Title of Item:
AMENDMENT 1 TO DRINKING WATER REVOLVING FUND LOAN AGREEMENT (RC):
RESOLUTION No. 14-2020; 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 DW430430. 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 DW430430 for the design of Phase I of the City's Alternative Water Supply project, authorizing a loan amount of $779,275.00, including capitalized interest.
Amendment 1 provides adjustment to the loan repayment dates to give the City of Stuart additional time to complete the design activities for Phase I of the City's Alternative Water Supply project.
Funding Source:
Debt service payments were included in the 2017 Water and Wastewater Rate Study.
Recommended Action:
Approve Resolution No. 14-2020. |