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RESOLUTION NO. 13 -084 <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br />RESOLUTION AUTHORIZING A 2013 STORMWATER <br />MITIGATION LOAN <br />WHEREAS, it is proposed to improve the storm sewer system in the City of New <br />Brighton to reduce the frequency and/or eliminate localized flooding as defined in the City of <br />New Brighton's Surface Water Management Plan, dated August 2012; and, <br />WHEREAS, the City has also identified and prioritized certain stormwater mitigation <br />projects as a result of the July 2011 and June 2013 flooding; and, <br />WHEREAS, the costs associated with the Flood Mitigation Improvements will be <br />paid for by the Stormwater Improvement Fund. Cash on hand is insufficient to pay for the <br />newly identified flood mitigation work. To pay for these projects, staff recommends Council <br />use an internal loan provided from the Community Reinvestment Fund to pay for flood <br />mitigation efforts and projects. The loan would be repaid by increasing the proposed <br />Stormwater Utility Rates; and, <br />WHEREAS, this loan will cover incurred expenses in the amount of $115,000 from <br />the construction of several miscellaneous flood mitigation projects completed in 2012, the <br />preparation of the City Surface Water Management Plan (SWMP), and the preparation of the <br />July 2011 Flood Report. <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of <br />New Brighton: <br />The Finance Director is hereby authorized and directed to transfer $115,000 from the <br />Community Reinvestment Fund into the Stormwater Improvement Fund for the <br />financing of these projects, which shall be scheduled for repayment with interest <br />over a period of ten years. <br />Adopted this of 22nd day of October, 2013. <br />ATTEST: <br />Daniel A. Maiers <br />Director of Finance and Support Services <br />(SEAL) <br />