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Consideration and Adoption of Ordinance No. 2019-33: An ordinance of the City Council of the City of Flagstaff, approving the form and authorizing the execution and delivery of a loan agreement with the Water Infrastructure Financing Authority of Arizona from its Clean Water Revolving Fund program; delegating the determination of certain matters relating thereto to the Management Services Director of the City; providing the transfer of certain moneys and making certain covenants and agreements with respect thereto and authorizing the taking of all other actions necessary to the consummation of the transactions contemplated by such loan agreement; providing for severability, authority for clerical corrections, and establishing an effective date (Water Infrastructure Loan Authorization - Flagstaff Watershed Protection Project) |
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Ms. Suda stated that the ordinance is to enter into a loan agreement with the Water Infrastructure Finance Authority of Arizona, also known as WIFA for the remaining $6M for the Flagstaff Watershed Protection Project. The loan will be paid back with Secondary Property Tax levies. Issuing of this debt is anticipated to maintain a secondary property tax rate not to exceed 0.8366. |
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Moved by Councilmember Jamie Whelan, seconded by Councilmember Charlie Odegaard to read Ordinance No. 2019-33 by title only for the first time.
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Vote: 7 - 0 - Unanimously |
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AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF FLAGSTAFF, APPROVING THE FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT WITH THE WATER INFRASTRUCTURE FINANCE AUTHORITY OF ARIZONA FROM ITS CLEAN WATER REVOLVING FUND PROGRAM; DELEGATING THE DETERMINATION OF CERTAIN MATTERS RELATING THERETO TO THE MANAGEMENT SERVICES DIRECTOR OF THE CITY; PROVIDING FOR THE TRANSFER OF CERTAIN MONEYS AND MAKING CERTAIN COVENANTS AND AGREEMENTS WITH RESPECT THERETO AND AUTHORIZING THE TAKING OF ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY SUCH LOAN AGREEMENT; PROVIDING FOR SEVERABILITY, AUTHORITY FOR CLERICAL CORRECTIONS, AND ESTABLISHING AN EFFECTIVE DATE |
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