Title of Item:
STATE REVOLVING FUND AMENDMENT 1 TO LOAN AGREEMENT DW430440 (RC):
RESOLUTION No. 08-2021; 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 DW430440; AUTHORIZING THE MAYOR TO EXECUTE AMENDMENT 1; DESIGNATING AUTHORIZED REPRESENTATIVE; 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 DW430440 for the construction of the Monterey Road Subdivision Watermain Improvements project. Amendment 1 provides adjustments to the loan repayment dates to give the City additional time to complete the closeout of the Monterey Road Subdivision Watermain Improvements project. In addition, Amendment 1 makes the following revisions to Loan Agreement Number DW430440:
- Section 1 of the Agreement is amended to include the definition for "Final Unilateral Amendment", which has been defined within Amendment 1.
- Section 8.06 - ABANDONMENT OF AGREEMENT BY PROJECT SPONSOR of the Agreement is deleted and replaced with Section 8.06 ABANDONMENT, TERMINATION OR VOLUNTARY CANCELLATION, which has been specified within Amendment 1.
All other terms and conditions of the original Agreement remain in effect.
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. 08-2021. | | |