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HomeMy WebLinkAbout2019-028 - Pledging Revenues and Funds for the Repayment of Financingjmf 3/8/19 RESOLUTION NO. 2019-028 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA PLEDGING REVENUES AND FUNDS FOR THE REPAYMENT OF FINANCING FROM THE STATE WATER RESOURCES CONTROL BOARD FOR THE WELL 32 NITRATE TREATMENT AND REHABILITATION PROJECT WHEREAS, the City of Santa Ana ("City") desires to finance the costs of constructing and/or reconstructing certain public facilities and improvements relating to its water and wastewater system, specifically the Well 32 Nitrate Treatment and Rehabilitation Project ("Project"); and WHEREAS, the City Council of the City of Santa Ana has previously authorized City staff to apply for financing of the construction and/or reconstruction of the Project or portions of the Project with low interest moneys from the Drinking Water State Revolving Fund, provided by the State of California, acting by and through the State Water Resources Control Board ("State Water Board"); and WHEREAS, the State Water Board requires, as a condition of approval of any financing agreement, the establishment of pledged sources of revenue to repay this financing. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa Ana as follows: Section 1. The City of Santa Ana hereby dedicates and pledges the net revenues of the water enterprise fund and the water enterprise fund to payment of any and all Drinking Water State Revolving Fund and/or Water Recycling Funding Program financing for the Septic to Sewer Island Improvement Project. Section 2. The City commits to collecting such revenues and maintaining such fund(s) throughout the term of such financing and until the City has satisfied its repayment obligation thereunder unless modification or change is approved in writing by the State Water Board. Section 3. So long as the financing agreement(s) are outstanding, the City's pledge hereunder shall constitute a lien in favor of the State Water Board on the foregoing fund(s) and revenue(s) without any further action necessary. Section 4. So long as the financing agreement(s) are outstanding, the City commits to maintaining the fund(s) and revenue(s) at levels sufficient to meet its obligations under the financing agreement(s). Resolution No. 2019-028 Page 1 of 2 Section 5. This Resolution shall take effect immediately upon its adoption by the City Council, and the Clerk of the Council shall attest to and certify the vote adopting this Resolution. ADOPTED this 7th day of May, 2019. APPROVED AS TO FORM: Sonia R. Carvalho, City Attorney By: v, J n M. Funk Assistant City Attorney AYES: Councilmembers Iglesias Penaloza, Pulido, Sarmiento, Solorio, Villegas(6) NOES: Councilmembers None (0) ABSTAIN: Councilmembers NOT PRESENT: Councilmembers None (0) * Ward 4 representative vacant. CERTIFICATE OF ATTESTATION AND ORIGINALITY I, NORMA MITRE, Acting Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2019-028 to be the original resolution adopted by the City Council of the City of Santa Ana on May 7, 2019. Resolution No. 2019-028 Page 2 of 2 l Yt � Norma Mitre Acting Clerk of the Council City of Santa Ana