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Item 25 - Water Well 32 Project
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12/19/2023 Regular
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Item 25 - Water Well 32 Project
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12/14/2023 3:40:42 PM
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12/14/2023 3:31:08 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Public Works
Item #
25
Date
12/19/2023
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Water Well 32 Project <br />December 19, 2023 <br />Page 2 <br />3 <br />9 <br />1 <br />3 <br />threshold for drinking water. It is estimated that the project will provide the City with an <br />additional 4,000 acre feet (1,303,600,000 gallons) of water per year. Placing Well 32 <br />back in the City’s water system will improve system efficiency and reduce the burden on <br />other water-producing facilities. <br />After the conclusion of a competitive bidding process, the City Council awarded a <br />construction contract to Pacific Hydrotech Corp. in the amount of $12,795,865 and a <br />total estimated project delivery cost $16,634,625 to complete the Project. Due to the <br />low-interest nature of the SRF loan, Staff has requested an increased loan amount of <br />$13,761,712, from the previously-approved $5,290,000, to help fund the project. <br />Approval of the Reimbursement Resolution (Exhibit 1) will allow Staff to satisfy SWRCB <br />requirements for consideration of the requested loan increase. Staff will return to <br />Council for approval of any amendment to the funding agreement, should the request <br />be approved by SWRCB. <br />FISCAL IMPACT <br />Funds are available in the current fiscal year, FY 2023-24, to pay estimated <br />administrative and grant fund fees in Water Debt Service, Contract Services- <br />Professional expenditure account (No. 06017020-62300). Principal and interest <br />payments are due annually beginning one year after construction completion date of <br />June 30, 2025. Funds for debt servicing will be budgeted in Water Debt Service, <br />Principal-Debt Services expenditure account (No. 06017020-67100) and Interest-Debt <br />Services expenditure account (No. 06017020-67110) for FY 2025-26 through FY 2054- <br />55. Loan reimbursement disbursements will be recorded in Water Fund, Notes/Loan <br />Payable account (No. 06001001-27000). The project costs are estimated at <br />$16,634,625 and Staff continues to seek funding to fully fund the delivery of this project. <br />EXHIBIT(S) <br />1. Reimbursement Resolution <br />Submitted By: Nabil Saba, Executive Director Public Works <br />Approved By: Tom Hatch, Interim City Manager
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