Laserfiche WebLink
Jmf 8/14/18 <br />RESOLUTION NO. 2018 -XXX <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA PLEDGING REVENUES AND FUNDS FOR THE <br />REPAYMENT OF FINANCING FROM THE STATE WATER <br />RESOURCES CONTROL BOARD FOR THE SEGERSTROM <br />(SAN LORENZO) SEWER LIFT STATION PROJECT <br />WHEREAS, the City of Santa Ana ("Agency') desires to finance the costs of <br />constructing and/or reconstructing certain public facilities and improvements relating <br />to its water and wastewater system, including specifically the Segerstrom (San <br />Lorenzo) Sewer Lift Station Project ("Project"); and <br />WHEREAS, the City Council of the City of Santa Ana has previously authorized <br />City staff to apply for financing of the construction and/or reconstruction of the Project <br />or portions of the Project with low interest moneys from the State Revolving Fund, <br />provided by the State of California, acting by and through the State Water Resources <br />Control Board ("State Water Board"); and <br />WHEREAS, the State Water Board requires, as a condition of approval of any <br />financing agreement, the establishment of pledged sources of revenue to repay this <br />financing. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Santa Ana as follows: <br />Section 1. The City of Santa Ana hereby dedicates and pledges the net <br />revenues of the sewer enterprise fund and the sewer enterprise fund to payment of <br />any and all Clean Water State Revolving Fund and/or Water Recycling Funding <br />Program financing for the Segerstrom (San Lorenzo) Sewer Lift Station Project. <br />Section 2. The City commits to collecting such revenues and maintaining <br />such fund(s) throughout the term of such financing and until the City has satisfied its <br />repayment obligation thereunder unless modification or change is approved in writing <br />by the State Water Board. <br />Section 3. So long as the financing agreement(s) are outstanding, the City's <br />pledge hereunder shall constitute a lien in favor of the State Water Board on the <br />foregoing fund(s) and revenue(s) without any further action necessary. <br />Section 4. So long as the financing agreement(s) are outstanding, the City <br />commits to maintaining the fund(s) and revenue(s) at levels sufficient to meet its <br />obligations under the financing agreement(s). <br />EXHIBIT 1--' Resolution No. 20184M <br />Page 1 of 2 <br />55A-5 <br />