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that checks and balances are in place to ensure that the administration cannot execute an agreement not in concert with the term sheet. Mr. O'Leary thanked everyone in attendance for informing the process. He expressed confidence in the process, stating that it has exceeded the standard for similar processes. To those who believe that the proposal is not the right fit, he responded that that statement is not justifiable in the absence of an alternative proposal or idea. He expressed optimism about the City, the building trades, and the developer all coming together collaboratively. He stated that the final product here is a stand out and that the courageous vote tonight is to support the project and move the City forward. It was clarified that the version of the Ordinance on the docket includes Councilmember Anderson's amendment. On the motion to adopt Ordinance 27 -18. Yeas: Anderson, Bullock, Litten, O'Leary, O'Malley Nays: George, Rader Ordinance 27 -18 adopted 3. Finance Committee Report regarding Resolution 8993 -18. (To Be Provided) We had a Finance Committee Meeting April 30th in the East Conference Room. We discussed Resolution 8993 -18 which dealt with the High Rate Facility Waste Water Treatment Plant improvement project. City Engineer Papke provided an overview of the proposed High Rate Treatment Facility as described in the City's permit with the EPA. The high rate treatment plant is necessary to eliminate a combined sewer overflow, which occurs when the WWTP reaches capacity during wet weather events. This Resolution will authorize Council to enter into a Water Pollution Control Loan Fund Agreement in the amount of $13 million at 0% interest and in the amount of $5.7 million at a standard interest rate. The fund is a state revolving loan fund for large scale projects. The loans are expected to be repaid over 30 -40 years. These funds must be secured before the project goes out to bid. The City was recently awarded a $3 million grant and a $3.4 million loan at 0% interest from OPWC. The City feels fortunate to receive any grant funding as grants are more difficult to obtain. That funding is separate from the Loan Fund Agreement addressed in this Resolution. In response to Councilmember questions, Engineer Papke remarked further on the importance of the project. He explained that eliminating this specific CSO is a high priority of the EPA and addressing it is a major tenant of our current permit. Engineer Papke further explained the next steps after Council approves the resolution and the timeline of the. project. The City is on schedule to go out to bid for this project in August. The Facility must be operational by 2022. Repayment of the debt is not required until that time. The debt is enterprise debt and will not count against the City's borrowing ability. A motion was made and seconded to recommend adoption of Resolution 8993 -18 to Council which passed unanimously. Finance Director Pae was also present at that meeting and very