HomeMy WebLinkAbout06/03/2015 5D �
AGEIVDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Acceptance of Drinking Water Study Session Date: May 27, 2015
State Revolving Fund Loan for the Flow COUNCIL MEETING Date: June 3, 2015
Control and Seismic Valve Project Department: Engineering
Presenter: Ned Lever
Phone: (360)473-2398
SUMMARY: The City has been offered $1,010,000 (which includes a loan fee of$10,000) in the
form of a DWSRF Loan for the Flow Control and Seismic Valve Project. The project includes
installation of flow control valves at three separate sites to better control the distribution of water to
East Bremerton, and allow isolation of the watermains in the event of a failure. The requested action
before the City Council is approval of the DWSRF Loan and authorization for the Mayor to finalize
and execute the loan agreement.
ATTACHMENTS: 1) Council Summary; 2) DWSRF Loan Agreement#DM15-952-042
FISCAL IMPACTS (Include Budgeted Amount): These funds are necessary to maintain safe, quality
drinking water. This loan will provide $1,010,000 (including a loan fee of$10,000)for the project.
Utilizing these low-interest loans effectively reduces the cost of this important infrastructure, which
will have an effective life far exceeding the 20 year payback period.
STUDY SESSION AGENDA: ❑x No Presentation � Full Presentation
STUDY SESSION ACTION: ❑x Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to authorize the Mayor to finalize and execute the DWSRF Loan agreement with the
Washington State Department of Commerce with substantially the same terms and conditions as
presented.
COUNCIL ACTION: [�Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15