Title
A Resolution approving and authorizing an Assistance Agreement between the Lexington-Fayette Urban County Government and the Ky. Infrastructure Authority to provide $1,930,000 of loan funds for the Blue Sky Wastewater Treatment Plant Acquisition and Elimination Project. [Div. of Water Quality, Martin]
Summary
Authorization to execute an Assistance Agreement with Kentucky Infrastructure Authority for a low-interest (2%) loan related to the Blue Sky Wastewater Treatment Plant Acquisition /Elimination Project. (L0574-14) (Martin)
This is a request to execute an Assistance Agreement with Kentucky Infrastructure Authority for a low-interest (2%) loan in the amount of $1,930,000 related to the Blue Sky Wastewater Treatment Plant Acquisition /Elimination Project. Funds are budgeted.
Budgetary Implications: Yes
Advance Document Review: Law/Risk Management
Fully Budgeted: Yes
Account Number: 4003-303408-3468-XXXXX
This Fiscal Year Impact: $1,930,000
Annual Impact: $
Project: BLUESKYPS_20XX
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 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 Blue Sky Wastewater Treatment Plant Acquisition and Elimination Project.
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