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jmf 8/14/18 <br />RESOLUTION NO. 2018-070 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA PLEDGING REVENUES AND FUNDS FOR <br />THE REPAYMENT OF FINANCING FROM THE STATE <br />WATER RESOURCES CONTROL BOARD FOR THE <br />AUTOMATED METER INFRASTRUCTURE 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 to <br />its water and wastewater system, including specifically the Automated Meter <br />Infrastructure 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 or <br />portions of the Project with low interest moneys from the State Revolving Fund, provided <br />by the State of California, acting by and through the State Water Resources Control Board <br />("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 Santa <br />Ana as follows: <br />Section 1. The City of Santa Ana hereby dedicates and pledges the net <br />revenues of the water enterprise fund and the water enterprise fund to payment of any <br />and all Clean Water State Revolving Fund and/or Water Recycling Funding Program <br />financing for the Automated Meter Infrastructure Project. <br />Section 2. The City commits to collecting such revenues and maintaining such <br />fund(s) throughout the term of such financing and until the City has satisfied its repayment <br />obligation thereunder unless modification or change is approved in writing by the State <br />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 foregoing <br />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 />Resolution No. 2018-070 <br />Page 1 of 2 <br />