RESOLUTION NO. _____________
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE ESTERO MUNICIPAL
IMPROVEMENT DISTRICT AUTHORIZING THE DISTRICT 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
ESTERO MUNICIPAL IMPROVEMENT DISTRICT
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 Board of Directors of the Estero Municipal Improvement District does hereby authorize the District 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 Board of Directors of the Estero Municipal Improvement District at the Regular Meeting held on the 16th day of March, 2026 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
________________________________________
ART KIESEL, PRESIDENT
ATTEST:
_______________________________________
PRISCILLA SCHAUS, DISTRICT SECRETARY