Title
A Resolution approving and authorizing a First Supplemental Assistance Agreement between the Lexington-Fayette Urban County Government and the Ky. Infrastructure Authority to provide an additional $31,944,188 in loan funds for the West Hickman Wet Weather Storage Tanks Project. [Div. of Water Quality, Martin]
Summary
Authorization to enter into a Supplemental Assistance Agreement by and between Kentucky Infrastructure Authority and the Lexington-Fayette Urban County Government for a low-interest (1.75%) loan related to the West Hickman Wet Weather Storage Tanks Project (A15-026) in the amount of $31,944,188.00. This Agreement has no impact on the overall project Budget. (L0589-18) (Martin/Hoskins-Squier)
Budgetary Implications [select]: No
Advance Document Review:
Law: { Yes, Completed by [Michael Cravens, 5/21/18]}
Risk Management: {No}
Fully Budgeted [select]: N/A
Account Number:
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the Urban County Council ("Governing Authority") of the Lexington-Fayette Urban County Government ("Governmental Agency") has previously determined that it is in the public interest to acquire and construct certain facilities and improvements to the Governmental Agency's Wastewater System (the "Project" or "Projects") and
WHEREAS, the Governmental Agency made an application to the Kentucky Infrastructure Authority (the "Authority") for the purpose of providing monies to construct the Project; and
WHEREAS, in order to obtain such monies, the Governmental Agency entered into an Assistance Agreement dated as of September 1, 2016 with the Authority; and
WHEREAS, since the date of the Assistance Agreement, the Authority has agreed to provide additional monies for the Project; and
WHEREAS, in order to receive such additional monies for the Project, it is necessary for the Governmental Agency to enter into a First Supplemental Assistan...
Click here for full text