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City of Centerville <br />Res. #10 -0 <br />A RESOLUTION AUTHORIZING PROJECT, PROJECT FUNDING PLAN AND LOAN <br />BETWEEN FUNDS <br />WHEREAS, the City Engineer has developed a feasibility report for the Downtown <br />Stormwater/Field Irrigation Project, and <br />WHEREAS, the estimated cost for construction of the improvement is determined to be <br />$440,708, and <br />WHEREAS, a portion of the project will be constructed with grant money from the Clean <br />Water Legacy Fund and Rice Creek Watershed District, and <br />WHEREAS, Clean Water Legacy Funds in the amount of $249,500 were previously received <br />for an expanded version of the project, and <br />WHEREAS, Clean Water Legacy Funds are committed in the amount of $188,550 with the <br />requirement that the remaining grant must be returned, and <br />WHEREAS, there will initially be a shortage in funding that is proposed to be paid from a loan <br />from the Sanitary Sewer Fund #602. <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF CENTERVILLE, <br />MINNESOTA: <br />1) The Downtown Stormwater/Field Irrigation Project is hereby ordered as proposed by the <br />Engineer and paid for in accordance with the attached financing plan (Exhibit A). <br />2) The City Council hereby authorizes a loan in the amount of $110,000 from the Sanitary <br />Sewer fund. Such loan shall be repaid from the Stormwater Fund #415 in five annual <br />installments beginning December 31, 2012, with interest at a rate of 1.5% per annum in <br />accordance with the payment/interest schedule attached as Exhibit B. <br />3) Clean Water Legacy Grant Funds in the amount of $249,500 previously received in the <br />Stormwater Utility Fund (Fund # 415) shall be transferred to the Stormwater Project Fund <br />(Fund #453). <br />4) Clean Water Legacy Grant Funds in excess of $188,550 approved for the current project <br />shall be returned to the State of Minnesota and such repayment is hereby approved. <br />Adopted by the City Council this day of , 2010. <br />Mary Capra, Mayor <br />Attest: <br />Teresa Bender, City Clerk <br />•l a <br />J Q' <br />