CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Business and Financial Services 		For Meeting of:
April 24, 2017
District: ALL From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: Yes
Subject:
Amendment 2 to State Revolving Fund Loan Agreement WW480420
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 WW480420 is the third loan under that plan and was approved by City Council on February 4, 2013.  Amendment 1 was approved by City Council on November 17, 2014. The proposed Amendment 2 finalizes Loan Agreement WW480420, 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.
Fiscal & Efficiency Data:

Under Amendment 2 to SRF Agreement WW480420, the loan amount for project costs will be reduced by $293,348.  The revised total amount to repay under the loan, including the loan service fee and capitalized interest, is $2,701,962.74.  The loan service fee will be reduced by $5,867 to $52,454, and accrued capitalized interest is $26,798.74. The interest rate on Loan Agreement WW480420 is 1.59 percent. The term of the loan payback is 20 years beginning in July of 2017, which will be paid in 40 semi-annual loan payments.  Amendment 2 revises the semi-annual loan payment down from $89,277 to $78,210, for an annual debt service savings of $22,134.
Recommended Action:

Approval of  Amendment 2 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 4/14/2017 11:02 AM
City Clerk 4/14/2017 12:37 PM
ATTACHMENTS:
Name: Description: Type:
WW480420_Amendment_2.pdf SRF WW480420 Amendment 2 Backup Material
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