HomeMy WebLinkAboutR23-613367
RESOLUTION NO. R23-613
RESOLUTION AUTHORIZING THE EXECUTION OF A STATE
INFRASTRUCTURE BANK LOAN AGREEMENT; AUTHORIZING
THE CITY OF PLAINVIEW TO ACT ON BEHALF OF THE CITY OF
PLAINVIEW IN ALL MATTERS RELATING TO THE LOAN
AGREEMENT
WHEREAS, the State Infrastructure Bank, operated by the Texas Department
of Transportation, is a revolving loan fund; and
WHEREAS, the City of Plainview (the "City") deems it proper and in the best
interest of the City to execute a loan agreement from the State Infrastructure
Bank in an amount up to $2,886,000 to be used for utility relocations necessary for
State Highway 194 Reconstruction Project; and
WHEREAS, the City is qualified to apply for and obtain financial assistance from
the State Infrastructure Bank for this purpose;
WHEREAS, on June 13th, 2023 the City Council approved Resolution R23-605
authorizing the submission of a loan application to the State Infrastructure Bank;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL:
Section 1. That the City hereby accepts the State Infrastructure Bank loan
agreement in its substantially final form in order to secure receipt of funds in an
amount up to $2,886,000, to be fully repaid over ten years necessary for utility
relocations for the State Highway 194 Reconstruction Project.
Section 2. That the City Council hereby authorizes the City Manager to
execute the State Infrastructure Bank loan agreement, together with all required
documentation, to effectuate the City's intent to borrow such funds.
Section 3. That the City Council further authorizes the City Manager to take
perform any actions required for implementation of this resolution to receive funding
from the State Infrastructure Bank.
PASSED, APPROVED, AND RESOLVED THIS 12th day of September, 2023.
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ATTEST:
O'd /�--x
Belinda Hinojosa, Secretary
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