HomeMy WebLinkAboutReso - CC - 059-2005RESOLUTION NO. 59-2005
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
APPROVING AND AUTHORIZING A LOAN FROM THE CITY'S GENERAL FUND
TO THE SEWER ENTERPRISE FUND TO FINANCE THE PURCHASE AND
INSTALLATION OF AN ELECTRICAL COGENERATION EQUIPMENT AT THE
WASTEWATER TREATMENT PLANT
RESOLVED, by the City Council of the City of Burlingame:
WHEREAS, the City is currently reconstructing the City's wastewater treatment plant; and
WHEREAS, replacement of the electrical cogeneration engine at the plant has been
approved as part of that reconstruction; and
WHEREAS, private financing of this capital project would cost 5% or more to the sewer
enterprise fund; and
WHEREAS, the City's General Fund has sufficient reserves available to provide this
financing at the 5% rate, which will return the interest paid to the community,
NOW, THEREFORE, BE IT RESOLVED, the City Council of the City of Burlingame
does hereby resolve as follows:
1. A loan of $1.1 million from the City's General Fund to the Sewer Enterprise Fund at an
annual interest rate of five percent over ten years and installment payments to be made every six (6)
months is hereby approved.
�/ ayor
I, DORIS MORTENSEN, City Clerk of the City of Burlingame, do hereby certify that the
foregoing Resolution was introduced at a regular meeting of the City Council held on the 1st day
of August2005, and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BAYLOCK, GALLIGAN, NAGEL, O'MAHONY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
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