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higher rates Staff will prepare a separate item to approve a loan with JP Morgan Chase <br /> for City Council consideration at a future City Council meeting <br /> Because the City is required to make a payment to DERWA before securing a loan, <br /> Federal Treasury Code 1 150-2 requires the City Council to adopt a resolution declaring <br /> its intent to reimburse itself with proceeds from the loan The attached reimbursement <br /> resolution fulfills this requirement <br /> Therefore staff is recommending that the City Council authorize the City Manager to <br /> execute the Notice to Proceed for the DERWA Phase 2 Recycled Water Treatment Plan <br /> Expansion Project and authorize advancing funding of up to $7 1 million for the project to <br /> be reimbursed through a bank loan to be secured at a later date Staff also recommends <br /> that the City Council adopt the attached resolution declaring its official intent to reimburse <br /> certain expenditures of the DERWA expansion project from proceeds of the loan <br /> indebtedness <br /> Submitted by Review by Approved by <br /> Kathleen Yurchak Tina Olson Nelson Fialho <br /> Director of Operations Finance Director City Manager <br /> and Water Utilities <br /> Attachments <br /> 1 Notice to Proceed <br /> 2 Resolution of intent to reimburse certain expenditures of the DERWA expansion <br /> project from proceeds of indebtedness <br /> Page 4 of 4 <br />