WHEREAS:

1.  On November 19, 1998, the State Water Resources Control Board recommitted (per Resolution No. 98-107) a total of $50 million of SRF to the City for the construction of Rankin Street Pump Station and Southeast Water Pollution Control Plant Improvements, Contracts "4" & "5", and Islais Creek Transport and Storage Facilities, Contracts "B" & "E";

2.  Amendments to the existing loan agreements are required for the additional funding on Contracts "4" and "E";

3.  The City is requesting the $50 million of SRF commitment be reallocated to Rankin Street Pump Station and Southeast Water Pollution Control Plant Improvements, Contracts "1", "3",  "5", and Islais Creek Transport and Storage Facilities "B" (all "new" loan agreements) to minimize the City's interest payments; and

4.  The SRF Policy requires, pursuant to Subsection 13480(b)(1) of the Water Code, that the interest rate for loan agreements be set when the initial loan contract is issued.

THEREFORE BE IT RESOLVED THAT:

The State Water Resources Control Board deny the City and County of San Francisco's request and continue the $50 million SRF loan commitment as allocated in SWRCB Resolution No. 98-107.

The undersigned, Administrative Assistant to the Board, does hereby certify that the foregoing is a full, true, and correct copy of a resolution duly and regularly adopted at a meeting of the State Water Resources Control Board held on May 20, 1999.

/s/
Maureen Marché
Administrative Assistant to the Board