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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: <br /> n <br /> 2006 Drinking Water State Revolving Consent COUNCIL BILL# U <br /> Fund Loan Agreement for Clearwell X Action Originating Department Public Works <br /> No.2 at the Everett Water Filtration First Reading Contact Person Tom Thetford <br /> Plant Second Reading Phone Number 425 257-8800 <br /> Third Reading FOR AGENDA OF May 16, 2007 <br /> Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> 5/9/07 Budget Comm Loan Agreement Public Works <br /> Legal <br /> Council approval of this agenda item authorizes a budget revision in the additional amount requested. <br /> Expenditure Required $ -0- Account Number(s): <br /> Amount Budgeted $ -0- <br /> Additional Required $ -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The Public Works Department has applied for and received a 2006 Drinking Water State Revolving Fund <br /> Loan Agreement for the Clearwell No.2 at the Everett Water Filtration Plant. This 2006 agreement is for the <br /> construction of a second 5 million gallon clearwell at the Everett Water Filtration Plant. The additional <br /> clearwell will help fulfill the need for treatment and storage to meet the projected population growth in the <br /> next 50 years, and Department of Health's water quality requirements. The amount of the loan is $3,030,000 <br /> at 1.5 percent interest rate and a repayment term of 20 years. The total cost of the project is estimated at <br /> $29,000,000. <br /> RECOMMENDATION (Exact action requested of Council): <br /> Authorize the Mayor to sign the Year 2006 Drinking Water State Revolving Fund Loan Agreement- <br /> Clearwell No. 2 at the Everett Water Filtration Plant. <br /> 10 <br />