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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 Direc...
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