Title of Item:
STATE REVOLVING FUND AMENDMENT 2 TO LOAN AGREEMENT DW430440 (RC):
RESOLUTION No. 52-2021; A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF STUART, FLORIDA, ADOPTING AMENDMENT 2 TO THE STATE OF FLORIDA DRINKING WATER STATE REVOLVING FUND LOAN AGREEMENT DW430440; AUTHORIZING THE MAYOR TO EXECUTE AMENDMENT 2; 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 (FDEP) 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 2 reduces the loan amount authorized for disbursement by $66,232, increases the principal forgiveness by $177,068, and increases the water supply funds by $232,064. The total loan amount is now $1,124,130, excluding capitalized interest.
All in all FDEP provided $562,066 in principal forgiveness, $477,064 in water supply restoration funding, and $85,000 in other DEP funding for a total of $1,124,130, which covered 100% of the construction costs and water availability fees for the Monterey Road Subdivision Watermain Improvements project.
Funding Source:
Resolution 44-2020 authorized Budget Amendment No. 5 to the FY2019-20 Annual Budget for the Monterey Road Subdivision Watermain Improvements project.
Recommended Action:
Approve Resolution No. 52-2021 | | |