RESOLUTION NO. 2025-002
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHINO, CALIFORNIA, RESCINDING RESOLUTION NO. 2023-019 AND AUTHORIZING THE INTENT OF REIMBURSEMENT OF FUNDS REQUESTED FROM THE STATE WATER RESOURCES CONTROL BOARD UNDER THE CLEAN WATER STATE REVOLVING FUND.
WHEREAS, the Drinking Water State Revolving Fund (DWSRF), administered by the State Water Resources Control Board, provides financial assistance in the form of low-interest loans to finance water infrastructure improvements and other eligible projects—to maintain compliance with the Safe Drinking Water Act; and WHEREAS, the City of Chino (the “Agency”) desires to finance the costs of constructing and/or reconstructing certain public facilities and improvements relating to its water system, including certain treatment facilities, pipelines and other infrastructure, as part of the State Street Water Treatment Plant [WA212] (the “Project”); and WHEREAS, the Agency intends to finance the planning, design, and construction of the Project or portions of the Project with moneys ("Project Funds") provided by the State of California, acting by and through the State Water Resources Control Board (“State Water Board”); and WHEREAS, the State Water Board may fund the Project Funds with proceeds from the sale of obligations the interest upon which is excluded from gross income for federal income tax purposes (the "Obligations"), and WHEREAS, prior to either the issuance of the Obligations or the approval by the State Water Board of the Project Funds, the Agency desires to incur certain capital expenditures (the “Expenditures") with respect to the Project from available moneys of the Agency; and WHEREAS, the Agency has determined that those moneys to be advanced on and after the date hereof to pay the Expenditures are available only for a temporary period and it is necessary to reimburse the Agency for Expenditures from the proceeds of the Obligations; and WHEREAS, the City of Chino City Council adopted Resolution No. 2023-019 on March 21, 2023 to comply with DWSRF Program Guidelines; and WHEREAS, the City of Chino City Council now desires to rescind Resolution No. 2023-019 and replace it with this Resolution to update the reasonably expected maximum principal amount of the Project for the DWSRF Program Application.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL OF THE CITY OF CHINO AS FOLLOWS:
SECTION 1. The Agency hereby states its intention and reasonably expects to reimburse Expenditures paid prior to the issuance of the Obligations or the approval by the State Water Board of the Project Funds.
SECTION 2. The reasonably expected maximum principal amount of the Project Funds is $50,000,000.
SECTION 3. This resolution is being adopted no later than 60 days after the date on which the Agency will expend moneys for the construction portion of the Project costs to be reimbursed with Project Funds.
SECTION 4. Each Agency expenditure will be of a type properly chargeable to a capital account under general federal income tax principles.
SECTION 5. To the best of our knowledge, this Agency is not aware of the previous adoption of official intents by the Agency that have been made as a matter of course for the purpose of reimbursing expenditures and for which tax-exempt obligations have not been issued.
SECTION 6. This resolution is adopted as official intent of the Agency in order to comply with Treasury Regulation §1.150-2 and any other regulations of the Internal Revenue Service relating to the qualification for reimbursement of Project costs.
SECTION 7. All the recitals in this resolution are true and correct and this Agency so finds, determines and represents.
SECTION 8. Resolution No. 2023-019 is hereby rescinded.
NOW, THEREFORE, BE IT RESOLVED, the City Council of the City of Chino authorizes the reimbursement of funds requested from the State Water Resources Control Board under the Drinking Water State Revolving Fund (DWSRF).
APPROVED AND ADOPTED THIS 7TH DAY OF JANUARY 2025.
By: ____________________________
EUNICE M. ULLOA, MAYOR
ATTEST:
By: _____________________________
NATALIE GONZAGA, CITY CLERK
State of California )
County of San Bernardino ) City of Chino )
I, Natalie Gonzaga, City Clerk of the City of Chino, do hereby certify that the foregoing Resolution was duly adopted by the City Council at a regular meeting held on the 7th day of January 2025, following a roll call vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
______________________________
NATALIE GONZAGA, CITY OF CHINO
Resolution No. 2025-002