HomeMy WebLinkAboutOrd 1218-1998 ORDINANCE NO. 1218-98
AN ORDINANCE FSTARIJISHING A WASTEWATER CAPITAl. RFSERVE FUND
A. WHEREAS, the City of South San Francisco has applied for a State Revolving Fund loan
for Water Quality Control Plant (WQCP) Expansion Project No. C-06-4614-110; and
B. WHEREAS, state law requires that all recipients of State Revolving Fund loans shall
create a dedicated Wastewater Capital Reserve Fund (WCRF) for expansion, major repair, or replacement
of wastewater treatment facilifes; and
C. WHEREAS, the State Revolving Fund loan contract will not be issued until an ordinance
creating the WCRF is enacted by the City; and
D. WHEREAS, state policy has established the requirements for the WCRF.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF SOUTH SAN FRANCISCO
DOES ORDAIN AS FOLLOWS:
SECTION 1. ESTARI ISHMENT
A Wastewater Capital Reserve Fund is hereby established.
2. USE OF FUNDS
Money deposited in the WCRF shall be available for the costs for planning, design and
construction of capital improvements to the WQCP.
3. FUNDING
Sufficient funds shall be deposited to build up the WCRF at a minimum rate of one-half of one
percent of the State Revolving Fund loan amount each year for a period of ten years.
4. INTEREST
All interest earned on deposits to the WCRF shall remain in the WCRF for the uses specified in
Section 3 herein. Any amounts expended from the WCRF shall be replaced by depositing at a minimum
annual rate of ten percent of the expended amount.
5. UNUSED RONDING CAPAI~II.ITY.
A. Unused bonding capability for the WQCP may be used to offset dollar for dollar the
required cash deposits to the WCRF. Unused bonding capability means an amount equal to the unissued
bonds or other indebtedness authorized either by vote of the people of South San Francisco or by
provisions of local or other law under which the City would be legally permitted to issue such bonds or
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other indebtedness without approval by the people of South San Francisco or by any other public entity.
B. The amounts required to be deposited in the WCRF may be reduced by any amounts held
and not previously allocated for the purpose of this calculation in any fund or account established pursuant
to a resolution or indenture of a borrower pursuam to which any bonds or other indebtedness have been
issued and are outstanding, which amounts may be used for the purposes for which this WCRF is
established.
6. REPORT.
A report shall be prepared and submitted to the State Water Resources Control Board, Division of
Clean Water Programs on the WCRF's activities and fund status, beginning five years after the approval
of the final revenue program. A report shall be due every five years for the life of the loan contract.
The requirement to create and maintain this WCRF shall remain in force for the life of the State
Revolving Fund loan contract.
fiECTION 2: SEVERABII,ITY.
In the event any section or portion of this ordinance shall be determined invalid or
unconstitutional, such section or portion shall be deemed severable and all other sections or portions hereof
shall remain in full force and effect.
SECTION 3: PUBI ,ICATION AND EFFECTIVE, DATE
This Ordinance shall be published once, with the names of those City Councilmembers voting for
or against it, in the San Mateo Times, a newspaper of general circulation in the City of South San
Francisco, as required by law, and shall become effective thirty (30) days from and after its adoption.
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Introduced at a regular meeting of the City Council of the City of South San Francisco,
held the 14th- day of January ,1998.
Adopted at a regul ar meeting of the City Council of the City of South San Francisco,
held the 28th day of January , 1998 by the following vote:
AYES: Councilmembers James L. Datzman, Joseph A. Fernekes, Karyl
Matsumoto, John R. Penna and Eugene R. Mullin
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
City Clerk
this
As Mayor of the City of South San Francisco, I do hereby approve the foregoing Ordinance
28th day of January ,1998.
A:~?.SFUND.ORD
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