HomeMy WebLinkAbout2021 Resolution No. 029 1
RESOLUTION NO. 29
SERIES OF 2021
A RESOLUTION SUPPORTING THE CITY OF ENGLEWOOD’S
WATER INFRASTRUCTURE FINANCING AND INNOVATION
ACT FUNDING APPLICATION
WHEREAS, the Unites States Environmental Protection Agency ("EPA")
administers the Water Infrastructure Financing and Innovation Act Funding
("WIFIA) a loan borrowing program to help fund municipal water capital
improvements;
WHEREAS, the program provides a mechanism to fund water
infrastructure improvements without the need to cash-fund capital improvement
needs, and spreads the repayment of the loan over many years, which allows a
more equitable share of costs across all users of the water and wastewater
systems;
WHEREAS, if the City's loan application is approved, the monies will be
used for improvements to existing pumping and treatment facilities, raw water
supply improvements, lead service line replacement, metering improvements,
and a new operation complex;
WHEREAS, in addition to improvements to the City's water supply system,
various process improvements in the treatment of wastewater at the South Platte
Renew treatment facility will be undertaken;
WHEREAS, the City shall reimburse the EPA for costs associated with
loan processing, administration, and execution, which includes submittal of an
initial $100,000-dollar application fee, which is available and coming from the
Utilities Department budget, within the water and wastewater enterprise fund;
WHEREAS, the City shall reimburse the EPA for costs above and beyond
the $100,000 submitted with the application at the time of loan closing;
WHEREAS, the City is seeking a loan in the amount of $50,000,000 which
will be repaid from user fees paid into the Water and Wastewater funds through
one-time connection fees for new users, and revenue from monthly billings for all
users of the systems; and
WHEREAS, the projected time to repay the loan is within 35 years of
substantial completion of the funded projects, at an interest rate based on the
State and Local Government Series rate at time of loan closing.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF ENGLEWOOD, COLORADO, THAT:
Section 1. The City Council for the City of Englewood, Colorado, hereby
supports the City’s Water Infrastructure Financing and Innovation Act Fund
application for future water and wastewater infrastructure improvements.
Section 2. The Director of Utilities is authorized to sign all necessary
documents for the Water Infrastructure Financing and Innovation Fund
application for and on behalf of the City Council and the City of Englewood.
ADOPTED AND APPROVED this 21st day of June, 2021.
____
Linda Olson, Mayor
ATTEST:
__________________________________
Stephanie Carlile, City Clerk
I, Stephanie Carlile, City Clerk for the City of Englewood, Colorado, hereby
certify the above is a true copy of Resolution No. 29, Series of 2021.
______________________________
Stephanie Carlile
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