Title
A Resolution approving and authorizing an Assistance Agreement between the Lexington-Fayette Urban County Government and the Ky. Infrastructure Authority to provide $13,674,302 of loan funds for the Bundle 2 - Trunk Sewer Replacement and Wet Weather Equalization Tank Projects. [Div. of Water Quality, Martin]
Summary
Authorization to execute an Assistance Agreement with Kentucky Infrastructure Authority for a low-interest (1.75%) loan related to the Bundle 2 - Trunk Sewer Replacement and Wet Weather Equalization Tank Projects. (L0114-14) (Martin)
This is a request to execute an Assistance Agreement with Kentucky Infrastructure Authority for a low-interest (1.75%) loan in the amount of $13,674,302 related to the Bundle 2 - Trunk Sewer Replacement and Wet Weather Equalization Tank Projects.
Budgetary Implications: NO
Advance Document Review: Law/Risk Management
Fully Budgeted:
Account Number:
This Fiscal Year Impact: $0.00
Annual Impact: $0.00
Project:
Activity:
Budget Reference:
Current Balance: $ N/A
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 has made application to the Kentucky Infrastructure Authority (the "Authority") for the purpose of providing monies to construct the Project or Projects; and
WHEREAS, in order to obtain such monies, the Governmental Agency is required to enter into an Assistance Agreement with the Authority;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Governing Authority hereby approves and authorizes the Assistance Agreement between the Governmental Agency and the Authority, attached hereto and incorporated herein by reference, substantially in the form on file with the Governmental Agency for the purpose of providing the necessary financing to the Governmental Agency for the Bundle 2 - Trunk Sewer Replacement and Wet Weather Equalization Tank Projects.
Section 2 - That the Mayor and Urban County Council Clerk of the Governmental Agency be and hereby are authorized, directed, and empowered to execute necessary documents or agreements and to otherwise act on behalf of the Governmental Agency to effect such financing.
Section 3 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
______________________________
MAYOR
ATTEST:
_______________________________
URBAN COUNTY COUNCIL CLERK
CERTIFICATE
I, the undersigned, hereby certify that I am the duly qualified and acting Urban County Council Clerk of the Lexington-Fayette Urban County Government; that the foregoing is a full, true and correct copy of Resolution No. __________, adopted by the Urban County Council of said Urban County Government at a meeting duly held on___________; that said official action appears as a matter of public record in the official records or journal of the governing authority; that said meeting was held in accordance with all applicable requirements of Kentucky law, including KRS 61.810, 61.815, 61.820 and 61.825; that a quorum was present at said meeting; that said official action has not been modified, amended, revoked or repealed and is now in full force and effect.
IN TESTIMONY WHEREOF, witness my signature this _____ day of _______________, 2014.
_______________________________
Urban County Council Clerk