RESOLUTION NO. _____________
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FOSTER CITY
AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT TO
REIMBURSE THE CITY OF SAN MATEO FOR FOREGONE INTEREST EARNINGS IN THE AMOUNT OF $148,141.70 RELATING TO THE WASTEWATER TREATMENT
PLANT CONSTRUCTION PROJECT
CITY OF FOSTER CITY
WHEREAS, beginning in 2023, San Mateo began using its Sewer Enterprise reserve funds to front Foster City’s share of Waste Water Treatment Plant construction costs while the waiting for an additional sources of funds to become available under the State Revolving Fund (“SRF”); and
WHEREAS, it was thought the SRF funds would become quickly available, but it took nearly two years to receive funds and as a result, San Mateo lost interest earnings it would otherwise have earned, while EMID retained and earned interest on its cash; and
WHEREAS, in the interest of compromise, the parties wish to enter into an agreement for EMID to reimburse San Mateo for foregone interest in the amount of $148,141.70.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Foster City does hereby authorize the City Manager to execute an agreement to reimburse San Mateo for foregone interest in the amount of $148,141.70 relating to the Wastewater Treatment Plant construction project.
PASSED AND ADOPTED as a resolution of the City Council of the City of Foster City at the regular meeting held on the 16th day of March, 2026, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
_________________________________
ART KIESEL, MAYOR
ATTEST:
___________________________________
PRISCILLA SCHAUS, CITY CLERK