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Fort Walton Beach Council agenda — 11-23-2010 Regular — reading text
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complete a Legal Opinion
letter than will accompany the Loan Application submittal.
2. 5.
Upon receipt and execution of the Loan Agreement, the City is prepared to bid
and award the construction of the remaining phases of the project within 60 days
with an anticipated construction start date of May 2011. Construction is expected
to last up to nine months.
3. FINANCIAL INFORMATION:
3. 1.
The funding from the SRF Program will be in the form of a low- interest loan in
the amount of $2, 183, 598 with an estimated interest rate of 2. 57 %. The payback
period is 20 years, and the debt service payment has been accounted for in the
latest Utility Rate Study.
4. RECOMMENDATION:
4. 1. Staff requests City Council adoption of Resolution 2010 -35 to authorize the
Mayor to execute and submit the SRF Loan Application for the Hurlburt Field /
City of Fort Walton Beach Reuse Water Main Project and to execute the Loan
Agreement and other necessary documentation accepting the funding.
5. ATTACHMENTS:
5. 1. Resolution 2010 -35
5. 2. FDEP SRF Loan Application
6. SIGNATURE BLOCK:
6. 1. Submitted By: 11 / 10/ 10
Michael D. Beedie, P. E.
E ering and tility Services Director
6.2. Reviewed and Concur:
Brandy W er, Finance Director
6. 3. Reviewed for Agenda: r°" 11 / 18/ 10
rt T. Mearns
City Manager
I RESOLUTION 2010 -35
2
3
4 A RESOLUTION OF THE CITY OF FORT WALTON BEACH,
5 FLORIDA, RELATING TO THE STATE REVOLVING FUND LOAN
6 PROGRAM; MAKING FINDINGS; AUTHORIZING THE LOAN
7 APPLICATION; AUTHORIZING THE LOAN AGREEMENT;
8 ESTABLISHING PLEDGED REVENUES; DESIGNATING
9 AUTHORIZED REPRESENTATIVES; PROVIDING ASSURANCE;
10 PROVIDING FOR CONFLICTS AND SEVERABILITY; AND
11 SETTING AN EFFECTIVE DATE.
12
13 WHEREAS Florida Statutes provide for loans to local government
14 agencies to finance the construction of water pollution control facilities; and
15
16 WHEREAS Florida Administrative Code rules require authorization to
17 apply for loans, to establish pledged revenues, to designate an authorized
18 representative, to provide assurances of compliance with loan program
19 requirements, and to enter into a loan agreement; and
20
21 WHEREAS the State Revolving Fund loan priority list designates Project
22 No. VWN46060 as eligible for available funding; and
23
24 WHEREAS the City of Fort Walton Beach, Florida intends to enter into a
25 loan agreement with the Department of Environmental Protection under the State
26 Revolving Fund for project financing.
27
28 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
29 THE CITY OF FORT WALTON BEACH, FLORIDA AS FOLLOWS:
30
31 Section I. The foregoing findings are incorporated herein by reference and
32 made a part hereof.
33
34 Section II. The City of Fort Walton Beach, Florida is authorized to apply for a
35 loan to finance the Project.
36
37 Section III. The revenues pledged for the repayment of the loan are net water
38 and sewer utility system revenues after payment of debt service on the City's
39 Series 2005 Utility System Revenue Bond, Series 2000B Florida Municipal Loan
40 Council Bond, and Series 1998 Public Improvement Refunding Revenue Bond.
41
42 Section IV. The Mayor is hereby designated as the authorized representative to
43 provide the assurances and commitments required by the loan application.
44
45 Section V. The Mayor is hereby designated as the authorized representative to
46 execute the loan agreement which will become a binding obligation in
47 accordance with its terms when signed by both parties. The Mayor is authorized
48 to represent the City in carrying out the City's responsibilities under the loan
49 agreement. The Mayor is authorized to delegate responsibilities to appropriate
1 City staff to carryout technical, financial, and administrative activities associated
2 with the loan agreement.
3
4 Section VI. The legal authority for borrowing moneys to construct this Project is
5 Florida Statutes Chapter 166.
6
7 Section VII.
All resolutions or part of resolutions in conflict with any of the
8 provisions of this resolution are hereby repealed.
9
10 Section VIII. If any section of portion of a section of this resolution proves to be
11 invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the
12 validity, force, or effect of any other section or part of this resolution.
13
14 Section IX.
This Resolution shall take effect immediately upon approval by the
15 City Council.
16
17
18
19
20
21 Adopted:
22 Mike Anderson, Mayor
23
24
25
26 Attest:
Approved for form and legal sufficiency:
27
28
29 Helen Spencer, City Clerk Hayward Dykes, City Attorney
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
STATE REVOLVING LOAN PROGRAM
for
Point Source Water Pollution Control
LOAN APPLICATION
ImECTION
Florida Department of Environmental Protection
Bureau of Water Facilities Funding
Twin Towers Office Building
2600 Blair Stone Road, MS 3505
Tallahassee, FL 32399 -2400
Form 62- 503. 900( 2) Effective Date 7 -29 -04
TABLE OF CONTENTS
Page
Number
LOAN APPLICATION
1) SUBMITTAL ........................................................................................................... ...............................
1
2) COMPLETING THE APPLICATION .................................................................... ............................... 1
3) ASSISTANCE ......................................................................................................... ............................... 1
PART I - ADMINISTRATIVE INFORMATION
1) PROJECT SPONSOR .............................................................................................. ............................... 1
2) AUTHORIZED REPRESENTATIVE .................................................................... ............................... 1
3) PRIMARY CONTACT ........................................................................................... ............................... 1
4) ADDITIONAL CONTACTS ................................................................................... ............................... 1
5) PROJECT NUMBER ........... ...............................
6) CAPITALIZATION GRANT PROJECT REQUIREMENTS ................................ ............................... 2
7) FINANCIAL HARDSHIP ....................................................................................... ............................... 2
8) DIRECT AND LEVERAGED LOANS .................................................................. ............................... 2
PART II - PROJECT INFORMATION
A. PRECONSTRUCTION PROJECT
1) ACTIVITIES ........................................................................................................... ...............................
2
2) SCHEDULE ............................................................................................................. ............................... 2
3) COST ....................................................................................................................... ............................... 3
B. CONSTRUCTION PROJECT
1) ACTIVITIES ........................................................................................................... ...............................
3
2) SCHEDULE ............................................................................................................. ............................... 3
3) COST ....................................................................................................................... ............................... 3
PART III - FINANCIAL INFORMATION
1) PRINCIPAL ............................................................................................................ ............................... 4
2) TERMS AND REPAYMENT ................................................................................. ............................... 4
3) ANNUAL FUNDING LIMIT .................................................................................. ...............................
4
4) LOAN REPAYMENT RESERVE .......................................................................... ............................... 4
5) INFORMATION ON LIENS .................................................................................. ............................... 4
6) ACTUAL AND PROJECTED REVENUES ........................................................... ...............................