HomeMy WebLinkAbout2015-47 CC Reso - Pledging Revenue for Repayment of Loan1
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RESOLUTION NO. 2015- 47
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH PLEDGING REVENUE FOR
THE REPAYMENT OF THE LOAN
WHEREAS, the City of Ukiah desires to construct a Recycled Water System.
THEREFORE, BE IT RESOLVED, the City of Ukiah (the "City ") hereby dedicates and pledges
Recycled Water Revenues Fund 830 for payment of any and all Clean Water State Revolving
Fund and /or Water Recycling Funding Program financing for City of Ukiah Recycled Water
System (the "Project "). The City of Ukiah Recycled Water System, Project Number 8076.
City commits to collecting such revenues and maintaining such fund(s) 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. So
long as the financing agreement(s) are outstanding, the City's pledge hereunder shall constitute
a lien, subject to any pre- existing liens or pledges of revenue, in favor of the State Water
Resources Control Board on the foregoing fund(s) and revenue(s) without any further action
necessary. So long as the financing agreement(s) are outstanding, the City commits to
maintaining the fund(s) and revenue(s) at levels sufficient to meet its obligations under the
financing agreement(s).
PASSED AND ADOPTED this 4th day of November, 2015, by the following roll call vote:
AYES: Councilmembers Mulheren, Doble, Brown, Scalmanini,and Mayor Crane
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
Kristine Lawler, City Clerk
Douglas Crane, Mayor