HomeMy WebLinkAbout09-236.docJUNE 23, 2009 09 -236 RESOLUTION
(CARRIED 7 -0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE DECLARATION OF INTENT TO REIMBURSE
EXPENDITURES FOR STORM WATER FACILITIES
IMPROVEMENTS IN ANTICIPATION OF FUNDING THROUGH THE
WISCONSIN ENVIRONMENTAL IMPROVEMENT FUND / CLEAN
WATER FUND LOAN PROGRAM
INITIATED BY: DEPARTMENT OF PUBLIC WORKS
WHEREAS, the City of Oshkosh owns and operates a storm water system (the
"System ") as a public utility; and
WHEREAS, the City plans to construct improvements to the storm waterfacilities in
the system (the "Project "); and
WHEREAS, as more specifically described below, it is anticipated that expenditures
related to this project will be paid on or after the passage of this resolution and the City
reasonably expects to reimburse itself for these expenditures by incurring debt; and
WHEREAS, the city expects to receive a loan and /or grant (the "Loan ") from the
State of Wisconsin Clean Water Fund Loan Program (the "Program ") to finance the project
and expects to issue tax exempt bonds (the "Bonds ") to the Program in evidence of the
Loan; and
WHEREAS, because the Loan will not become available prior to December of 2009,
the Municipality must provide interim financing to cover costs of the Project incurred prior
to receipt of the Loan; and
WHEREAS, it is necessary, desirable, and in the best interests of the Municipality to
advance moneys from its funds on hand on an interim basis until the Loan becomes
available and the Bonds can be issued.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of
Oshkosh, Wisconsin, that the appropriate city officials are hereby authorized and directed
to make expenditures as needed from its funds on hand to pay the costs of the Project until
bond proceeds become available.
BE IT FURTHER RESOLVED that the City of Oshkosh hereby officially declares its
intent under Treas. Reg. Section 1.150 -2 to reimburse said expenditures with proceeds of
the Bonds, the principal amount of which is not expected to exceed $ 1,750,000.00.
JUNE 23, 2009
09 -236 RESOLUTION
CONT'D
No funds for payment of the Project from sources other than the Bonds are, or are
reasonably expected to be, reserved, allocated on a long -term basis, or otherwise set
aside by the Municipality pursuant to its budget or financial policies.
This resolution shall be made available for public inspection at the City Clerk's
office within thirty (30) days after its approval in compliance with applicable State law
governing the availability of records of official acts including subchapter II of Chapter 19,
and shall remain available for public inspection until the Bonds are issued.
This resolution shall be effective from and after its passage and publication.
OfH
ON THE WATER
MEMORANDUM
TO: Honorable Mayor and Members of the Common Council
FROM: James Rabe, P.E., CPESC, Civil Engineer II
DATE: June 18, 2009
RE: Application for Clean Water Fund Loan /Grant for the Oakwood Road Storm Water
Management Facility
BACKGROUND
The City of Oshkosh recently completed a City Wide Storm Water Management Plan to serve as a
roadmap to complying with the Department of Natural Resources General Permit for Municipal Storm
Water Discharges. This plan and the Sawyer Creek Storm Water Management Plan have identified the
South Oakwood Road Storm Water Facility as a site to provide management of the runoff generated
within the watershed. Staff are currently working on the completion of all the forms necessary to submit
the application to the Department of Natural Resources.
ANALYSIS
The Clean Water Fund Program provides financial assistance for eligible projects in the form of
subsidized interest rates. In this funding cycle, additional stimulus money is available and some projects
will have portions of principal forgiven (receive partial grants). The final determination on grant funding will
be made sometime after the application deadline which is June 30 As part of the application process,
the Department of Natural Resources requires that the governing body authorize a representative be
designated for signing the Financial Assistance Application and declare its intent to reimburse funds on
hand used on an interim basis until the long term financing is received from the program.
FISCAL IMPACT
Funding this project through the Clean Water Fund will provide a reduced the interest rate on borrowed
funds and provides the potential for a portion of the principal to be forgiven (as a grant).
RECOMMENDATIONS
I recommend that the resolutions for Authorized Representative and Intent to Reimburse be approved so
the Clean Water Fund Financial Assistance Application can be completed and submitted by the June 30,
2009.
Respectfully Submitted, Approved:
James Rabe, P.E., CPESC Mark Rohloff
Civil Engineer II City Manager
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