Title
Pertaining to an application to the Minnesota Public Facilities Authority for a loan to partially finance the replacement of lead services for a value of $35,000,000.
Body
WHEREAS, at its March 8, 2022 meeting, the Board of Water Commissioners of the City of Saint Paul directed staff to initiate a 10-year enhanced lead service line replacement plan (“Lead Free SPRWS”); and
WHEREAS, the Board of Water Commissioners wishes to explore financing options for Lead Free SPRWS; and
WHEREAS, the Board has been provided an opportunity to make application to the Minnesota Public Facilities Authority for grant and loan funding through the Drinking Water Revolving Fund in the amount of $35,000,000 to partially finance the replacement of lead water service lines; and
RESOLVED, that the Board of Water Commissioners of the City of Saint Paul is hereby applying to the Minnesota Public Facilities Authority for a loan from the Drinking Water Revolving Fund for replacement of lead water services; and, be it
FURTHER RESOLVED, the Board estimates the loan amount to be $35,000,000; and, be it
FINALLY RESOLVED, that the Board represents that it has the legal authority to apply for the loan, and the financial, technical, and managerial capacity to administer a program using the funds effectively to provide the highest benefit to the participating property owners.