HomeMy WebLinkAbout2906 RESOLUTION NO.
A RESOLUTION of the City Council of the City of
Bremerton, Washington, authorizing an interagency loan from
Water Fund 401 to the Tracyton Water District for the purpose of
making an installment payment to the State of Washington
Drinking Water State Revolving Fund (DWSRF).
WHEREAS, pursuant to earlier agreements executed by and between the City a~d
the Tracyton Water District, a municipal corporation of the state of Washington, hereinai~ter
"District, the City and District agreed to allocate duties and responsibilities in the providing of
water services to customers within the District's water service area and to provide for the design,
construction and financing of upgrades to the systems facilities in anticipation of dissolution of
the District, and
WHEREAS, the District, with the assistance of the City, secured a Drinking
Water State Revolving Fund (DWSRF) loan for the capital construction of upgrades to the
system facilities, and
WHEREAS, pursuant to and as a follow-up to said agreements, the City and
District intend to enter into an agreement to convey and deed to the City all of the District's
interest in assets including title to certain real property and system facilities and assets of the
District and for the City to assume all rights, duties, powers and obligations of the District,
including loan obligations.
WHEREAS, a payment is due on the DWSRF loan October 1, 2003, and
WHEREAS, the City Council desires to authorize an interagency loan from Water
Fund 401 to the Tracytun Water District for the purpose of making the installment payment to
the DWSRE loan in anticipation of an agreement being executed in the near future for the
conveyance and deed to the City &the District's interest in the system facilities and assets and
certain real property of the District and for the City's assumption of all rights, duties, powers a~d
obligations of the District, including loan obligations (Agreement); NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION1. A loan is hereby authorized from Water Fund 40t to the Tracyto~
Water District for the purpose of making an installment payment to the State of Washington
Drinking Water State Revolving Fund (DWSRF) in an amount not to exceed $125,000.00
repayable with applicable interest upon the closing of the Agreement or December 31, 2003,
whichever is earlier.
SECTION2. Severabilitv. If any one or more sections, subsections, or
sentences of this Resolution are held to be unconstitutional or invalid, such decision shall not
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Tracyton Water District
affect the validity of the remaining portion of this Resolution and the same shall remain in full
force and effect.
SECTION 3. Effective Date. This Resolution shall take effect and be in force
immediately upon its passage.
PASSED by the City Council of the City of Bremerton, Washington this,~
day of 2~~.~_, 2003.
CAROL ARENDS, Council President
APPROVED AS TO FORM: ATTEST: ~
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Tracyton Water District