HomeMy WebLinkAbout06/03/2015 5E �
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Acceptance of Drinking Water Study Session Date: May 27, 2015
State Revolving Fund Loan for the Reservoir COUNCIL MEETING Date: June 3, 2015
#4 Cover Replacement Project Department: Engineering
Presenter: Ned Lever
Phone: (360)473-2398
SUMMARY: The City has been offered $2,323,000 (which includes a loan fee of$23,000) in the
form of a DWSRF Loan to remove the existing floating cover at Reservoir 4 and replace it with an
aluminum cover including all exterior foundations, interior structural support, framing, access ways,
and roofing materials. 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#DM15-952-026
FISCAL IMPACTS (Include Budgeted Amount): These funds are necessary to maintain safe, quality
drinking water for the City of Bremerton. This loan will provide $2,323,000 (including a loan fee of
$23,000)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: [v]�Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15