RESOLUTION NO. _______(N.C.S.)
A RESOLUTION APPROVING SUBMISSION OF AN APPLICATION TO THE CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK FOR FINANCING THE INDUSTRIAL WASTEWATER TREATMENT SYSTEM IMPROVEMENTS PROJECT WHEREAS, City of Salinas has initiated the application process for a loan from the California Infrastructure and Economic Development Bank’s (IBank) Infrastructure State Revolving Fund Program to fund its Industrial Wastewater Treatment Facility Improvements Project (Project); and WHEREAS, the IBank loan will allow the City to begin its project at the Industrial Wastewater Treatment Facility on schedule while continuing to seek grants; and WHEREAS, as part of the loan application process, a Resolution from the Salinas City Council approving the loan application and potential obligation is required; and WHEREAS, the Resolution must include a maximum loan request, to be stated as $40 million, though if budgeted construction costs are lowered, the City is not obligated to request the maximum once the loan is finalized; and WHEREAS, approval of the Resolution at this stage of the Project will enable the City to recuperate planning and design expenditures with the IBank loan upon execution which is anticipated in the summer 2023.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF SALINAS, consistent with the authority granted to the City Council, that as a requirement of the application process, the attached State required resolution is adopted in its entirety without change to verbiage and format; and BE IT FURTHER RESOLVED that the Mayor of Salinas is hereby authorized and directed, for and on behalf of the City of Salinas, and as its act and deed, to submit an application to receive loan funding from the California Infrastructure and Economic Development Bank’s Infrastructure State Revolving Fund Program; and BE IT FURTHER RESOLVED that the City Manager or his designee is authorized to execute non-substantive modifications to the Application and resulting Agreement, as necessary.
PASSED AND APPROVED this 21st day of March 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
APPROVED:
_______________________________
Kimbley Craig, Mayor
ATTEST:
_________________________
Patricia M. Barajas, City Clerk
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