Title of Item:
MONTEREY ROAD SUBDIVISION WATERMAIN IMPROVEMENTS LOAN AGREEMENT (RC):
RESOLUTION No. 77-2020; A
RESOLUTION OF THE CITY COMMISSION OF THE CITY OF STUART, FLORIDA, RELATING TO
THE DRINKING WATER STATE REVOLVING FUND LOAN PROGRAM; MAKING FINDINGS; APPROVING
THE FORM AND AUTHORIZING EXECUTION OF THE LOAN AGREEMENT FOR CONSTRUCTION OF
THE MONTEREY ROAD SUBDIVISION WATERMAIN IMPROVEMENTS PROJECT; PROVIDING FOR
CONFLICTS; SEVERABILITY, AND EFFECTIVE DATE.
Summary Explanation/Background Information on Agenda Request:
On April 27, 2020, the City of Stuart adopted Resolution No. 42-2020, authorizing the Drinking Water Facilities State Revolving Fund (SRF) loan application in the amount of $635,835.00 (excluding capitalized interest) for construction of the Monterey Road Subdivision Watermain Improvements project. The SRF loan application was submitted to the Florida Department of Environmental Protection (FDEP) on May 7, 2020.
FDEP subsequently sent the City a proposed loan agreement on June 9, 2020. The estimated amount of principal forgiveness is $384,998.00 and another $330,000.00 of funding is being provided by FDEP. Therefore, the estimated principal amount of the loan to be repaid is $66,232.00 ($781,230.00 - $384,998.00 - $330,000.00). The financing rate on the unpaid principal of the loan amount is 0.00% per annum.
Funding Source:
Resolution 44-2020 authorized Budget Amendment No. 5 to the FY 2019-20 Annual Budget for the Monterey Road Subdivision Watermain Improvements project.
Recommended Action:
Approve Resolution No. 77-2020. | | |