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Resolution 16-070 Alaska Clean Water Fund Loan for the Lillian Walli Subdivision/Eric Lane Sewer Extension Project
Summary
A Resolution of the City Council of Homer, Alaska, Authorizing the City Manager to Apply for, Accept, and Execute an Alaska Clean Water Fund (ACWF) Loan for the Lillian Walli Subdivision/Eric Lane Sewer Extension Project in the Amount of $262,000. City Manager/Public Works Director.
Ordinance/Resolution ID:
16-070
Ordinance/Resolution Status:
Adopted
Introduction Date:
06/13/2016
Effective Date:
06/13/2016
File Attachments:
Related Meetings
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Details
CITY OF HOMER
HOMER, ALASKA
City Manager/
Public Works Director
RESOLUTION 16-070
A RESOLUTION OF THE CITY COUNCIL OF HOMER, ALASKA, AUTHORIZING THE CITY MANAGER TO APPLY FOR, ACCEPT, AND EXECUTE AN ALASKA CLEAN WATER FUND (ACWF) LOAN FOR THE LILLIAN WALLI SUBDIVISION/ERIC LANE SEWER EXTENSION PROJECT IN THE AMOUNT OF $262,000.
WHEREAS, The City of Homer seeks to obtain the necessary financial assistance to construct sewer system improvements; and
WHEREAS, The City Council has approved the creation of a Special Assessment District (SAD) to install a sewer main along Eric Lane, in the Lillian Walli Subdivision; and
WHEREAS, The benefitted property owners will be assessed 100% of the cost of the project; and
WHEREAS, The State of Alaska, Department of Environmental Conservation (ADEC) is able to offer Alaska Clean Water Fund funding through a 20-year, low interest loan (currently 1.5%) to finance the cost of the sewer extension; and
WHEREAS, Loan payments will be made from the Homer Accelerated Water and Sewer Program (HAWSP) over a 20-year period (with assessments collected from property owners over this same time period).
WHEREAS, A resolution authorizing the City Manager to apply for, accept, and execute a loan agreement is required by ADEC.
NOW, THEREFORE, BE IT RESOLVED that the Homer City Council hereby authorizes the City Manager to apply for, accept, and execute an Alaska Clean Water Fund low interest loan to finance the cost of the Lillian Walli Subdivision/Eric Lane Sewer Extension project in the amount of $262,000, and execute all appropriate related documents.
PASSED AND ADOPTED by the Homer City Council this 13th day of June, 2016.
CITY OF HOMER
_________________________
MARY E. WYTHE, MAYOR
ATTEST:
___________________________
JO JOHNSON, MMC, CITY CLERK
Fiscal Note: ACWF Loan for $262,000 to be paid back over a 20-year period with assessments collected from property owners.
