The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #2020-127
Resolution to approve application for Planning and Design Loan through SRF for Sewage Treatment Plant planning and design process
WHEREAS, the City of Monticello has hired an engineering firm to create plans and otherwise design significant updates to the Monticello Sewage Treatment Plant at an estimated cost of approximately $565,000 to $580,000, and
WHEREAS, the City of Monticello understands that the current estimated cost of the updated plant to be approximately $10 to $10.5 million dollars, and
WHEREAS, the City of Monticello will consider all funding options but will likely borrow sums from the State of Iowa Revolving Loan Fund (SRF) due to the benefits offered through the SRF that are not available on the general bonding market, and
WHEREAS, the Council has been informed that the SRF will loan money to the City at 0% to cover costs of planning and designing the Sewer Plant Improvements, with the loan to be paid back in three years or otherwise rolled into a construction loan with SRF when the project moves forward to the construction phase, and
WHEREAS, the Council finds that sums will be necessary to pay the costs of planning and designing the sewer plant improvements and that borrowing the money at 0% through the SRF is appropriate and in the best interests of the City and that the submission of an application seeking such a loan should be approved.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve of the submission of the Planning & Design Loan Application with the SRF to fund the planning and design phase of the Monticello Sewer Plant upgrade project, and authorizes the City Administrator to prepare and submit the application on the City’s behalf.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 16th day of November, 2020.
Brian R. Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk