HomeMy WebLinkAbout2019-R-12 - Graham Avenue Funding RESOLUTION NO. 2019-R-12
RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION FOR FINANCIAL ASSISTANCE FROM THE
STATE INFRASTRUCTURE BANK;AUTHORIZING DOUG SVIEN, HONORABLE MAYOR,TO ACT ON BEHALF
OF THE CITY OF STEPHENVILLE IN ALL MATTERS RELATING TO THE APPLICATION
WHEREAS, the State Infrastructure Bank, operated by the Texas Department of Transportation,
is a revolving loan fund; and
WHEREAS, the City of Stephenville deems it proper and in the best interest of the City of
Stephenville to apply for a loan from the State Infrastructure Bank in the amount of$2,000,000 to be used
for utility rehabilitation in coordination with the Texas Department of Transportation's 2020 project to
repave State Highway 108, also known as Graham Avenue; and
WHEREAS, the City of Stephenville is qualified to apply for and obtain financial assistance from
the State Infrastructure Bank for this purpose;
NOW,THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL:
Section 1.
That the city council of the City of Stephenville believes that it is in the best interest of the City of
Stephenville to apply for a loan from the State Infrastructure Bank in the amount of$2,000,000, based
upon opinions of probable cost received from the city's engineering consultant, to finance a utility
rehabilitation project in coordination with the Texas Department of Transportation's 2020 project to
repave State Highway 108,also known as Graham Avenue.
Section 2.
That the City of Stephenville city council hereby authorizes Doug Svien, Honorable Mayor to execute an
application for financial assistance from the State Infrastructure Bank and to submit the application,
together with all required documentation, to the Texas Department of Transportation for consideration.
Section 3.
That the application to be submitted is attached hereto as Exhibit A and made a part hereof for all
purposes.
PASSED and APPROVED this 2nd day of April, 2019.
pF STEc?sci
C.)\`y • Doug Svien, Mayor
.(c- ••.L�
Attest: \, t
I •
. r =
FOR p..... ix .ss'
Staci L. King, City Secretary
Resolution No.2019-R- Application for Financial Assistance Page 1 of 2
Reviewed by Allen L. Barnes,
City Administrator
Approved as to form and legality by
Randy Thomas, City Attorney
Resolution No.2019-R=Application for Financial Assistance Page 2 of 2