This resolution is the legal admission that the $2 million grant the city was awarded will be used to pay off a portion of the Waste Water Treatment Plant and Sewer upgrade loan and is required under the terms of the grant.
The grant itself, which is awarded from the federal level will not actually pass through the city's hands and will instead be authorized at the state level, or by the same people who are giving us the loan in the first place. Because of this money shuffling, this $2 million dollar grant is also known as $2 million dollars in forgivable loans, since we will not actually see it at the city level, but will benefit by it's use against the $6.7 million (the 4.7 million authorized by Resolution 2010-04 and the $2 million authorized by Resolution 2010-05
The following is resolution 2010-05.
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