Title of Item:
AMENDMENT TO RESOLUTION No. 105-2019, SECTION 2, RELATED TO THE SRF LOAN PROGRAM (RC):
RESOLUTION No. 27-2020; A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF STUART, FLORIDA, AMENDING RESOLUTION No. 105-2019 RELATED TO THE STATE REVOLVING FUND LOAN PROGRAM; MAKING FINDINGS; AUTHORIZING THE FINANCIAL SERVICES DIRECTOR TO SUBMIT THE LOAN APPLICATION AGREEMENT FOR THE $2,340,000.00 FLORIDAN AQUIFER TEST PRODUCTION WELL FA-1 PROJECT; AUTHORIZING THE MAYOR TO EXECUTE THE LOAN AGREEMENT; DESIGNATING AUTHORIZED REPRESENTATIVES; ESTABLISHING PLEDGED REVENUES; PROVIDING ASSURANCES; PROVIDING FOR CONFLICTS; SEVERABILITY, AND EFFECTIVE DATE.
Summary Explanation/Background Information on Agenda Request:
The City of Stuart previously adopted Resolution No. 105-2019 on November 25, 2019 authorizing execution of the Florida Department of Environmental Protection (FDEP) State Revolving Fund (SRF) loan application for construction of the Floridan Aquifer Test Production Well FA-1. Subsequent to the adoption of Resolution No. 105-2019, FDEP requested the City revise Section 2 of Resolution No. 105-2019 to include the language "excluding capitalized interest" after the loan amount of $2,340,000,00. Therefore, Resolution No. 23-2020 is amending Section 2 to include the language "excluding capitalized interest" after the loan amount of $2,340,000.00.
Funding Source:
Debt service payments were included in the 2017 Water and Wastewater Rate Study.
Recommended Action:
Approve Resolution No. 27-2020. | | |