Summary:
On December 12, 2016, City Council approved the “Clean Water State Revolving Fund (SRF) Wastewater Facilities Plan, Volume 1” for the State Revolving Loan Fund (SRF) program. The plan sought funding for various wastewater capital projects over the next several years. The first round of funding came through Loan Agreement WW480470, approved by City Council on July 24, 2017. The second round of funding came through Loan Agreement WW480440, approved by City Council on December 11, 2017. This application is for the third round of funding under the plan, which would come through Loan Agreement WW48048.
At a November 8, 2017 public hearing, the Florida Department of Environmental Protection (FDEP) made funds available to the City for the Dean Road Sanitary Sewer Improvements project, pending approval of a loan application. The total project cost is $8,822,242. The SRF loan application process requires, among other things, that the City shall adopt a Resolution which formally authorizes the application, establishes the Pledged Revenues, and designates Authorized Representatives for the City. The additional borrowing associated with this application for Loan Agreement WW48048 is within serviceable levels based on current outstanding debt and recent financial forecasts of the wastewater system. Once FDEP approves the application they will send the City a draft loan agreement, specifying the interest rate and terms of the borrowing, for review and approval by City Council. |