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REQUFS*OR CITY COUNCIL AGENDA IM <br />Agenda Date Requested: JUN ?6, 1989 <br />Requested By: Joel Albrecht keApartment:Community Development <br />Report XXX Resolution <br />Exhibits: 1 ) SRF Priority Rating Report <br />2) Resolution <br />yr' i_ •. i. err. ►1,_ � <br />Ordinance <br />The Texas Water Development Board (TWDB) established the State <br />Revolving Fund Program (SRF) to assist and encourage communities <br />to construct sewerage facilities required to improve water quality <br />and public health with low interest financial assistance. <br />Funds to support this program include $82.5 million from the <br />federal government and a like amount from the sale of bonds by the <br />Texas Water Development Board. The disbursement of these funds by <br />the TWDB is through an annual Intended Use Plan, which prioritizes <br />various wastewater projects submitted no later than July 1st of <br />each year. <br />The City is currently planning for a January 1990 Revenue Bond <br />sale for the East La Porte Relief Sewer facilities. Staff has <br />reviewed the project with the TWDB and find it to be an eligible <br />project for consideration of the low interest rate SRF monies. <br />Staff has prepared a SRF Priority Rating Report that will be <br />submitted along with the attached non -binding resolution to the <br />Texas Water Development Board for their consideration and <br />evaluation. <br />Should our project receive initial approval as a SRF project, the <br />City would then determine whether to sell our bonds as originally <br />planned or make formal application for SRF funds (Estimated to be <br />5.5%). <br />The City would then submit a final application for the funds to <br />construct the East La Porte Relief Sewer project. These funds are <br />tentatively scheduled to be released to the approved cities on or <br />about April 1990. <br />Staff recommends approval of the attached non -binding resolution <br />expressing our interest to seek funds from the TWDB Revolving Fund <br />to finance our East La Porte Relief Sewer project. <br />Action Required by Council: <br />Approve the non -binding resolution expressing our interest to seek <br />funds from the Texas Water Development Board's State Revolving <br />Fund. <br />Availability of Funds: <br />General Fund Water/Wastewater <br />Capital Improvement General Revenue Sharing <br />Other <br />Account Number: Funds Available: _ YES _ NO <br />ADDroved-forrCity Council genda <br />Robe�,//Y. Herrera DAT <br />CitAy Tanager <br />