Sponsor
Alderman Shakoor
Title
City of Racine, Wisconsin Declaration of Official Intent to Reimburse High Lift Pump Project at the Water Treatment Plant
WHEREAS, the City of Racine, Wisconsin, owns and operates a water treatment plant and distribution facilities through the Racine Water Utility; and
WHEREAS, improvements to the high lift pumping system at the water treatment plant are necessary to insure cost effective and reliable operation (Project); and
WHEREAS, the Utility expects to obtain a loan to provide long-term financing for the Project from the SDWLP; and
WHEREAS, construction of the Project is expected to proceed prior to the SDWLP loan being available; and
WHEREAS, the Racine Water Utility wishes to declare its intent to use its internal funds to temporarily fund the construction of the Project until the SDWLP loan, or other long-term financing, can be obtained; and
WHEREAS, this resolution documents the City and its Water Utility's intent to reimburse its internal funds, as required by Treasury Regulations 26 CFR 1.150-2, with tax-exempt bond proceeds.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Racine, Wisconsin, that:
1. Expenditures of Funds. The City or the Racine Water Utility shall make expenditures as needed from funds on hand, including funds in the Water Utility reserves, to pay the cost of planning, engineering and construction of the Project until the SDWLP loan proceeds become available.
2. Declaration of Official Intent. The City hereby officially declares its intent under Treasury Regulations, 26 CFR 1.150-2 to reimburse said expenditures with proceeds of the SDWLP loan, the aggregate principal amount of debt expected not to exceed $5,000,000.
Fiscal Note: The Water Utility to reimburse expenditures with proceeds of the Safe Drinking Water Loan Program (SDWLP) Loan, the aggregate principal amount of debt expected not to exceed $5,000,000.00.
PASSED AND ADOPTED this __ day of _____ , 20__.
BY: City of Racine, Wisconsin
_________________________
Mayor
_________________________
Clerk