CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Business and Financial Services 		For Meeting of:
March 23, 2015
District: ALL From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: Yes
Subject:
State Revolving Loan Agreement WW650041
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.  The resolution to apply for the SRF Program tied to the proposed Loan Agreement WW650041 was approved by City Council on October 25, 2004.  The Wastewater Facilities and Capital Financing Plan was approved by City Council on June 21, 2004.  The purpose of this new Loan Agreement is to fund the long delayed Conserv I Flow Diversion Project that is being removed from Loan Agreement WW650040 due to timing delays and the ability to secure a lower interest rate.  Proceeds under the new Agreement will be $15,230,360, plus $167,100 of Capitalized Interest and a Loan Service Fee of $304,607, for a total amount to repay of $15,702,067.  Under the prior Agreement for this project the interest rate ranged from 2.49-2.69 percent.  The interest rate under Loan Agreement WW650041 will be 0.8 percent if Davis-Bacon (a 0.25 percent reduction) and Iron and Steel (a 0.75 percent reduction) requirements are met. 
Fiscal & Efficiency Data:

Under SRF Agreement WW650041, proceeds will be $15,230,360, plus $167,100 of Capitalized Interest and a Loan Service Fee of $304,607, for a total amount to repay of $15,702,067. The interest rate under Loan Agreement WW650041 will be 0.8 percent if Davis-Bacon (a 0.25 percent reduction) and Iron and Steel (a 0.75 percent reduction) requirements are met.  The semi-annual loan payment will be $425,576.  As a result of the shift of the Conserv I Flow Diversion Project to Loan Agreement WW650041 from Loan Agreement WW650040 (covered in a separate Council Item), the City gains an annual net debt service savings of $225,160. 
Recommended Action:

Approval of Loan Agreement WW650041 and authorization for the Mayor and City Clerk to execute same, subject to review and approval by the City Attorney's Office. 
Agenda Item attachment(s) on file in the City Clerks Office.
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.
Contact:
Approved By:

Department Date and Time
Budget Outside Routing Approval 3/12/2015 8:52 AM
City Clerk 3/12/2015 9:04 AM
ATTACHMENTS:
Name: Description: Type:
SRF_WW650041_Agreement.pdf SRF Loan Agreement WW650041 Backup Material
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