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Summary:
The City has been the recipient of several Florida Department of Environmental Protection (FDEP) State Revolving Fund (SRF) loans to help finance the construction of wastewater capital improvement projects. On April 26, 2010, City Council approved the Wastewater Facilities Plan and Capital Financing Plan for the State Revolving Loan Fund (SRF) program, which laid out planned funding for Wastewater System Capital Improvement Plan (CIP) projects over a multi-year period. Loan Agreement WW480430 is the fourth loan under that plan and was approved by City Council on June 17, 2013. The proposed Amendment 1 will reduce the overall loan amount based on revised construction costs from final bids for the projects under WW480430.
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Fiscal & Efficiency Data:
Under Amendment 1 to SRF Agreement WW480430, the loan amount for project costs will be reduced by $606,601 for a new total of $2,855,923. The loan service fee will be reduced down to $57,118 (decrease of $12,132) and accrued capitalized interest is $37,900, for a total amount to repay of $2,950,941. The interest rate on Loan Agreement WW480430 is 1.72 percent. The semi-annual loan payment drops from $105,965 to $87,502, for an annual debt service savings of $36,926.
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Recommended Action:
Approval of Amendment 1 to Loan Agreement WW480430 and authorization for the Mayor and City Clerk to execute same, subject to review and approval by the City Attorney's Office.
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Agenda Item attachment(s) on file in the City Clerks Office.
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Note:
All agenda items must
be in the City Clerk's office by Noon Friday, six(6) business days prior to the
regular Monday City Council meeting.
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Contact:
James Varnado
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Approved By:
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Department
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Date and Time
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| Budget Outside Routing Approval |
4/2/2014 1:48 PM |
| City Clerk |
4/2/2014 2:16 PM |
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