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File #: Res.14-0001    Version: A Name: Declaration of Official Intent to Reimburse High Lift Pump Project at the Water Treatment Plant
Type: Resolution Status: Passed
File created: 1/21/2014 In control: City Attorney's Office
On agenda: Final action: 1/21/2014
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 ...
Sponsors: Q.A. Shakoor II
Related files: 13-9634
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 ...

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