Hollywood FL banner
Share to Facebook Share to Twitter Bookmark and Share
File #: R-2020-039    Version: 1 Name: SRF Construction Funding For WMRP Project #14-5123
Type: Resolution Status: Passed
File created: 12/19/2019 In control: Department of Public Utilities
On agenda: 2/5/2020 Final action: 2/5/2020
Title: A Resolution Of The City Commission Of The City Of Hollywood, Florida, Relating To The State Revolving Fund Program; Making Findings; Authorizing The Loan Application For $12,846,400.00 Including Capitalized Interest And Loan Service Fee For Construction Funding For The Water Main Replacement Program Project # 14-5123; Authorizing The Appropriate City Officials To Execute A Loan Agreement For Said Funding; Establishing Pledged Revenues; Designating Authorized Representatives; Providing Assurances; Providing For Conflicts And Severability; Amending The Approved Fiscal Year 2020 Operating Budget For The Water And Sewer Enterprise Fund (442) And Amending The Approved FY2020 - FY2024 Capital Improvement Plan.
Attachments: 1. SRF PU updated 1-7-2020.pdf, 2. Exhibit 1 -SRF Loan App for Drinking Water Loan proj 5123.pdf, 3. BIS 20063.pdf
Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Relating To The State Revolving Fund Program; Making Findings; Authorizing The Loan Application For $12,846,400.00 Including Capitalized Interest And Loan Service Fee For Construction Funding For The Water Main Replacement Program Project # 14-5123; Authorizing The Appropriate City Officials To Execute A Loan Agreement For Said Funding; Establishing Pledged Revenues; Designating Authorized Representatives; Providing Assurances; Providing For Conflicts And Severability; Amending The Approved Fiscal Year 2020 Operating Budget For The Water And Sewer Enterprise Fund (442) And Amending The Approved FY2020 - FY2024 Capital Improvement Plan.


Body

Staff Recommends: Approval of the attached Resolution.


Explanation:
Florida Statutes provide for loans to local government agencies to finance the construction of water and wastewater 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 (SRF) Program with the Florida Department of Environmental Protection (DEP) will hold a hearing in February 2020 to approve funding for construction funds for the Water Main Replacement Program Project No. 14-5123.

Project No. 14-5123 is located within the area bounded by Hollywood Boulevard (North), Pembroke Road (South), Federal Highway (East) and North 21st Avenue (West).

The City intends to enter into a loan agreement with the Department of Environmental Protection under the State Revolving Fund Program for financing in the amount of $12,846,400.00 including Capitalized Interest and Loan Service Fees of $446,400.00.

On September 26, 2019, the City Commission passed and adopted Resolution No. R-2019-289 which approved the FY2020-FY2024 Capital Improvement Program and R-2...

Click here for full text