13.B.
City Council Meeting - FINAL
- Meeting Date:
- 02/15/2022
- From:
- Rick Tadder, Management Services Director
Information
TITLE:
Consideration Resolution No. 2022-06: A resolution of the Flagstaff City Council of the City of Flagstaff, Arizona, a Municipal Corporation of Arizona, to authorize the application for Clean Water State Revolving Fund Loan from the Water Infrastructure Finance Authority of Arizona.
STAFF RECOMMENDED ACTION:
1) Read Resolution No. 2022-06 by title only
2) City Clerk reads Resolution No. 2022-06 by title only (if approved above)
3) Adopt Resolution No. 2022-06
2) City Clerk reads Resolution No. 2022-06 by title only (if approved above)
3) Adopt Resolution No. 2022-06
Executive Summary:
This resolution is required to authorize the submittal of a loan application to the Water Infrastructure Finance Authority (WIFA) of Arizona. The City is requesting a loan from the Clean Water State Revolving Fund to support our Stormwater Fund for an amount not to exceed $20 Million. Upon approval of this Resolution, the Management Services Director will begin processing the loan for submittal. This resolution does not authorize the final issuing of the loan, just the application, and staff will return in the coming months to seek Council approval of an Ordinance to authorize the debt with WIFA of Arizona.
Financial Impact:
The City has been planning on issuing debt financing to support our Stormwater Fund. In the Stormwater 5-year plan we currently have $36 Million in debt financing planned. This is the first debt issuance for the Stormwater Fund. Debt service costs are also planned as part of the 5-year plan. This loan will be repaid with Stormwater Fund revenues.
Policy Impact:
None
Connection to PBB Priorities/Objectives, Carbon Neutrality Plan & Regional Plan:
Priority Based Budget Key Community Priorities and Objectives
Carbon Neutrality Plan
Regional Plan
Sustainable, Innovated Infrastructure
Safe and Healthy Community
High Performing Governance
Safe and Healthy Community
High Performing Governance
Carbon Neutrality Plan
CR-1: Ensure all mitigation actions improve Flagstaff’s ability to adapt to the future.
CR-2: Strengthen existing community systems to create resilience to both short-term shocks and long-term change.
CR-2: Strengthen existing community systems to create resilience to both short-term shocks and long-term change.
Regional Plan
Goal WR.5. Manage watersheds and stormwater to address flooding concerns, water quality, environmental protections, and rainwater harvesting.
Has There Been Previous Council Decision on This:
No
Options and Alternatives:
- Approve the Resolution to submit a loan application to WIFA of Arizona.
- Do not approve the Resolution and provide direction to staff for managing the $20 Million financial needs of the Stormwater Fund.
Background and History:
Water Infrastructure Finance Authority (WIFA) of Arizona provides funding to Arizona communities through the Clean Water and Drinking Water revolving loan programs, to help Arizona communities construct and maintain their wastewater and drinking water infrastructure. The Clean Water State Revolving Fund (CWSRF) program is a federal-state partnership. WIFA is the administrator for Arizona's CWSRF program, providing communities a permanent, independent source of low-cost financing for a wide range of water quality infrastructure projects.
Per State of Arizona Statutes, cities with a population less than 100,000 must obtain approval by resolution of the governing body. This resolution satisfies this requirement to start the loan application process.
The City has partnered with the Water Infrastructure Finance Authority (WIFA) of Arizona for loans to support our Water, Wastewater and Forest Health projects. Currently we have seven loans in active status.
Per State of Arizona Statutes, cities with a population less than 100,000 must obtain approval by resolution of the governing body. This resolution satisfies this requirement to start the loan application process.
The City has partnered with the Water Infrastructure Finance Authority (WIFA) of Arizona for loans to support our Water, Wastewater and Forest Health projects. Currently we have seven loans in active status.