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Posted: March 22, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF032724-03

Agenda Item Title:

Approve Resolution No. 2024-018, a Borrower Resolution for Issuance of a Revenue Bond and Pledging Certain Revenues to Secure Payment for a State Revolving Fund (SRF) Loan Relating to Construction of Rapid City Landfill Cell 15 Liner and Leachate Collection

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
03/27/2024
City Council Hearing Date:
04/01/2024
Staff Contact:
John Leahy
Location:
Council Chambers
Agenda Item Summary:
This Resolution is for Project No. 2448 / CIP No. 51202.2.

Resolution Relating to the Construction of the Rapid City Landfill Cell 15 Liner and Leachate Collection System: Authorizing and Directing the Issuance and sale of a Revenue Bond to Pay the Cost of Said Construction; Defining the Terms and Manner of Payment of the Bond and the Security Thereof and Approving the Form of Loan Agreement; Pledging Certain Revenues to Secure the Payment of the Revenue Bond and Creating Special Funds and Accounts for the Administration of Funds for Operation of the System and Retirement of the Revenue Bond.

Bond Resolution is required as part the SRF funding for the Rapid City Landfill Cell 15 Liner and Leachate Collection Project. Revenues to be pledged are a portion of the Solid Waste Tipping and Collection Fees and have been budgeted. The Application for the SRF funding was approved by The Rapid City Council on December 05, 2022. The Cell 15 Project was awarded by The City Council on February 5, 2024. (Loan funds are up to $11,300,000 and come with 5% Grant funding up to $600,000.00.)

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
615 7104
SRF Loan/Grant
Is Funding Budgeted?:
Budgeted

Recommendations:

Origination Recommendation Action:
Approve

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