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 Wastewater Facilities and Capital Financing Plan required under the SRF Program was approved by City Council on June 21, 2004. The resolution to apply for SRF funding tied to Loan Agreement WW650040 was approved by City Council on October 25, 2004. SRF Loan Agreement WW650040 was approved by City Council on April 17, 2006, to fund work tied to Eastern Regional Reclaimed Water Distribution System and Conserv I Flow Diversion projects.
Five previous amendments to the Agreement were approved by City Council on the following dates: November 13, 2006; August 4, 2008; December 15, 2008; December 14, 2009; and March 23, 2015. Amendment 5 significantly reduced the total loan principal amount, but it did not adjust the amortization schedule for prior debt service payments made by the City at the time of Amendment 5 approval. The proposed Amendment 6 finalizes Loan Agreement WW650040, reduces the overall loan amount based on final actual project costs, and adjusts the amortization schedule for debt service payments made to-date resulting in debt service savings going forward. |
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Fiscal & Efficiency Data:
Under Amendment 6 to SRF Agreement WW650040, the loan amount for project costs will be reduced by $266,210 for a new total of $13,533,790. The loan service fee will be reduced down to $270,676 (decrease of $5,324). The interest rate on Loan Agreement WW650040 and Amendments 1-6 ranges from 2.49-2.69 percent. Accounting for ten debt service payments made to-date, the total amount remaining to repay is $6,009,316. The semi-annual loan payment drops to $243,638 (down from $455,916), for an annual debt service savings of $424,556.
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