Title:
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Approve and authorize the Chairman to execute a State of Florida Department of Environmental Protection Drinking Water State Revolving Fund Planning and Design Loan Agreement for lead service line inventory; and the Resolution required for the project. Countywide (Lorie Bailey Brown, CFO/Resource Management Director) Requesting Department - Utilities
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Division:
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Resource Management - Grants Administration
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Authorized By:
Lorie Bailey Brown, CFO/Resource Management Director
Contact/Phone Number:
George Woodring/407-665-7168
Background:
In March 2024, the Board approved the application to the State of Florida Department of Environmental Protection State Revolving Fund Loan Program for the planning and design of lead service line inventory requirement from the Federal EPA program along with a BAR to appropriate funding to initiate the project. The planning and design activities costs for the project are estimated at $1,140,000. The total amount awarded is $1,140,000 with $558,600 (49%) estimated principal forgiveness, leaving a loan principal amount of $581,400 (51%).
The loan service fee is estimated at $22.800 (2%) and will be based on actual project costs and assessed in the final Loan amendment. The rate of interest is 0% and the loan term is 10 years. Repayments are semi-annual and computed based upon the loan principal amount plus the loan service fee.
The agreement has been reviewed by the County Attorney Office and outside Bond Council and is ready for execution by the Board. The state requested an updated Resolution to accompany the agreement to clarify the authorizing authority for the agreement and project.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute a State of Florida Department of Environmental Protection State Revolving Loan Program agreement for the planning and design of lead service line inventory; and execute an updated Resolution for the project.