Items Types:
Business and Financial Services
For Meeting of:
July 24, 2017
District: ALL From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: Yes

State Revolving Fund Loan Agreement WW480470


On December 12, 2016, City Council approved the “Clean Water State Revolving Fund (SRF) Wastewater Facilities Plan, Volume 1” (the “Facilities Plan”) for the State Revolving Loan Fund (SRF) program.  The plan sought funding for various wastewater capital projects over the next several years. The first application for funding under the new Facilities Plan was approved by City Council on May 15, 2017, which is to come through Loan Agreement WW480470.  The Florida Department of Environmental Protection has forwarded WW480470 to the City for final approval.  The main project to be funded under the agreement is Iron Bridge Water Reclamation Facility Low Voltage Improvements.

Recent financial forecasts on the City’s Wastewater System, including the analysis submitted with the loan application, demonstrate that the new loan agreement is appropriate and within serviceable levels. The total loan amount proposed for WW480470 of $13,086,588, which includes the project award of $12,768,910, $62,300 in capitalized interest, and a Loan Service Fee of $255,378. The financing rate on the loan is 0.56 percent and it will be repaid in 40 semiannual loan payments.

Fiscal & Efficiency Data:

The authorized loan amount for Loan Agreement WW480470 is $12,768,910 plus $62,300 in capitalized interest and a loan service fee of $255,378. The loan will be repaid in 40 semiannual loan payments of $346,285, which will begin on October 15, 2019. The financing rate on the loan is 0.56 percent.

Recommended Action:

Approval of Loan Agreement WW480470 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 7/13/2017 2:18 PM
City Clerk 7/13/2017 2:30 PM

Name: Description: Type:
SRF_Loan_Agreement_WW480470.pdf SRF Agreement WW480470 Backup Material

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