Res. #10-014 Proj. Funding Plan & Plan Between Funds - Stormwater/Field Irrig. Proj. & Clean Water Leg. Grant

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