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Title
Resolution requesting financial assistance from the Texas Water Development Board and authorizing the filing of an application for assistance for an interest subsidized loan for costs of constructing improvements to the City's Wastewater System
Presenter
Ron McCuller, Director of Public Works
Recommended Action
Approve
Analysis
This resolution authorizes the City to apply for an interest subsidized loan from the Texas Water Development Board (TWDB) and designates Anna Doll, Deputy City Manager as the authorized representative for the City in connection therewith. The City has been included on the TWDB approved list and will be invited to apply for such loan with the approval of this City Council resolution. We are hopeful that the loan may be qualified for a 15% interest forgiveness in addition to the interest subsidy. As always, we will have the option to accept or reject whatever the TWDB offers as this resolution does not obligate us to accept the loan, only authorizes to apply for the loan.
The loan will be applied to the costs of constructing improvements to the City's wastewater system.
Financial Consideration
The City's Bond Counsel (Norton Rose Fulbright) prepared the resolution approving the loan forgiveness agreement.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, REQUESTING FINANCIAL ASSISTANCE FROM THE TEXAS WATER DEVELOPMENT BOARD; AUTHORIZING THE FILING OF AN APPLICATION FOR ASSISTANCE; AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
SECTION 1: An application is hereby approved and authorized to be filed with the Texas Water Development Board (the “Board”) seeking financial assistance to finance the costs of constructing improvements to the City’s Wastewater System in an amount not to exceed a total of $5,775,000.
SECTION 2: The City Manager, any Deputy City Manager, the Chief Financial Officer and the Director of Public Works of the City, either one or any of them, shall be and are hereby designated to be the authorized representatives of the City for purposes of furnishing such information and executing such documents as may be required in connection with the preparation and filing of such application for financial assistance and the rules of the Board.
SECTION 3: The following firms and individuals are hereby authorized and directed to aid and assist the City in the preparation and submission of such application and to appear on behalf of and represent the City before any hearing held by the Board on such application, to wit:
Consulting Engineer: Financial Advisor: Bond Counsel:
Wayne Hunter, P.E. James Sabonis Robert D. Dransfield
RPS Espey Consultants, Inc. FirstSouthwest, a Division of Norton Rose Fulbright US LLP
2777 N. Stemmons Frwy, Ste 1102 Hilltop Securities, Inc. 2200 Ross Ave., Suite 3600
Dallas, TX 75207 1201 Elm Street, Suite 3500 Dallas, TX 75201
Dallas, TX 75270
SECTION 4: It is officially found, determined and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place and subject matter of the public business to be considered at such meeting, including this Resolution, was given, all as required by Texas Government Code, Chapter 551, as amended.
SECTION 5: This Resolution shall be in force and effect from and after its passage on the date shown below.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 20TH DAY OF SEPTEMBER, 2016.