| | | | | | | |  | CITY OF ORLANDO
AGENDA ITEM
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Items Types: Business and Financial Services
| For Meeting of: 2/13/2017
| | District:ALL | On file (City Clerk):Yes |
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| | | | | | | | | Subject: | Amendment 2 to State Revolving Fund Loan Agreement WW480430 | | 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 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 and 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. | | Contact: | James S. Varnado, OBFS |
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| ATTACHMENTS: | | File Name | Description | Type | | 12-12-16_Amend_2_State_final_amendment.pdf | SRF WW480430 Amendment 2 | Backup Material |
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 "Enhance the quality of life in the City by delivering public services in a knowledgeable, responsive and financially responsible manner." |
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