Summary:
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. The first round of funding came through Loan Agreement WW480400, approved by City Council on January 24, 2011; the second round through Loan Agreement WW480410, approved by City Council on June 18, 2012; the third round through Loan Agreement WW480420, approved by City Council on February 4, 2013; and the fourth round through Loan Agreement WW480430, approved by City Council on June 17, 2013. The application for the fifth round of funding, to come through Loan Agreement WW480460, was approved by a City Council Resolution on November 16, 2015. The State has since accepted the application and Loan Agreement WW480460 is ready for final approval.
Recent financial forecasts on the City’s Wastewater System, including the analysis submitted with the loan application, demonstrate that the new loan is appropriate and within serviceable levels. The award amount for Loan Agreement WW480460 is $7,375,713 plus $10,800 in capitalized interest and a loan service fee of $147,514. The financing rate on the loan is 0.30 percent and it will be repaid in 40 semiannual loan payments. |
|
Fiscal & Efficiency Data:
The authorized loan amount for Loan Agreement WW480460 is $7,375,713 plus $10,800 in capitalized interest and a loan service fee of $147,514. The loan will be repaid in 40 semiannual loan payments of $194,199, which will begin on December 15, 2017. The financing rate on the loan is 0.30 percent.
|