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 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 First Supplemental 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 West Hickman Wet Weather Storage Tanks 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
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 _______________, 2018.
_______________________________
Urban County Council Clerk
589-18_MSC_X:\Cases\WATER-AIR\18-LE0001\LEG\00614383.DOCX