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WPCP Rehab Project, <br /> Dedicating Source Revenue 2 January 18, 2011 <br /> • Previous Cite Council Action(s2 <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 SWRCI3 <br /> • On September 20, 2010, by Resolution No. 2010 -122, the City Council adopted a resolution <br /> dedicating the source of funds for the repayment of the SRF Loan for the construction of the <br /> project <br /> Applicable General Plan Policv <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 S43 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 Authoritv <br /> • <br /> Funds received from the SRF loan will require appropriation at the time the loan process is <br /> concluded, prior to construction. <br /> • <br /> CONCLUSION <br /> It is recommended that the City Council rescind Resolution No. 2010 -122 and adopt a resolution <br /> dedicating a source of revenue to repay the SRF loan for the construction of the Water Pollution <br /> Control Plant Rehabilitation project. <br /> GA _Council Items In Process1JAN 181WPCP Rehab - Amendment Of Reso\Dedicated Source Of Revenue - Adminamend MEM.Doc <br />