https://cityofracine.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=2088783&GUID=8DD02B8A-6C26-485B-BEDE-0D7E0B55BD7ALegistar15https://cityofracine.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=2088783&GUID=8DD02B8A-6C26-485B-BEDE-0D7E0B55BD7A8DD02B8A-6C26-485B-BEDE-0D7E0B55BD7A-2015-01-05-22-46-24Title: City of Racine Safe Drinking Water Loan Program Comfort Resolution Backwash Variable Frequency Drive Replacement WHEREAS, the City of Racine, Wisconsin, owns and operates regional water treatment and distribution facilities through the Racine Water Utility; and WHEREAS, the Utility plans to construct improvements to its water treatment plant with a low interest Safe Drinking Water Loan Program (SDWLP) loan; and WHEREAS, said improvements include the replacement of variable frequency drive equipment; and WHEREAS, these improvements may need to proceed with construction prior to receipt of the actual SDWLP loan due to the need to expedite the project; and WHEREAS, the City wishes to document its intent to use the SDWLP loan as a refinancing tool for expenditures that may be made before SDWLP loan closing; and WHEREAS, this resolution documents this intent and meets the letter and spirit of Treasury Regulations, 26 CFR 1.150-2. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Racine, Wisconsin, that: 1. Expenditures of Funds. The City or the RaMon, 05 Jan 2015 22:46:24 GMT