RES 2014-14 Adopted RESOLUTION NO. 2014-14
AUTHORIZATION TO ENTER INTO AN AGREEMENT WITH SOUTH
CAROLINA WATER QUALITY REVOLVING FUND AUTHORITY
FOR WATER EXPANSION PROJECT FINANCING
WHEREAS, the South Carolina Water Quality Revolving Fund Authority
(the "State Authority") provides low-interest loan financing for the construction of public
drinking water facilities from the Drinking Water Revolving Loan Fund (the "Fund")
pursuant to the Federal Safe Drinking Water Act and Title 48, Chapter 5, Code of Laws of
South Carolina, 1976, as amended; and
WHEREAS, the City of North Augusta is a legally constituted municipal
corporation in the State of South Carolina and is authorized to incur revenue debt pursuant
to Title 6, Chapter 21, Code of Laws of South Carolina, 1976, as amended; and
WHEREAS, the City of North Augusta has determined that it is in the best
interests of the City to apply to the State Authority for a loan from the Fund.
NOW THEREFORE, BE IT RESOLVED that the Mayor and City Council of
the City of North Augusta, South Carolina, in meeting duly assembled and by the authority
thereof, that the City of North Augusta:
1. That the Council hereby authorizes the City Administrator to complete, and the
Mayor to execute and submit an application to the State Authority for a loan from the
Fund in the amount of approximately $13 million ($13,000,000) to finance the costs
of constructing improvements to the water treatment facility (Phase 2) for the City's
water system. The City Administrator is authorized to take such actions as may be
necessary or convenient to complete the application process.
2. That the City will grant to the State Authority a pledge of, and lien on, all revenues of
the City's combined water and sewer system for repayment of the loan.
3. That the final terms and conditions of the loan and the loan documents shall be
subject to the approval of this Council.
DONE, RATIFIED AND ADOPTED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF NORTH AUGUSTA, SOUTH CAROLINA, ON THIS
16,41-- DAY OF Jt..- , 2014.
•
Lark W. Jones, Mayor
ATTEST:
n`nom- M . LiCy-vr‘ir
Donna B. Young, City Cle