Items Types:
Business and Financial Services
For Meeting of:
February 13, 2017
District: ALL From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Amendment 2 to State Revolving Fund Loan Agreement WW480430

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 WW480430 is the fourth loan under that plan and was approved by City Council on June 17, 2013.  Amendment 1 was approved by City Council on April, 14, 2014. All disbursements from the State for project costs are complete and Amendment 2 has been prepared to finalize repayment amounts based on final project costs and three loan payments made to date.  Under Amendment 2, the semi-annual loan payment drops from $87,502 to $75,182.

Fiscal & Efficiency Data: The total amount to repay under Loan Agreement WW480430, as amended, is $2,607,536, consisting of $2,556,321 in project disbursements, $89 in Capitalized Interest and a loan service fee of $51,126.  The interest rate of 0.86 percent on the original loan amount and Amendment 1 remains the same under Amendment 2.  The semi-annual loan payment under Amendment 2 drops from  $87,502 to $75,182.

Recommended Action:
Approval of  Amendment 2 to Loan Agreement WW480430 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 S. Varnado, OBFS
Approved By:

Department Date and Time
Budget Outside Routing Approval 2/3/2017 9:12 AM
City Clerk 2/3/2017 9:50 AM

Name: Description: Type:
12-12-16_Amend_2_State_final_amendment.pdf SRF WW480430 Amendment 2 Backup Material

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