Fort Walton Beach Resolution — 2009-14-Funding for Hurlburt Reuse — reading text

RESOLUTION 2009- 14 A RESOLUTION OF THE CITY OF FORT WALTON BEACH, FLORIDA, APPROVING THE SUBMITTAL OF THE REMAINING PHASES OF THE HURLBURT FIELD I CITY OF FORT WALTON BEACH JOINT REUSE WATER MAIN PROJECT TO THE FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION FOR INCLUSION IN THE CLEAN WATER STATE REVOLVING FUND PROGRAM AS PART OF RECOVERY AND THE AMERICAN REINVESTMENT ACT AUTHORIZING THE CITY OF 2009; MANAGER TO SUBMIT THE STATE REVOLVING FUND LOAN APPLICATION; AND SETTING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA AS FOLLOWS: 1. The authority for enactment of this resolution is pursuant to the powers for the City of Fort Walton Beach, provided in Section 2 of the City Charter, and Section 166.021 ( 1), Florida Statutes. 2.The City Council authorized the City Engineer to prepare a planning document in order to comply with the requirements of State Statutes and Florida Administrative Code pertaining to the State Revolving Fund Loan Program. 3. These State Statutes and Florida Administrative Code require that the City Council formally accept the planning document, demonstrate the fmancial capability to repay the State Revolving Fund Loan, and advertise and conduct a public hearing to discuss the application. 4. The City intends to submit an application for a State Revolving Fund low- interest loan for this project. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Fort Walton Beach, Florida,that: 5. This is resolution approves the submission of an application for a Clean Water State Revolving Fund low-interest loan for the remaining phases of the Hurlburt Field I City of Fort Walton Beach Joint Reuse Water Main project, accepting the planning documentation, and meeting other purposes 6. The City Manager is hereby authorized to:  a. accept the planning document for the project prepared by the City Engineer, dated April 20, 2009; b. certify that properly noticed and conducted public hearing was held on April 28, 2009; c. certify that the financial planning information discussed at the public hearing is correct and that the City of Fort Walton Beach has the capability to repay the loan. 7. The City Manager is further authorized to submit an application for a State Revolving Fund loan for this project to the Florida Department of Environmental Protection and to furnish such information as they may request in connection with an application for a State Revolving Fund loan, including assurances of financial capability to repay the loan. 8. The City Manager is further authorized to execute any and all other necessary instruments in connection with obtaining the State Revolving Fund loan for this proj ect. 9. The City intends, in accordance with Florida law, that a portion of the water and sewer system net revenues, including reconnection fees, after payments of all prior and senior liens, may be pledged for the repayment of the loan. 10. This Resolution shall take effect immediately upon approval by the City Council. Adopted: 4- ~5{oq - Mike Anderson, Mayor ATTEST: Approved for form and legal sufficiency. HIf!;;! i~ DISPOSITION C.APITAL FINANCING PLAN WW- 02b City of Fort Walton Beach Proj ect Sponsor) Robert Mearns, Acting City Manager Authorized Representative and Title) Fort Walton Beach, Florida 32549 City, State, and Zip Code) Brandy Wunker, Finance Director ( 850) 833- 9512 Capital Financing Plan Contact, Title and Telephone Number) P. O. Box 4009 Mailing Address) Fort Walton Beach, Florida 32549 City, State, and Zip Code) The Department needs to know about the financial capabilities of potential State Revolving Fund ( SRF) loan applicants. Therefore, a financial capability demonstration ( and certification) is required well before the evaluation of the actual loan application. The sources of revenues being dedicated to repayment of the SRF loan are Water & Sewer Operating Revenues Note: Projects pledging utility operating revenues should attach a copy of the existing/ proposed rate ordinance) Estimate of ProDosed SRF Loan Debt Service 2, 183, 598 Capital Cost* Loan Service Fee ( 2% of capital cost) 43, 672 Subtotal 2, 227, 270 21, 915 Capitalized Interest** Total Cost to be Amortized 2, 249, 185 Interest Rate*** 2. 960/ 0 Annual Debt Service 146,468 Annual Debt Service Including Coverage Factor**** 168,438 Capital Cost = Allowance + Construction Cost ( including a 10% contingency) + Technical Services after Bid Opening. Estimated Capitalized Interest = Subtotal times Interest Rate times construction time in years divided by two. 20 GO Bond Rate times Affordability Index divided by 200. Coverage Factor is generally 15%. However, it may be higher if other than utility operating revenues are pledged. lof5 Revised: 01/19/ 06  SCHEDULE OF PRIOR AND PARITY LIENS List annual debt service beginning two years before the anticipated loan agreement date and continuing at least fifteen fiscal years. Use additional pages as necessary. IDENTIFY EACH OBLIGATION 1 2000 Bond- Pump Station #1 # 2 Lease- Backhoe # 3 1998 Bond- Tax Revenue Cert. Coverage 0';" 1500/0 Coverage % 0 Coverage % 1250/0 Insured (Y es/No) Yes Insured (Yes/ No) No Insured (Y es/No) Yes 4 Lease- Wheel Loader # 5 2005 Bond- System Improvmnts # 6 0/ Coverage % 0 Coverage % 1250/0 Coverage 0 Insured (Y es/N 0) No Insured (Y es/N 0) Yes Insured nies/No) Total Non- SRF TotalSRF Fiscal Annual Debt Service ( Principal + Interest) Debt Service Debt Service w/covera~e w/ coverage Year 1# 2# 3# 4# 5# 6 2007 154, 504 N/ A 289, 013 N/A 461, 994 905, 511 0 2008 158, 555 N/ A 291, 050 N/A 461, 994 911, 599 0 2009 157, 195 N/ A 292,400 N/A 461, 994 911, 589 0 2010 155, 533 N/A 289, 226 N/A 621, 994 1, 066,753 0 2011 153, 563 N/A 289, 294 622,034 1, 064, 891 0 2012 721, 672 721, 672 0 2013 722, 559 722, 559 0 2014 722, 759 722, 759 0 2015 722, 247 722, 247 0 2016 720, 997 720,997 0 2017 719,372 719,372 0 2018 721, 572 721, 572 0 2019 723, 172 723, 172 0 2020 724, 172 724, 172 0 2021 724, 115 724, 115 0 2022 723, 440 723, 440 0 2023 721, 850 721, 850 0 2024 719, 425 719, 425 0 2025 721, 363 721, 363 0 2026 722, 450 722, 450 0 2027 721, 435 721, 435 0 2028 719, 515 719, 515 0 2029 721, 690 721, 690 0 2030 722, 735 722, 735 0 2031 722, 650 722, 650 0 2032 721, 550 721, 550 0 2033