Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Relating To The State Revolving Fund Loan Program; Making Findings; Authorizing The Loan Application For $15,512,993.00 (Including Capitalized Interest And Loan Service Fee) For Construction Funds For The 2018 Septic To Sewer Expansion Program Project # 16-7077; Authorizing The Loan Agreement; Establishing Pledged Revenues; Designating Authorized Representatives; Providing Assurances; Providing For Conflicts, Severability, And An Effective Date; And Amending The Approved Fiscal Year 2018 Operating Budget For The Water And Sewer Enterprise Fund (42) (R-2017-288) And Amending The Approved FY2018 - FY2022 Capital Improvement Plan (R-2017-289).
Body
Staff Recommends: Approval of the Attached Resolution
Explanation:
Florida Statutes provide for loans to local government agencies to finance the construction of water facilities.
Florida Administrative Code rules require authorization to apply for loans, to establish pledged revenues, to designate an authorized representative, to provide assurances of compliance with loan program requirements, and to enter into a loan agreement.
The State Revolving Fund Loan Program with the Florida Department of Environmental Protection (DEP) will hold a Hearing in August 2018 to approve funding for construction funds for the 2018 Septic to Sewer Expansion Program.
The City of Hollywood, Florida, intends to enter into a loan agreement with the Department of Environmental Protection under the State Revolving Fund Loan financing in the amount of $15,512,993.00 including Capitalized Interest and Loan Service Fees of $525,318.00.
On September 27, 2017 the City Commission approved Resolution Number R-2017-289 which adopted the FY2018 Capital Improvement Program and included funding in the amount of $11,000,000.00 for the City Wide Sewer Expansion subject to accounts being created by the Department of Financial Services.
It is necessary to amend the appr...
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