CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Business and Financial Services 		For Meeting of:
April 6, 2015
District: ALL From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: Yes
Subject:
Amendment 3 to State Revolving Loan Fund Agreement WW480400
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 associated with Loan Agreement WW480400. The Agreement was subsequently approved by City Council on January 24, 2011 to fund the Conserv II Wastewater Reclamation Facility Improvements Phase I Project.   Amendment 1 to the Agreement was approved by City Council on April 25, 2011 and Amendment 2 was approved by City Council on June 4, 2012.  All disbursements from the State for project costs are complete and Amendment 3 has been prepared to finalize repayment amounts based on final project costs and three loan payments made to date.  Under Amendment 3, the semi-annual loan payment drops from $398,806 to $386,656.
Fiscal & Efficiency Data:

The total amount to repay under Loan Agreement WW480400 is $12,327,021, consisting of $11,994,297 in project disbursements, $92,839 in Capitalized Interest and a loan service fee of $239,886.  The interest rate on the original loan amount is 2.30 percent and the interest rate on the increase under Amendment 1 is 2.89 percent.  Accounting for three semi-annual loan payments made to date, the total amount remaining to repay is $11,497,551.  The semi-annual loan payment under Amendment 3 drops from $398,806 to $386,656.  This Loan will be paid back in 40 semi-annual payments.  The first payment was made on January 15, 2014 and 37 payments remain, ending on July 15, 2033.
Recommended Action:

Approval of Amendment 3 to Loan Agreement WW480400 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: James Varnado, OBFS
Approved By:

Department Date and Time
Budget Outside Routing Approval 3/26/2015 8:37 AM
City Clerk 3/26/2015 8:43 AM
ATTACHMENTS:
Name: Description: Type:
SRF_WW480400_Amendment_3.pdf Amendment 3 to WW480400 Backup Material
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