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RESOLUTION NO. 91-35
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF UKIAH GUARANTEEING REPAYMENT OF WATER
TREATMENT PLANT LOAN TO THE STATE OF CALIFORNIA
WHEREAS, the City Council of the City of Ukiah has adopted Resolution
No. 90-40 accepting a construction loan under California Safe Drinking
Bond Law of 1986; and
WHEREAS, the City of Ukiah will repay said loan for a period not to
exceed 30 years as set forth in the repayment schedule at an interest rate
of 3.6024% and for an amount as approved initially or as amended further
b~ action of the City Council of Ukiah; and
WHEREAS, the City has established a separate special fund to meet
payments on said loan as they become due and payable as required under the
procedures of California Department of Water Resources.
NOW, THEREFORE, BE IT RESOLVED that:
1. A special fund has been designated as the "Water Filtration
Plant Debt Service Fund No. 560" and will be funded by revenues as
provided by the Water Enterprise Fund No. 820.
2. The amount set aside shall be sufficient to maintain the
servicing of the loan as provided in Article A-9 of the Standard
Conditions Section of the Contract between the City of Ukiah and the State
of California, Department of Water Resources, Loan Contract No. E54304.
3. Amounts in Fund No. 560 shall be used only for the payment of
principal and interest on the loan when due or any delinquencies thereon
until the loan is repaid in full.
4. The City agrees to levy and collect user charges or other
assessments as may be necessary to meet the payments of this loan.
Further, it is the intention of the City Council to raise needed revenues
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by increasing user rates sufficiently to accumulate the necessary funds
for repayment of the loan commitment.
PASSED AND ADOPTED this 19th day of December , 1990, by the
following roll call vote:
AYES: Councilmembers Wattenburger, Shoemaker, Schneiter and Mayor Henderson
NOES: None
7 ABSENT: Councilmember McMichael
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