HomeMy WebLinkAboutDocumentation_Regular_Tab 15_4/14/2022Agenda Item #15.
Regular Council"
STAFF MEMO `-'
Meeting: Regular Council - Apr 14 2022
Staff Contact: Matthew Hammond, Utilities Department: Utilities
Director
RESOLUTION NO. 11-22, A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, RELATING TO THE STATE REVOLVING FUND LOAN PROGRAM; MAKING
FINDINGS; AUTHORIZING THE LOAN APPLICATION; AUTHORIZING THE LOAN AGREEMENT;
ESTABLISHING PLEDGED REVENUES; DESIGNATING AUTHORIZED REPRESENTATIVES;
PROVIDING ASSURANCES; PROVIDING FOR CONFLICTS, SEVERABILITY, AN EFFECTIVE
DATE, AND FOR OTHER PURPOSES
In December 2021, the Village Council approved Resolution No. 57-21 adopting the Facility Plan for
the first phase of water main replacement projects (Water Main Replacement Projects 1 & 4) and
authorizing the submittal of the Request for Inclusion to the Florida Department of Environmental
Protection (FDEP) to be added to the State Revolving Fund (SRF) priority list. The Village's request
was approved to receive funding through the SRF Drinking Water Facilities Loan Program at the
February 2022 FDEP Priority List Public Meeting.
Florida's SRF is made up of three programs - Clean Water State Revolving Fund (wastewater &
stormwater projects), Drinking Water State Revolving Fund (DWSRF) and State Revolving Fund
Management. Both the Clean Water and the Drinking Water SRF Programs are funded through money
received from federal grants as well as state contributions. These funds then "revolve" through the
repayment of previous loans and interest earned. The DWSRF Program provides low -interest loans to
local governments and private utilities to plan, design, and build or upgrade drinking water systems.
Interest rates on loans through the DWSRF are below market rates (discounted). The DWSRF financing
rate is determined using the Bond Buyer 20-Bond GO Index average market rate for the full weeks
occurring during the three months in the preceding fiscal quarter and applying that average rate to a
formula from the rule. There are up to 1.3 percent in additional rate reductions that may be assessed
based on Davis Bacon requirements, American Iron and Steel requirements, implement of an asset
management plan, and constructing a water conservation project.
Resolution 11-22 authorizes the Village to submit the SRF Loan Application, pledges revenues to repay
the loan, and designates authorized representative.
NOTE: Due to document size, the complete loan application and supporting exhibits can be obtained
from the Utilities Department upon request.
This document and any attachments may be reproduced upon request in an alternative format by completing
our Accessibility Feedback Form, sending an e-mail to the Village Clerk or calling 561-768-0443.
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Agenda Item #15.
BUDGETED AMOUNT: N/A AVAILABLE AMOUNT: N/A EXPENDITURE AMOUNT: N/A
Additional Budgetary Information: Funding Source(s):
N/A N/A
Approve Resolution No. 11-22
Resolution 11-22 -State Revolving Fund Loan Resolution
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Agenda Item #15.
RESOLUTION 11-22
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, RELATING TO THE STATE REVOLVING FUND
LOAN PROGRAM; MAKING FINDINGS; AUTHORIZING THE LOAN
APPLICATION; AUTHORIZING THE LOAN AGREEMENT;
ESTABLISHING PLEDGED REVENUES; DESIGNATING AUTHORIZED
REPRESENTATIVES; PROVIDING ASSURANCES; PROVIDING FOR
CONFLICTS, SEVERABILITY, AN EFFECTIVE DATE, AND FOR
OTHER PURPOSES.
WHEREAS, Florida Statutes provide for loans to local government agencies to
finance the construction of water facilities; and
WHEREAS, 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; and
WHEREAS, the State Revolving Fund loan priority list currently designates
Project No. DW50270 as eligible for available funding; and
WHEREAS; the Village of Tequesta, Florida, intends to enter into a loan
agreement with the Department of Environmental Protection under the State Revolving
Fund for Project No. DW50270 financing.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, FLORIDA, AS FOLLOWS:
SECTION I. The foregoing findings are incorporated herein by reference and
made a part hereof.
SECTION II. The Village of Tequesta, Florida, is authorized to apply for a loan to
finance Project No. DW50270.
SECTION III. The revenues pledged for the repayment of the loan are net water
system revenues after payment of debt service on the Village's Promissory Note, Bank
of America, Series 2008.
SECTION IV. The Village Manager is hereby designated as the authorized
representative to provide the assurances and commitments required by the loan
application.
SECTION V. The Mayor of Tequesta is hereby designated as the authorized
representative to execute the loan agreement which will become a binding obligation in
accordance with its terms when signed by both parties. The Mayor is authorized to
represent the Village in carrying out the Village's responsibilities under the loan
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Agenda Item #15.
agreement. The Mayor is authorized to delegate responsibility to appropriate Village
staff to carry out technical, financial, and administrative activities associated with the
loan agreement.
SECTION VI. The legal authority for borrowing moneys to construct this Project
is section 166.111 Florida Statutes.
SECTION VII. All resolutions or part of Resolutions in conflict with any of the
provisions of this Resolution are hereby repealed.
SECTION VIII. If any section or portion of a section of this Resolution proves to
be invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the
validity, force, or effect of any other section or part of this Resolution.
SECTION IX. This Resolution shall become effective immediately upon its
passage and adoption.
PASSED and ADOPTED this Day of April, 2022.
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