Item Coversheet

13.

CITY OF STUART, FLORIDA
AGENDA ITEM REQUEST
CITY COMMISSION

Meeting Date:  12/10/2018 

Prepared by:  Tim Voelker, P.E. - Assistant Public Works Director/City Engineer

Title of Item:

RESOLUTION No. 121-2018;  A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF STUART, FLORIDA, RELATED TO THE STATE REVOLVING FUND LOAN PROGRAM; MAKING FINDINGS; AUTHORIZING THE MAYOR TO EXECUTE THE DRINKING WATER FACILITIES STATE REVOLVING FUND LOAN AGREEMENT FOR THE DESIGN OF PHASES I & II OF THE 1.0 MGD RO WTP PROJECT; DESIGNATING AUTHORIZED REPRESENTATIVES; ESTABLISHING PLEDGED REVENUES; PROVIDING ASSURANCES; PROVIDING FOR CONFLICTS; SEVERABILITY, AND EFFECTIVE DATE. (RC)

 


Summary Explanation/Background Information on Agenda Request:

*Loan agreement is pending modifications by FDEP based upon comments from City's Bond Counsel (Duane Draper - Bryant Miller Olive).

 

On October 8, 2018, the City Commission authorized the City's Financial Services Director to submit a Drinking Water Facilities State Revolving Fund (SRF) loan application to obtain funding for the design of Phases I & II of the 1.0 Million Gallon per Day (MGD) Reverse Osmosis (RO) Water Treatment Plant (WTP). The SRF loan application was submitted to the Florida Department of Environmental Protection (FDEP) on October 17, 2018.

 

FDEP subsequently sent the City a proposed loan agreement on November 14, 2018. The principal amount of the loan is $779,275.00, which includes $768,375.00 to be disbursed to the City and $10,900.00 of capitalized interest. In addition, a loan service fee is estimated at $15,368.00 for the loan amount  authorized to date. This fee represents two percent of the loan amount excluding capitalized interest. 



Funding Source:

Debt service payments were included in the 2017 Water and Wastewater Rate Study.

Recommended Action:

Approve Resolution 121-2018 authorizing the execution of the SRF Loan Agreement subject to review and approval by the City’s Bond Counsel and the City Attorney. 

 

ATTACHMENTS:
DescriptionUpload DateType
Resolution 121-201811/29/2018Resolution add to Y drive
SRF Loan Agreement12/5/2018Attachment