Res 94-171
RESOLUTION NO.
94-171
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF FEDERAL WAY, WASHINGTON, AUTHORIZING
ACCEPTANCE OF MONIES THROUGH STATE OF
WASHINGTON PUBLIC WORK TRUST FUND LOW INTEREST
LOAN PROGRAM AND DIRECTING EXECUTION OF AN
AGREEMENT TO ACCEPT PUBLIC WORK TRUST FUND
MONIES FROM THE STATE FOR IDENTIFIED PROJECTS,
AUTHORIZING MATCHING FUNDS BY THE CITY, AND
AUTHORIZING THE INTEREST RATE AND TERM OF THE
LOAN.
WHEREAS,
cities
are
charged
with
providing
and
maintaining
public
infrastructure,
transportation
systems
and
public projects
necessary to maintain
and
improve the
public
health, safety and welfare; and
WHEREAS, the financial resources of cities to provide
these necessary service and improvements are limited; and
WHEREAS, the State has made available Public Works Trust
funds
to
supplement
city
projects
through
issuance
of
a
low
interest (one (1%) percent) loan to the City, payable over a term
of twenty (20) years; and
WHEREAS,
the
City
staff
has
aggressively
pursued
obtaining these funds,
which are awarded on a competitive and
weighted project basis,
in order to maximize the local public
benefits of these funds; and
WHEREAS, the loans identified herein will net the City of
Federal Way an amount not to exceed One-Million,
Eight-Hundred
Sixty-Six Thousand, Five-Hundred Fourty-Two Dollars ($1,866,542)
which would otherwise have to be funded totally from local revenue
sources,
and which will require a City match not to exceed the
amount of Seven-Hundred Ninety-Nine Thousand, Nine-Hundred Forty-
RES #
94-171
, PAGE 1
COpy
Seven Dollars ($799,947), thus resulting in maximum leverage of
local tax dollars; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF FEDERAL WAY, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1.
Loan Aqreements Authorized.
For all projects
identified
in
Column
1
of . Exhibit
A,
attached
hereto
and
incorporated herein by this reference, the City Manager or his or
her designated representative is authorized and directed to execute
a loan agreement with Washington State or its agencies identified
in Column 2 of Exhibit A as are necessary to accept the State
Public Work Trust Fund loan monies in the amount identified in
Column 3 of Exhibit A.
section 2.
Terms of Loan.
The term of the loan shall
not exceed twenty
(20)
years;
and the interest rate shall not
exceed the rate of 1%.
section 3.
Matchinq Funds Authorized.
Pursuant to any
necessary loan agreement, the City commits to supply matching funds
in the maximum amount identified in Column 4 of Exhibit A, specific
to each loan project.
section
4.
Receipt
of
Funds
Authorized.
For
all
projects identified in column 1 of Exhibit A, the City Manager or
his or her designee is hereby authorized to receive the Washington
State Public Trust Fund monies in the amount identified in column
3 of Exhibit A attached hereto.
section 5.
Creation of Loan Fund proiect Authorized.
At
the time of execution of each agreement and acceptance of the loan
funds specific to that agreement,
a separate project shall be
RES #
94-171
, PAGE 2
established within the Grant Miscellaneous Government Fund, into
which monies specific to that loan project shall be deposited.
Section 6.
Manaqer Shall Administer Funds.
The City
Manager
or
his
or
her
designated
representative
shall
have
responsibility for the administration of the state loan monies
received.
section 7.
Identification of Source of Funds.
The
approximate amounts, the source, the City matching share, the rate
and term of the loan, for the loan fund projects are identified in
Exhibit A attached hereto.
section 8.
Ratification.
Any act consistent with the
authority and prior to the effective date of this resolution is
hereby ratified and affirmed.
section 9.
Severability.
If any section,
sentence,
clause or phrase of this resolution should be held to be invalid or
unconstitutional
by
a
court
of
competent
jurisdiction,
such
invalidity or unconstitutionality shall not affect the validity or
constitutionality of any other section, sentence, clause or phrase
of this resolution.
section 10.
Effective Date.
This resolution shall be
effective immediately upon passage by the Federal Way City Council.
RESOLVED BY THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON, this ~ day of
April
, 1994.
CITY OF FEDERAL WAY, WASHINGTON
MA~}:E :1~
RES #
94-171
, PAGE J
ATTEST:
:zc
EY, CMC
CITY ATTORNEY, CAROLYN A. LAKE
FILED WITH THE CITY CLERK:
PASSED BY THE CITY COUNCIL:
RESOLUTION NO. 94-171
MARYK\RES\lOAN .pu
RES #
94-171
, PAGE 4
March 29, 1994
April 5, 1994
EXHIIt TL.AJJl
SPECIAL PRO !:rs OR LOANS
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
Column 7
PROJECT SOURCE GRANT CITY TERM INTEREST FUND
AMOUNT MATCH* RATE TOTAL
A. SURFACE WATER MGT.
AI. Kitts Comer Department of Community $ 789,373 $338,303 20 years 1% $1,127,676
Development Public Works
Trust Fund Loan
A2. South 336th Street Department of Community 1,077,169 461,644 20 years 1% 1,538,813
Development Public Works
Trust Fund Loan
TOTALS $1,866,542 $799,947 $2,666,489
* The City's Match in this case would be comparable to the "down payment" on a major purchase that is being financed.
Note: All figures reflect a margin of 20% to allow for variances between design projections and actual project costs.