Resolution Number 23-09 Application
RESOLUTION NUMBER 23-09
APPLYING TO THE MINNESOTA PUBLIC FACILITIES AUTHORITY CLEAN WATER REVOLVING FUND/DRINKING WATER REVOLVING FUND
BE IT RESOLVED that the City of Mountain Iron is hereby applying to the Minnesota Public Facilities Authority for a loan from the Clean Water Revolving Fund/ for improvements to its municipal wastewater treatment system as described in the loan application.
BE IT FURTHER RESOLVED that the City of Mountain Iron estimates the loan amount to be $600,000 or the as-bid cost of the project.
BE IT FURTHER RESOLVED that the City of Mountain Iron has the legal authority to apply for the loan, and the financial, technical, and managerial capacity to repay the loan and ensure proper construction, operation and maintenance of the project for its design life.
BE IT FURTHER RESOLVED that the City of Mountain Iron hereby expresses its official intent to use proceeds of this loan to reimburse construction expenditures made prior to the issuance of its general obligation bond to the Public Facilities Authority.
DULY ADOPTED BY THE CITY COUNCIL THIS 1st DAY OF JUNE, 2009.
Mayor Gary Skalko