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<br />R-09-59 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A <br />LOAN COMMITMENT LETTER WITH THE VIRGINIA RESOURCE <br />AUTHORITY REQUIRED FOR THE LOAN CLOSING ON THE PRENTIS <br />PARK WATERLINE REPLACEMENT PROJECT. <br /> <br />WHEREAS, on March 9,2009, City Council authorized the City Manager to <br />sign the required applications and to accept economic stimulus funding from the Virginia <br />Department of Health, Drinking Water State Revolving Fund for replacement of aged <br />water main infrastructure in Prentis Park; and <br /> <br />WHEREAS, On July 21, 2009 the City of Portsmouth was informed that it <br />had been approved for funding in the amount of $4,808,249 subject to the successful <br />completion of program requirements; and <br /> <br />WHEREAS, funding will be through a loan issued to the City from the <br />Virginia Resources Authority (VRA); and <br /> <br />WHEREAS, of the funds received, 50% will be in the form of a zero % <br />interest rate loan and 50% as principal forgiveness. <br /> <br />WHEREAS, the VRA requires that the City execute a loan commitment letter <br />as part of the loan closing for said funds. <br /> <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia that it hereby authorizes to the City Manager to execute the loan <br />commitment letter required by the Virginia Resources Authority and such other <br />documents as may be necessary and in the City's best interests in order to obtain the <br />subject funding. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at meeting <br />held on October 13,2009. <br /> <br />Teste: <br /> <br />City Clerk <br />