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Member __________ introduced the following resolution and moved its adoption: <br />RESOLUTION AUTHORIZING SUBMISSION OF US EPA WIFIA APPLICATION AND <br />USE OF SALES TAX REVENUES FOR US EPA WIFIA LOAN APPLICATION FEES <br />WHEREAS, on July 5, 2019, the Metro Flood Diversion Authority (the “Authority”) <br />submitted its Letter of Intent (LOI) to the United States Environmental Protection Agency (“US <br />EPA”) requesting credit assistance in the form of a US EPA WIFIA loan; and <br />WHEREAS, on October 10, 2019, the Authority was selected to submit a credit <br />application for credit assistance of up to $561,000,000; and <br />WHEREAS, Bond Counsel for the Authority has presented the Authority with an <br />overview of the proposed flow of funds for the Fargo-Moorhead Metropolitan Area Flood Risk Management Project (the “Comprehensive Project”) and the structure of the Debt Obligation <br />Indenture of Trust and supporting credit facilities and/or debt instruments; and <br />WHEREAS, the US EPA WIFIA program requires the submission of an application fee <br />associated with any application for credit assistance (the “Application Fee”); and <br />WHEREAS, the US EPA WIFIA program requires each applicant to reimburse the federal <br />government for the costs of retaining expert firms, including legal, engineering, and financial <br />advisory services needed to review its application materials, negotiate terms, and close the loan on <br />behalf of the US EPA (the “Credit Processing Fee”); and <br />WHEREAS, the estimated Application Fee for the Authority is $100,000 and the <br />estimated Credit Processing Fee is $150,000 to $400,0001; and <br />WHEREAS, the estimated savings of a US EPA WIFIA loan is estimated to be a minimum of $600,000,000 in interest savings for the Authority; and <br />WHEREAS, the Authority has determined that it is in the best interests of the Authority <br />and the Comprehensive Project to submit its credit application for credit assistance of up to <br />$561,000,000 from US EPA. <br />NOW, THEREFORE, BE IT RESOLVED by the governing body of the Diversion <br />Authority: <br />Section 1. Authorization to Proceed with Preparing and Submitting Credit Application. Bond Counsel for the Authority, John T. Shockley, is hereby authorized to draft and <br />prepare an application for credit assistance with US EPA and to coordinate with Authority <br />financial advisors, technical consultants, and staff to prepare and submit a credit application to US <br />EPA WIFIA. <br />1 These fees are payable to the US EPA and do not include Authority legal, financial, and technical advisor fees. <br />Item 6c.