HomeMy WebLinkAbout8675RESOLUTION NO. 8675
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
AUTHORIZING EXECUTION OF A CONSTRUCTION INSTALLMENT SALE
AGREEMENT WITH THE STATE WATER RESOURCES CONTROL BOARD
FOR THE CONSTRUCTION OF THE CITY OF REDLANDS WASTEWATER
TREATMENT PLANT UPGRADES PROJECT
WHEREAS, the City of Redlands (the "City") has the authority to construct, operate, and
maintain the City's Wastewater Treatment Plant (the "WWTP"); and
WHEREAS, the City applied for a loan from the State Water Resources Control Board (the
"SWRCB") under the Clean Water State Revolving Fund (the "CWSRF") Program for financial
assistance for the construction of the City's Wastewater Treatment Plant Upgrades Project (the
"Project"); and
WHEREAS, in connection with the CWSRF Loan, the City will enter into a Construction
Installment Sale Agreement with the SWRCB; and
WHEREAS, SWRCB staff have indicated that this Resolution and the Installment Sale
Agreement are necessary for the CWSRF Loan and distribution of loan proceeds to the City during
the construction of the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
REDLANDS AS FOLLOWS:
Section 1. That the City Council of the City of Redlands hereby authorizes the execution and
delivery of the Installment Sale Agreement for the purpose of financing the Project and to approve
certain matters in connection therewith.
Section 2. That the incurrence of the CWSRF Loan is in the principal amount of $45,000,000
with an interest rate of 1.8% for a 30-year term.
Section 3. That the Installment Sale Agreement, substantially in the form on file with the City
Cleric, is hereby approved. The City Manager, or his designee, is authorized and directed to execute
and deliver the Installment Sale Agreement with such changes, insertions, and omissions as may be
recommended by the City Attorney and said execution being conclusive evidence of such approval.
Section 4. That the City acknowledges that the good faith estimates required by Section 5852.1
of the California Government Code with respect to each of the CWSRF Loan are disclosed in Exhibit
A hereto.
1AResolutions\Res 8600-8699\8675 Installment Sale.docx-jm
Section 5. That the City Manager, or his designee, is authorized and directed to execute and
deliver any and all documents and instruments and to do and cause to be done any and all acts and
things necessary or proper to execute the Installment Sale Agreement, and to carry out the transactions
contemplated by Installment Sale Agreement and this resolution.
ADOPTED, SIGNED AND APPROVED this 6t1i day of May 2025.
A, Z -
Mario Saucedo, Mayor
ATTEST:
eAne Donaldson, City Clerk
2
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1, Jeanne Donaldson, City Clerk of the City of Redlands, hereby certify that the foregoing resolution
was duly adopted by the City Council at a regular meeting thereof held on the 6th day of May 2025,
by the following vote:
AYES: Councilmembers Barich, Tejeda, Davis, Shaw; Mayor Saucedo
NOES:
Jea K5.9bonaldson, City Clerk
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EXHIBIT A
GOOD FAITH ESTIMATES
The good faith estimates set forth herein are provided with respect to the CWSRF Loan as
required under Section 5852.1 of the California Government Code. The following estimates have no
bearing on, and should not be misconstrued as, any not -to -exceed financial parameters authorized by
the resolution. The amounts below are estimates and the final costs will depend on market conditions
and can be expected to vary from the estimated amounts set forth below.
CWSRF Loan — City of Redlands Wastewater Treatment Plant Upgrades Project
(a) The true interest cost of the Loan is estimated at 1.8%, calculated as provided in Section
5852.l(a)(1)(A) of the Code.
(b) The finance charge of the Loan, including all fees and charges paid to third parties, is
estimated at $13,531,324.42.
(c) The total payment amount calculated as provided in Section 5852.1(a)(1)(D) of the Code is
estimated at $ 58,531,324.42.
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