RESOLUTION No. 36281

Authorize a temporary loan from the Sewer System Rate Stabilization Fund to the Transportation Operating Fund to provide interim financing for the Portland Streetcar Gibbs Extension Project. (Resolution)

WHEREAS, on December 22, 2004, the City Council is expected to approve an Intergovernmental Agreement (IGA) with the Tri-County Metropolitan Transportation District of Oregon (TriMet) regarding funding for the Portland Streetcar Gibbs Extension Project; and

WHEREAS, the TriMet Board of Directors is expected to have approved the IGA at its December 15, 2004, meeting; and

WHEREAS, the IGA calls for payment to the City of $10.0 million for the Portland Streetcar Gibbs Extension Project (Project) in mid 2005; and

WHEREAS, it is necessary and desirable to order the streetcar vehicles needed for the Project as soon as possible because of currency fluctuations and in order to provide service to SW Gibbs by July 2006, which is in line with the planned opening of the tram, the first Oregon & Health Science University building and the first residential development; and

WHEREAS, pending payment by TriMet, there is a need to provide interim financing to carry out the purchase of the streetcar vehicles in the most cost effective manner and to provide for other authorized Project-related expenditures; and

WHEREAS, the Sewer System Rate Stabilization Fund is projected to have sufficient resources to provide a temporary loan to the Transportation Operating Fund.

NOW, THEREFORE, BE IT RESOLVED, that a temporary loan is hereby authorized as needed from the Sewer System Rate Stabilization Fund to the Transportation Operating Fund in an amount not to exceed Four Million Four Hundred Thousand Dollars ($4,400,000); and

BE IT FURTHER RESOLVED, that any amount borrowed under this authorization will be repaid with interest calculated at the rate earned by the City’s investment portfolio on or before September 1, 2005.

Adopted by the Council, December 22, 2004

 GARY BLACKMER

Commissioner Jim Francesconi  Auditor of the City of Portland

Vicky L Diede:slg              BY /S/ Susan Parsons

December 15, 2004

RES re Sewer Loan.doc  DEPUTY

BACKING SHEET INFORMATION

AGENDA NO. 1506-2004

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 36281