Approval Sheet

CITY OF GILLETTE
201 E. 5th Street
Phone (307)686-5200
CITY OF GILLETTE

www.gillettewy.gov

 
DATE: 2/21/2017 7:00:00 PM
SUBJECT:
Council Consideration of a Resolution Authorizing the Submission of a Pre-Application Form to the State Loan and Investment Board for a Loan Through the State Revolving Fund on Behalf of the Governing Body for the City of Gillette, Wyoming, for the Purpose of Interstate Industrial Park L.I.D. and Street Improvements Project.
BACKGROUND:

On January 10, 2017, the City Council approved a Resolution for the Submission of a Pre-Application Form to be submitted to the State Loan and Investment Board for a State Revolving Fund Loan for the Interstate Industrial Park L.I.D. and Street Improvements. After the SLIB staff reviewed the Pre-Application Form, they determined that pledging assessments of the Local Improvement District (L.I.D.) for loan re-payment is not feasible per their requirements to have the guarantee in place at the time the loan agreement is executed. As such, the attached Resolution is necessary to pledge Water Fund Revenues Generated Through Rates for the City's Water Distribution System for re-payment. The SLIB staff has indicated that the re-payment does not have to come from the identified source of re-payment. However, in the event of default on a loan, the identified source would be utilized to re-pay the loan. 

 

The remainder of the Resolution remains unchanged.
ACTUAL COST VS. BUDGET:
SUGGESTED MOTION:
I move for Approval of a Resolution Authorizing the Submission of a Pre-Application Form to the State Loan and Investment Board for a Loan Through the State Revolving Fund on Behalf of the Governing Body for the City of Gillette, Wyoming, for the Purpose of Interstate Industrial Park L.I.D. and Street Improvements Project.
STAFF REFERENCE:
Dustin Hamilton, P.E., Development Services Director
ATTACHMENTS:
Click to download
Resolution