RES 14707 - Laserfiche WebLink

RESOLUTION NO. 14-707 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON PLEDGING CITY REVENUE FROM THE WATER MAINTENANCE AND OPERATING FUND (WATER M&O FUND) WITHIN THE WATER ENTERPRISE FOR REPAYMENT OF LOANED FUNDS THROUGH THE STATE WATER RESOURCES CONTROL BOARD • WHEREAS, the City Council of the City of Pleasanton (the City) intends to pursue the development of a recycled water system using disinfected tertiary recycled water for use as permitted by Title 22, of the California Code of Regulations; and WHEREAS, the City is the legal authority that has authorized the Director of Operations Services or his designee to enter the City into a financial obligation agreement with the State Water Resources Control Board; and WHEREAS, the City collects a recycled water surcharge in its current water rates and deposits these funds and other water rate revenue (collectively Revenues) in the Water Maintenance and Operations Fund (Water M&O Fund). NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1. Revenues within the Water M & 0 Fund within the Water Enterprise will be used as payment of any and all Clean Water State Revolving Fund and/or Water Recycling Funding Program financing for The City of Pleasanton Recycled Water Project (the "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 Resources Control Board. So long as the financing agreement(s) are outstanding, the City's pledge hereunder shall constitute a lien in favor of the State Water Resources Control Board on the foregoing fund(s) and revenue(s) without any further action necessary. SECTION 3. 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). PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at a regular meeting held on September 2, 2014. I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing resolution was adopted by the City Council at a regular meeting held on the 2nd day of September, 2014 by the following vote: Ayes: Councilmembers Brown, Cook-Kallio, Narum, Pentin, Mayor Thorne Noes: None Absent: None Abstain: None