HomeMy WebLinkAbout08-11RESOLUTION NO. 0 8 -11
A RESOLUTION of the City Council of the City of Port Angeles, Washington,
committing reserves to fund the City's matching share of the BTOP Grant
with NoaNet.
WHEREAS, on March 15, 2011, the City Council authorized the City Manager to enter
into a Participation Agreement with Northwest Open Access Network NoaNet), to participate
in the Broadband Telecommunications Opportunity Program (BTOP) Grant Cycle 2 Project (the
"Project as specified herein; and;
WHEREAS, the City has agreed to contribute matching funds that consist of in -kind and
cash contributions to the project totaling $1,117,249; and
WHEREAS, Section 3 of the Participation Agreement provides the City will establish
security arrangements for its matching funds for the Project; and
WHEREAS, the City has agreed to commit City reserves as security for the City's cash
contribution requirements under the BTOP Grant; and
WHEREAS, the grant reserves committed by the City will be used solely for the purposes
of security and payment of the cash contribution, as required, under the BTOP Grant; and
WHEREAS, the commitment of reserves will be reduced by certain assets that are being
contributed to the Project and allowed by Section 6.C. and Exhibit C of the Participation
Agreement, and from time -to -time to reflect the value of the contributions made to the Project,
and reported to and accounted by the Department of Commerce, National Telecommunications
and Information Administration;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Angeles that:
Section 1. The City shall commit $1,117,249 of the City' s reserves, specialty
reserves in the City's general fund, as security for the City's cash matching requirement pursuant
to the BTOP Grant.
Section 2. In fulfilling its cash match obligations for the project, the City shall make
in -kind contributions and Project expenditures at such times and in such amounts as is necessary
to equal, at a minimum, thirty percent (30 of the cumulative grant requests made on behalf
of the City for the Project.
PASSED by the City Council of the City of Port Angeles at a regular meeting of said
Council held on the 2 0 t h day of April, 2011.
ATTEST:
sa Hurd, City Clerk
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MAYOR
APPR• ED AS TO FO
William E. Bloor, City Attorney