Title
A Resolution approving and authorizing an Assistance Agreement between the Lexington-Fayette Urban County Government and the Ky. Infrastructure Authority to provide $10,500,000 of loan funds for wastewater system improvements. [Div. of Water Quality, Martin]
Summary
Authority to allow LFUCG to accept a low-interest (2%) loan through the Federally Assisted Wastewater Revolving Loan Fund Program, Fund A related to the Wolf Run Pump Station Relocation and Expansion Project. (L695-12) (Martin/Moloney)
This is a request to enter into an Assistance Agreement with Kentucky Infrastructure Authority to allow LFUCG to accept a low-interest (2%) loan in the amount of $10,500,000 through the Federally Assisted Wastewater Revolving Loan Fund Program, Fund A related to the Wolf Run Pump Station Relocation and Expansion Project.
Budgetary Implications: Yes
Advance Document Review: Law/Risk Management
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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") 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; 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 dated as of January 1, 2012 substantially in the form on file with the Governmental Agency for the purpose of providing the necessary financing to the Governmental Agency for the 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:
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MAYOR
ATTEST:
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URBAN COUNTY COUNCIL CLERK