Fort Walton Beach Resolution — 2010-35 amended — reading text

RESOLUTION 2010- 35 A RESOLUTION OF THE CITY OF FORT WALTON BEACH, FLORIDA, RELATING TO THE STATE REVOLVING FUND LOAN PROGRAM; STATING FINDINGS; AUTHORIZING THE LOAN APPLICATION; AUTHORIZING THE LOAN AGREEMENT; ESTABLISHING PLEDGED REVENUES; DESIGNATING AUTHORIZED REPRESENTATIVES; PROVIDING ASSURANCE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. WHEREAS Florida Statutes provide for loans to local government agencies to finance the construction of water pollution control facilities; and WHEREAS Florida Administrative Code rules require authorization to apply for loans, to establish pledged revenues, to designate an authorized representative, to provide assurances of compliance with loan program requirements, and to enter into a loan agreement; and WHEREAS the State Revolving Fund loan priority list designates Project Number WW 46060 as eligible for available funding; and WHEREAS the City of Fort Walton Beach, Florida intends to enter into a loan agreement with theDepartment of Environmental Protection under the State Revolving Fund for project financing. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA THAT: Section 1. The foregoing findings are incorporated herein by reference and made a part hereof. Section 2. The City of Fort Walton Beach, Florida is authorized to apply for a loan to finance the Project. Section 3. The revenues pledged for the repayment of the loan are net water and sewer utility system revenues on parity with the payment of debt service on the City' s Series 2005 Utility System Revenue Bonds. Section 4. The Mayor is hereby designated as the authorized representative to provide the assurances and commitments required by the loan application. Section 5. The Mayor is hereby designated as the authorized representative to execute the loan agreement which will become a binding obligation in accordance with its terms when signed by both parties. The Mayor is authorized to represent the City in carrying out the City' s responsibilities under the loan agreement. The Mayor is authorized to delegate responsibilities to appropriate City staff to carryout technical, financial, and administrative activities associated with the loan agreement. Section 6. The statutory authority for borrowing funds to construct this Project is Chapter 166, F. S.