Loading...
HomeMy WebLinkAbout4350 Resolution - CERB Loan Agreement AcceptanceRESOLUTION NO.4350 A RESOLUTION OF THE CITY OF PASCO, WASHINGTON, AUTHORIZING THE CITY MANAGER TO EXECUTE A CAPITAL AGREEMENT WITH THE WASHINGTON STATE COMMUNITY ECONOMIC REVITALIZATION BOARD (CERB) FOR AID IN FINANCING THE COSTS OF THE PROCESS WATER REUSE FACILITY PRETREATMENT IMPROVEMENTS PROJECT. WHEREAS, on December 5, 2022, Council approved Resolution No. 4284 authorizing City staff to submit an application to the Community Economic Revitalization Board (CERB), for and on behalf of the City, for the CERB loan funding; and WHEREAS, on January 23, 2023, the CERB awarded funding to the City for the Process Water Reuse Facility (PWRF) Pretreatment Improvements Project; and WHEREAS, the City is now ready to accept the offer of the loan from the CERB in the amount of $4,250,000, said loan to bear interest at the rate of 2.0% per annum; an additional $750,000 proceeds will be received as a grant award; and WHEREAS, repayment of said loan shall be consistent with the terms provided in the signed CERB Revised Initial Offer of Financial Aid a copy is attached hereto as Exhibit A; and WHEREAS, the City reserves the right to accelerate payments on principal and eliminate the interest on any accelerated principal payments; and WHEREAS, this obligation shall be considered as a legal revenue obligation of the City and Darigold hereby pledges its full faith and credit to the payment thereof, and WHEREAS, the City shall establish a reserve account to be known as the CERB Reserve. Establishment of this reserve applies to the CERB grants and loans. In the case of a loan, there shall be sufficient monies placed in this fund to meet the above -detailed repayment schedule. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON: The City Manager of the City of Pasco, Washington, is hereby authorized, empowered, and directed to make minor, substantive changes and execute the Washington State Community Economic Revitalizations Board Capital Agreement on behalf of the City of Pasco, attached hereto as Exhibit B. Be It Further Resolved that this Resolution shall take effect and be in full force immediately upon passage by the City Council. Resolution — PWRF Phase 3 CERB Loan Agreement - I PASSED by the City Council of the City of Pasco, Washington, on this 5t' day of June, 2023. B anche B s Mayor ATTEST: APPROVED AS TO F r l Debra Barham, CMC Kerr F City Clerk Cit'y�x Resolution — PWRF Phase 3 CERB Loan Agreement - 2 ,PLLC DocuSign Envelope ID: 8A1592A8-5234-494C-A02A-0200E3BECD89 EXHIBIT Project Number: C2023-265 Contract #: S23-790AO-257 Washington State Community Economic Revitalization Board Initial Offer of Financial Aid City of Pasco Federal Tax Number: 91-6001264 Offer Date: January 19, 2023 The Community Economic Revitalization Board (CERB) is authorized by chapter 43.160 RCW to provide funds to political subdivisions to assist in financing the cost of certain public facilities. This Initial Offer of Financial aid is contingent upon the availability of CERB funds. CERB hereby offers to make funds available to the City of Pasco, hereafter referred to as the "Contractor," in order to aid in financing the cost of, or improvements to, public facilities consisting of Pasco PWRF Pretreatment Upgrade as described in the application (hereafter collectively referred to as the "Project"). This offer consists of: ■ General Obligation loan of $5,000,000 ■ Interest rate: 2.5 percent (%) per annum on the outstanding principal balance ■ Term: 20 years maximum ■ First payment due July 31, 2025 This offer is subject to completion of pre -contract conditions, as described in Attachment A. A final contract shall be developed by CERB prior to disbursement of funds. No project costs incurred prior to this offer date will be reimbursed by CERB. In the event a final contract is not executed, no CERB funds will be disbursed. If accepted, this Initial Offer of Financial Aid must be signed and returned to CERB by March 6, 2023. ACCEPTANCE FOR CERB FA ADocuSigned by: &.11d Michael Echanove, Chair Community Economic Revitalization Board Date: 3/2/2023 1 1:00 PM PST FOR THE CONTRACTOR DocuSigned by: Adam Lincoln, Interim City Manager City of Pasco Date: 3/2/2023 1 8:51 AM PST Certificate Of Completion Envelope Id: 8A1592A85234494CA02A0200E3BECD89 Subject: Complete with DocuSign: Pasco, City of - CERB IOFA - S23-790A0-257.pdf Division: Local Government Program: CERB ContractNumber: S23-790AO-257 DocumentType: Other Source Envelope: Document Pages: 1 Signatures: 2 Certificate Pages: 5 Initials: 0 AutoNav: Enabled Envelopeld Stamping: Enabled Time Zone: (UTC-08:00) Pacific Time (US & Canada) Record Tracking Status: Original 1 /23/2023 11:33:49 AM Security Appliance Status: Connected Storage Appliance Status: Connected Signer Events Adam R. Lincoln lincolna@pasco-wa.gov Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 1/26/2023 11:46:52 AM ID: f8de9644-ff66-463f-9f91-08ba0ad4d282 Michael Echanove Echanove@palouse.com Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 3/2/2023 12:59:50 PM ID:86b8433a-d031-43ca-bc32-5d7b4ac680ed In Person Signer Events Editor Delivery Events Agent Delivery Events Intermediary Delivery Events Certified Delivery Events Holder: Barbara Smith barbara.smith@commerce.wa.gov Pool: StateLocal Pool: Washington State Department of Commerce Signature [Docuftned by: J_.A r. bwL 740D766A57464CV. Signature Adoption: Pre -selected Style Using IP Address: 64.184.156.54 DocuSlynetl by: EB06027150D4444... Signature Adoption: Pre -selected Style Using IP Address: 64.126.186.78 Signature Status Status Status Status DocuSign Status: Completed Envelope Originator: Barbara Smith 1011 Plum Street SE MS 42525 Olympia, WA 98504-2525 barbara.smith@commerce.wa.gov IP Address: 147.55.149.133 Location: DocuSign Location: DocuSign Timestamp Sent: 1/23/2023 11:35:59 AM Resent: 3/2/2023 8:50:29 AM Viewed: 3/2/2023 8:50:56 AM Signed: 3/2/2023 8:51:09 AM Sent: 3/2/2023 8:51:11 AM Viewed: 3/2/2023 12:59:50 PM Signed: 3/2/2023 1:00:29 PM Timestamp Timestamp Timestamp Timestamp Timestamp Carbon Copy Events Steve Worley worleys@pasco-wa.gov Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Not Offered via DocuSign Witness Events Notary Events Status COPIED Signature Signature Envelope Summary Events Status Envelope Sent Hashed/Encrypted Certified Delivered Security Checked Signing Complete Security Checked Completed Security Checked Payment Events Status Electronic Record and Signature Disclosure Timestamp Sent: 1/23/2023 11:35:58 AM Timestamp Timestamp Timestamps 1 /23/2023 11:35:58 AM 3/2/2023 12:59:50 PM 3/2/2023 1:00:29 PM 3/2/2023 1:00:29 PM Timestamps Electronic Record and Signature Disclosure created on: 8/11/2020 4:44:12 PM Parties agreed to: Adam R. Lincoln, Michael Echanove ELECTRONIC RECORD AND SIGNATURE DISCLOSURE From time to time, Washington State Department of Commerce (we, us or Company) may be required by law to provide to you certain written notices or disclosures. Described below are the terms and conditions for providing to you such notices and disclosures electronically through the DocuSign system. Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to this Electronic Record and Signature Disclosure (ERSD), please confirm your agreement by selecting the check -box next to `I agree to use electronic records and signatures' before clicking `CONTINUE' within the DocuSign system. Getting paper copies At any time, you may request from us a paper copy of any record provided or made available electronically to you by us. You will have the ability to download and print documents we send to you through the DocuSign system during and immediately after the signing session and, if you elect to create a DocuSign account, you may access the documents for a limited period of time (usually 30 days) after such documents are first sent to you. After such time, if you wish for us to send you paper copies of any such documents from our office to you, you will be charged a $0.15 per -page fee. You may request delivery of such paper copies from us by following the procedure described below. Withdrawing your consent If you decide to receive notices and disclosures from us electronically, you may at any time change your mind and tell us that thereafter you want to receive required notices and disclosures only in paper format. How you must inform us of your decision to receive future notices and disclosure in paper format and withdraw your consent to receive notices and disclosures electronically is described below. Consequences of changing your mind If you elect to receive required notices and disclosures only in paper format, it will slow the speed at which we can complete certain steps in transactions with you and delivering services to you because we will need first to send the required notices or disclosures to you in paper format, and then wait until we receive back from you your acknowledgment of your receipt of such paper notices or disclosures. Further, you will no longer be able to use the DocuSign system to receive required notices and consents electronically from us or to sign electronically documents from us. All notices and disclosures will be sent to you electronically Unless you tell us otherwise in accordance with the procedures described herein, we will provide electronically to you through the DocuSign system all required notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you during the course of our relationship with you. To reduce the chance of you inadvertently not receiving any notice or disclosure, we prefer to provide all of the required notices and disclosures to you by the same method and to the same address that you have given us. Thus, you can receive all the disclosures and notices electronically or in paper format through the paper mail delivery system. If you do not agree with this process, please let us know as described below. Please also see the paragraph immediately above that describes the consequences of your electing not to receive delivery of the notices and disclosures electronically from us. How to contact Washington State Department of Commerce: You may contact us to let us know of your changes as to how we may contact you electronically, to request paper copies of certain information from us, and to withdraw your prior consent to receive notices and disclosures electronically as follows: To contact us by email send messages to: docusign@commerce.wa.gov To advise Washington State Department of Commerce of your new email address To let us know of a change in your email address where we should send notices and disclosures electronically to you, you must send an email message to us at docusign@commerce.wa.gov and in the body of such request you must state: your previous email address, your new email address. We do not require any other information from you to change your email address. If you created a DocuSign account, you may update it with your new email address through your account preferences. To request paper copies from Washington State Department of Commerce To request delivery from us of paper copies of the notices and disclosures previously provided by us to you electronically, you must send us an email to docusign@commerce.wa.gov and in the body of such request you must state your email address, full name, mailing address, and telephone number. We will bill you for any fees at that time, if any. To withdraw your consent with Washington State Department of Commerce To inform us that you no longer wish to receive future notices and disclosures in electronic format you may: i. decline to sign a document from within your signing session, and on the subsequent page, select the check -box indicating you wish to withdraw your consent, or you may; ii. send us an email to docusign@commerce.wa.gov and in the body of such request you must state your email, full name, mailing address, and telephone number. We do not need any other information from you to withdraw consent.. The consequences of your withdrawing consent for online documents will be that transactions may take a longer time to process.. Required hardware and software The minimum system requirements for using the DocuSign system may change over time. The current system requirements are found here: https:Hsupport.docusi n�guides/signer- ug ide- si ping -system -requirements. Acknowledging your access and consent to receive and sign documents electronically To confirm to us that you can access this information electronically, which will be similar to other electronic notices and disclosures that we will provide to you, please confirm that you have read this ERSD, and (i) that you are able to print on paper or electronically save this ERSD for your future reference and access; or (ii) that you are able to email this ERSD to an email address where you will be able to print on paper or save it for your future reference and access. Further, if you consent to receiving notices and disclosures exclusively in electronic format as described herein, then select the check -box next to `I agree to use electronic records and signatures' before clicking `CONTINUE' within the DocuSign system. By selecting the check -box next to `I agree to use electronic records and signatures', you confirm that: You can access and read this Electronic Record and Signature Disclosure; and You can print on paper this Electronic Record and Signature Disclosure, or save or send this Electronic Record and Disclosure to a location where you can print it, for future reference and access; and Until or unless you notify Washington State Department of Commerce as described above, you consent to receive exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you by Washington State Department of Commerce during the course of your relationship with Washington State Department of Commerce.