Title of Item:
SRF LOAN ADJUSTMENT (RC):
RESOLUTION No. 99-2019; A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF STUART, FLORIDA ADOPTING AMENDMENT 1 TO THE STATE OF FLORIDA DRINKING WATER STATE REVOLVING FUND LOAN AGREEMENT DW430420. PROVIDING AN EFFECTIVE DATE, AND FOR OTHER PURPOSES.
Summary Explanation/Background Information on Agenda Request:
The State of Florida Department of Environmental Protection and the City of Stuart entered into a Drinking Water State Revolving Fund Loan Agreement, Number DW430420 for the PFC Treatment System project, authorizing a loan amount of $2,403,385.00, excluding capitalized interest and including principal forgiveness in the amount of $372,841.00.
Amendment 1 provides adjustment to the loan amount, principal forgiveness amount, semiannual loan payment amount, loan service fee, and project costs in order to reflect actual costs. The loan amount is reduced by $100,782.00; therefore, the adjusted total disbursed loan amount is $2,302,603.00.
Funding Source:
Budgeted FY19 - 1610 / 563 (Water Treatment Team)
Recommended Action:
Approve Resolution No. 99-2019 | | |