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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: Consent COUNCIL BILL# 1 <br /> Fiscal Year 2012 Public Works Action • Originating Department Public Works <br /> Trust Fund Loan Application First Reading Contact Person Dave Davis <br /> for Transmission Line No. 2, Second Reading Phone Number (425)257-8800 <br /> Phase 9 Replacement Third Reading FOR AGENDA OF July 13,2011 <br /> Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA �3i <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> Transmission Line No. 2 Loan Application Legal, Admin <br /> Amount Budgeted $6,420,000 <br /> Expenditure Required $6,420,000 Account Number(s): UP3424-4-650 <br /> Budget Remaining $0 Transmission Line No.2, Phase 9 Replacement <br /> Additional Required $0 <br /> DETAILED SUMMARY STATEMENT: <br /> The Public Works Department wishes to apply for a low-interest Washington State Public Works Trust Fund <br /> Loan to facilitate funding of Transmission Line No. 2, Phase 9. The project will involve the replacement of <br /> 4,400 feet of deteriorated 48-inch transmission line beginning at the Panther Creek Screenhouse and <br /> extending west towards the City. The project is estimated to cost$6.42 million. Of the $6.42 million,the <br /> loan will provide $5,457,000 and local revenues will provide the balance of$963,000. The terms of the loan <br /> are a 0.5% interest rate for a 20-year term with a local match of 15%. <br /> RECOMMENDATION (Exact action requested of Council): <br /> Authorize the Mayor to sign the 2012 Public Works Trust Fund Loan Application for Transmission Line No. <br /> 2, Phase 9 Replacement. <br /> 1 <br />