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| DATE:
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2/18/2020 7:00:00 PM |
| SUBJECT: |
| Council Consideration of a Resolution Authorizing the Submission of a Loan Application to the Office of State Lands and Investments for a Loan Through the Capital Construction Loan Program on Behalf of the Governing Body of the City of Gillette, Wyoming, for the Purpose of the City of Gillette Wastewater Treatment Facility Improvements Projects. |
| BACKGROUND: |
| In an effort to secure additional funding sources, staff supports the City of Gillette to submit a loan application to the Office of State Lands and Investments for a Capital Construction Loan for the Purpose of the City of Gillette Wastewater Treatment Facility Improvements Projects. A full copy of the City of Gillette's loan application will be available for review in the City's Finance Department after March 6th. Enclosed separately is a copy of the Resolution of Support for Council approval. The signed Resolution will accompany the loan application. Staff supports the Resolution. |
| ACTUAL COST VS. BUDGET: |
| The loan request will be in the amount of $20,000,000. The City of Gillette plans to repay the Capital Construction Loan from the City of Gillette's 1% Optional Sales Tax and/or Sewer Fund over the span of 20 years. |
| SUGGESTED MOTION: |
| I move to approve a Resolution on Behalf of the Governing Body of the City of Gillette, Wyoming to submit a Loan Application to the Office of State Lands and Investments under the Capital Construction Loan Program for the Purpose of the City of Gillette's Wastewater Treatment Facility Improvements Projects. |
| STAFF REFERENCE: |
| MAP - Michelle Henderson, Finance Director |
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