The City Council authorized an application for the issuance of Department of Natural Resources and Conservation (DNRC) bonds to finance the construction of a sanitary sewer lift station located north of Mary Street and west of Bitterroot Drive near 5-Mile Creek.  In its present state, the lift station is undersized for projected future service area demands and is nearing the end of its useful life due to significant corrosion and infiltration problems.

This resolution authorizes the issuance and fixes the terms and conditions of the bond. 

After the council approves the resolution, the bond closing will take place.  

Department of Natural Resources and Conservation, through its State Revolving Fund Program, offers low interest loans that fund water and wastewater projects with no closing costs.  The project loan is $3,100,000 at 3% for 20 years.  

Staff recommends that the City Council approve the attached resolution setting the form and terms for the DNRC bond.