upgrade through the State Water Resources Control Board; and
WHEREAS, the City Council directed staff to submit an application to the State Water
Resources Control Board for the applicable financing.
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of San Luis
Obispo as follows:
SECTION 1. The City of San Luis Obispo will dedicate and pledge sewer rate revenue
from its Sewer Fund to payment of any and all Clean Water State Revolving Fund financing for
the Water Resource Recovery Facility Upgrade project (the "Project").
SECTION 2. The City of San Luis Obispo commits to collecting such revenues and
maintaining the Sewer Fund throughout the term of such financing and until the City of San Luis
Obispo has satisfied its repayment obligation thereunder unless modifications or change is
approved in writing by the State Water Resources Control Board.
SECTION 3. So long as the financing agreement is outstanding, the City of San Luis
Obispo's pledge hereunder shall constitute a lien in favor of the state Water Resources Control
Board on the foregoing fund and revenue without any further action necessary. So long as the
financing agreement is outstanding, the City of San Luis Obispo commits to maintain the Sewer
Fund and its revenue at levels sufficient to meet its obligations under the financing agreement.
Upon motion of Council Member Christianson, seconded by Council Member Pease, and on the
following roll call vote:
AYES: Council Members Christianson, Gomez and Pease,
Vice Mayor Rivoire, and Mayor Harmon
NOES: None
ABSENT: None
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Resolution No. 10762 (2016) Page 2
The foregoing resolution was adopted this 13th day of December 2016.
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ATTEST:
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Carrie Gallagher
City Clerk
APPROVED AS TO FORM:
XChrnistineetrick
City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City
of San Luis Obispo, California, this Oj St day of T)&+,ht1, , Q,,a I (.
Carrie Gallagher
City Clerk
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