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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-43-03 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON TO <br />ESTABLISH A WASTEWATER CAPITAL RESERVE FUND IN ACCORDANCE <br />WITH OUR STATE REVOLVING FUND LOAN CONTRACT <br />WHEREAS, the federal Clean Water Act (33 U.S.C.A. §1251 et seq.) and state law <br />(Division 7, Chapter 6.5, California Water Code) authorize the State Water Resources Control <br />Board (SWRCB) to enter into contracts with municipalities and other public agencies for <br />financial assistance for construction of publicly owned treatment works; and <br />WHEREAS, the City of Colton (Agency) is entered into a twenty-year State Revolving <br />Fund Loan Program Loan Contract for the Treatment Plant Expansion and Renovation for <br />Hydraulic Reliability (Program); and <br />WHEREAS, to meet Loan Contract Standard Conditions (Article 8, Revenue Program <br />[B]) for repayment of the not -to -exceed amount of eight million one hundred fourteen <br />thousand one hundred eight dollars ($8,114,108), at a loan interest rate of 2.5 percent per <br />annum, the Agency agrees to establish and maintain a Wastewater Capital Reserve Fund <br />(WCRF) for the term of the loan contract; and <br />WHEREAS, any violation by the Agency of any material provision of the loan contract <br />will be held as cause for termination (Article 16, Termination; Immediate Repayment; Interest <br />[B]) incurring immediate repayment to the SWRCB an amount equal to the current balance <br />due on the loan, including accrued interest - in the event of termination, interest shall accrue <br />on all amounts due at the highest legal rate of interest from the date that notice of termination <br />is mailed to the Agency to the date of full repayment by the Agency), and all penalty <br />assessments due. <br />NOW, THEREFORE, BE IT RESOLVED that the City Council resolves as follows: <br />Page 1 <br />