Items Types:
Business and Financial Services
For Meeting of:
November 17, 2014
District: ALL From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: Yes

Amendment 1 to State Revolving Fund Loan Agreement WW480420


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 WW480420 is the third loan under that plan and was approved by City Council on February 4, 2013.  Under the proposed Amendment 1, the award amount for Loan Agreement WW480420 would increase from $2,633,566 to $2,916,058.

Fiscal & Efficiency Data:

Under Amendment 1 to SRF Agreement WW480420, the loan amount for project costs will be increased by $282,492 to a total award of $2,916,058.  The loan service fee will be increased by $5,650 to a total of $58,321, and accrued capitalized interest is $63,800, for a total amount to repay of $3,038,179. The interest rate on the original amount of Loan Agreement WW480420 is 1.59 percent and the interest rate on the amended amount is 1.96 percent. The term of the loan payback is 20 years beginning in July of 2016, which will be paid in 40 semi-annual loan payments.  Amendment 1 revises the semi-annual loan payment to $89,277.

Recommended Action:

Approval of  Amendment 1 to Loan Agreement WW480420 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 11/6/2014 6:14 PM
City Clerk 11/7/2014 6:55 AM

Name: Description: Type:
SRF_WW480420_Amendment_1.pdf SRF WW480420 Amendment 1 Backup Material

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