HomeMy WebLinkAbout2016-67 CC Reso - Recycled Water System Revenue Pledge for Loan RepaymentRESOLUTION NO: 2016- 67
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 net revenues of the City's Water Enterprise and the City's Water Enterprise
Fund 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 7th day of December, 2016, by the following roll call vote:
AYES: Councilmembers Scalmanini, Crane, Mulheren, Doble, and Brown
NOES: None
ABSTAIN: None
ABSENT: None
Ti# 0, S P-owN , Mayor
ATTEST:
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Kristine Lawler, City Clerk