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WPCP Rehab Project, <br /> Dedicating Source Revenue 2 September 20, 2010 <br /> Secondary Clarifiers, the Effluent Pump Station, the Digesters and both the Electrical and <br /> Instrumentation Systems. <br /> Analysis <br /> To secure a loan for the construction of the subject project from the SWRCB there are certain <br /> requirements that must be met, which include adoption of Proposition 218 and dedication of a <br /> source of revenue to ensure payment of the loan. The proposed resolution dedicates Wasterwater <br /> Enterprise fund revenues toward the payment of a loan from the SRF. <br /> Current City Council Policy <br /> Ensure well- maintained sewer facilities. <br /> Previous City Council Action(s) <br /> • On June 21, 2010, by Resolution No. 2010 -069, the City Council approved a waste discharge <br /> rate increase, which provides funds to repay the loan <br /> • On July 6, 2010, by Resolution No. 2010 -087, the City Council authorized the City Manager <br /> to sign and file a financial agreement with the SWRCB <br /> Applicable General Plan Policy <br /> This action is consistent with City's General Plan Goal Policy Nos. 52.04 and 52.05. <br /> Fiscal Impact <br /> The SRF loan will provide up to $43 million to be paid back in 20 years at an interest rate to be <br /> determined at the time of signing the contract agreement (currently at 3 %). <br /> Budget Authority <br /> Funds received from the SRF loan will require appropriation at the time the loan process is <br /> concluded, prior to construction. <br /> I.} Cc. A.-- <br /> Perry Carter, Interim Finance Director <br />