Reso 2011-053 Attachment - Laserfiche WebLink

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City of San Leandro Notes to Basic Financial Statements For the year ended June 30, 2010 NOTE 16 —SUBSEQUENT EVENTS Subsequent to June 30, 2010, the City Council authorized the submission of a financing request to the State Water Resources Control Board for a loan in the amount of $43 million from the State Revolving Loan Fund. Should the City be approved for the loan, proceeds would fund a major rehabilitation of the Water Pollution Control Plant. Repayment of the loan would be over 20 years at a rate of approximately 3% interest and funded through revenues generated by the Water Pollution Control Plant enterprise fund operations. INOTE 17 JOINTLY GOVERNED R O GANIZATIONS The City of San Leandro participates in the East Bay Dischargers Authority established on February 15, 1974. The Agency Members of the Joint Powers are the City of Hayward, City of San Leandro, Oro Loma Sanitary District, Castro Valley Sanitary District, and Union Sanity District. The authority has the powers to plan for, acquire, construct, manage, maintain, operate, and control facilities for the collection, transmission, treatment, reclamation, sale and disposal of waste water. No debt, liability, or obligation of the Authority shall constitute a debt, liability or obligation of any Agency. The Authority shall have the additional power and authority to issue Grant Anticipation Notes and to issue revenue bonds in accordance with the following laws: a) Article 2, Chapter 5m Title 1, Division 7 of the California Government Code, commencing with Section 6540. b) Chapter 6, Title 5, Division 2 of the California Government Code commencing with Section 54300. The boundary of the Authority shall be the consolidated boundaries of the Agencies. In the event of withdrawal by an Agency from the agreement, the boundary shall be revised to exclude the area under jurisdiction of said Agency. The Authority shall be governed by the East Bay Dischargers Commission (Commission). The Commission shall consist of five members, one from each Agency. The ownership of the Joint Facilities is as follows: 18.6 %, City of San Leandro; 29.7% Oro Loma/Castro Valley; 33.0% City of Hayward; and 18.7% Union Sanitary District. The City's shares of the expenses are recorded as expenses of the Water Pollution Control Fund. 81