HomeMy WebLinkAbout02-04-2013 Items Submitted at the Meeting �� i�!''�lP�r.�� �:-f ,��'-��/J /���d.r�. . .. �
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Lindsay Sovde
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Isovde@snwsc com
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Financing Update.
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To[al Par Amouni $10,790,000
Debt Service Reserve Fund 5788,333
True Interest Cost 2 28%
Average Annual Debt Service $785,904
Maximum Annual Debt Service 5790,183
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Gty of Auburn, Washington February 4, 2013
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RESOLUTION NO. 4 9 0 3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AUBURN, WASHINGTON, AUTHORIZING THE MAYOR TO
ACCEPT A FEDERAL GRANT TO BE ADMINISTERED
THROUGH THE WASHINGTON STATE DEPARTMENT' OF
TRANSPORTATION FOR THE SOUTH 277T" STREET
CORRIDOR CAPACITY AND NON-MOTORIZED TRAIL
IMPROVEMENT PROJECT
WHEREAS, the City desires to improve the safety, capacity, and efficiency of
South 277�h Street ("S. 277�h"); and
WHEREAS, the need for corridor improvements on S. 277th Street corridor is
recognized in Aubum's adopted Transportation Improvement Program; and
WHEREAS, widening S. 277th Street from Aubum Way North to L Street NE,
thereby completing the expansion of the only iwo lane segment on the street corridor
between SR-99 and SR-18 will improve the safety, capacity, and efficiency of S. 277"'
Street; and
WHEREAS, the City applied for, through the Puget Sound Regional Council
(PSRC), and was granted a federal grant to be administered by the Washington State
Department of Transportation (WSDOT) in the amount of $1,020,700.00 to finance the
design, environmental permitting, and property acquisition phases of the S. 277�" Street
Corridor Capacity and Non-Motorized Trail Improvement Project; and
WHEREAS, the federal grant requires a 13.5% match from local funding sources,
of which $159,300.00 is available through the 102 fund; and
Resolution No. 4903
February 4, 2013
Page 1
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WHEREAS, it is in the best interest of the City to use grant monies to finance
capital improvements to the transportation system.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, HEREBY RESOLVES as follows:
Section 1. That the Mayor is hereby authorized to accept the federal grant for
$1,020,700.00 for the S. 277th Street Corridor Capacity and Non-Motorized Trail
Improvement project. In addition, the Mayor is hereby authorized to execute a Local
Agency Agreement between the City and the Washington State Department of
Transportation in substantial conformity with the agreement attached hereto, marked as
Exhibit A and incorporated herein by this reference. Also, the Mayor is hereby
authorized to execute any further necessary supplemental agreements for the Project,
expending up to the total amount of the grant of$1,020,700.00.
Section 2. That the Mayor is authorized to implement such other administrative
procedures as may be necessary to carry out the directives of this legislation.
Section 3. That this Resolution shall take effect and be in full force upon
passage and signatures hereon.
Resolution Na.4903
February 4, 2013
Page 2
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Dated and Signed this day of , 2013.
CITY OF AUBURN
PETER B. LEWIS
MAYOR
ATl"EST
Danielle E. Daskam,
City Clerk
APP OVED AS TO FORM:
D niel B. Hei ,
ity Attorney
Resolution No. 4903
February 4, 2013
Page 3