HomeMy WebLinkAboutReso 137-1992RESOLUTION NO. 137-92
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION DEDICATING A SOURCE OF
REVENUE FOR REPAYMENT OF THE STATE
REVOLVING FUND LOAN FOR THE WATER
OUALITY CONTROL PLANT
WHEREAS, the State of California requires the City to
dedicate a source of revenue for the repayment of a State
Revolving Fund loan for work on the Water Quality Control
Plant; and
WHEREAS, the amount of such loan is Nine Million Two
Hundred Ten Thousand Dollars; and
WHEREAS, the funds are to be expended on Project No. C-06-
4267-L10 for repairs and upgrades of the Water Quality Control
Plant; and
WHEREAS, the City has adopted a Capital Improvement
Program and Revenue Program which allocates funds to repay the
loan; and
WHEREAS, it is expected that the sewer user fees will be
adequate to repay the State Revolving Loan as well as the
pledge under the Installment Sale Agreement dated December 1,
1991.
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of South Francisco hereby dedicates the Water Quality
Control Plant's sewer user fee to the repayment of any and all
State Revolving Fund loans on Project No. C-06-4267-110. This
dedicated source of revenue shall remain in effect until such
loan or loans are fully discharged unless modification or
change of such dedication is approved in writing by the State
Water Resources Control Board.
BE IT FURTHER RESOLVED that such dedication is subject and
subordinate to the pledge of such sewer user fees to the
security of the Installment Sale Agreement dated December 1,
1991, by and between the City and the City of South San
Francisco Capital Improvements Financing Authority.
I hereby certify that the foregoing Resolution was
tee arly introduced and adopted by the City Council of the
City South San Francisco at a re§u]ar meeting held on
the 28th day of October , 1992 by the following
vote:
AYES:
Councilmembers Jack Drago, Joseph A. Fernekes, and
Robert Yee
NOES: None
ABSTA None
Councilmember Roberta Cerri Teqlia, and Mayor John R. Penna
city Clerk
Loan.
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