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ITEM: A. RESOLUTION NO. R2025-78 APPROVAL BY WELLINGTON, FLORIDA’S COUNCIL OF A RESOLUTION RELATING TO THE STATE REVOLVING FUND LOAN PROGRAM AUTHORIZING AMENDMENT 1; AN EFFECTIVE DATE; AND FOR OTHER PURPOSES
A RESOLUTION OF WELLINGTON, FLORIDA’S COUNCIL, RELATING TO THE STATE REVOLVING FUND LOAN PROGRAM AUTHORIZING AMENDMENT 1; PROVIDING FOR CONFLICTS, SEVERABILITY, AN EFFECTIVE DATE, AND FOR OTHER PURPOSES.
B. RESOLUTION NO. R2025-77 APPROVAL BY WELLINGTON, FLORIDA’S COUNCIL OF A RESOLUTION APPROPRIATING THE LOAN AMOUNT IN EXCESS OF THE BUDGETED AMOUNT TO THE UTILITY METER REPLACEMENT PROJECT.
A RESOLUTION OF WELLINGTON, FLORIDA’S COUNCIL AMENDING THE FISCAL YEAR 2025-2026 UTILITY BUDGET FOR THE STATE REVOLVLING LOAN PROGRAM TOTAL FUNDING FOR THE WELLINGTON UTILITY METER REPLACEMENT PROJECT IN THE AMOUNT OF $1,714,910 (PROJECT FUNDING OF $11,485,206 PLUS LOAN SERVICE FEES OF $229,704, LESS PREVIOUSLY BUDGETED AMOUNTS); AND PROVIDING AN EFFECTIVE DATE.
REQUEST: Approval of:
1) Resolution No. R2025-78 relating to the State Revolving Fund Loan Program authorizing Amendment 1; providing assurances; providing for conflicts and severability, an effective date, and for other purposes.
2) Resolution No. R2025-77 amending the Fiscal Year 2025-2026 Utility Budget for the State Revolving Loan Program Funding for the Wellington Utility Meter Replacement Project in the amount of $1,714,910 (project funding of $11,485,206 plus loan service fees of $229,704, less previously budgeted amounts); and providing an effective date.
EXPLANATION: The Village of Wellington Utility Department received notice of funding approval at their February 12, 2025 meeting for the Advanced Metering Information System Project from the Florida FDEP State Revolving Fund (SRF). The funding total approved at this time is $7,293,990 (Project Funding of $6,914,402 Plus $241,300 Capitalized Interest plus a loan service fee of $138,288). The term of the loan is 20 years and the financing rate is 3.41 percent per annum.
The attached Amendment 1 provides the remainder of the project budget funding. The estimated principal amount of the Loan is hereby revised to $11,865,806, which consists of $11,485,206 authorized for disbursement for the Project and $380,600 of Capitalized Interest. An additional Loan Service Fee in the total amount of $229,704 is hereby estimated. The fee represents two percent of the Loan amount excluding Capitalized Interest; that is, two percent of $11,485,206.
The Meter Replacement Project is a multi-year, multi-phase project. Approval for various phases of the project will be brought to Council for approval as phased.
Council is requested to approve Resolution No. R2025-78 for the Amendment 1 funding for Project DW501600 in the amount of $4,801,520 (Project Funding of $4,570,804 plus $139,300 Capitalized Interest plus a loan service fee of $91,416); and Resolution No. R2025-77 for the ensuing budget amendment.
BUDGET AMENDMENT REQUIRED: YES
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY:
FISCAL IMPACT: The attached loan Amendment 1 for Project DW501600 provides for the principal amount of $$4,801,520 (Project Funding of $4,570,804 plus $139,300 Capitalized Interest plus a loan service fee of $91,416).
The estimated principal amount of the Loan including Amendment 1 is hereby revised to $11,865,806, which consists of $11,485,206 authorized for disbursement for the Project and $380,600 of Capitalized Interest. An additional Loan Service Fee in the total amount of $229,704 is hereby estimated with a loan term of 20 years at the financing rate of 3.41 percent per annum.
Semiannual Loan Payments of Principal and interest in the amount of $419,607 beginning March 15, 2028 and continuing semiannually on September 15 and March 15 of each year thereafter will be included in the appropriate annual budgets.
Approval of budget amendment resolution R2025-77 will appropriate the loan proceeds in excess of the budget, excluding capitalized interest, to the Utility Meter Replacement Project. A capital reallocation from the Membrane Expansion and Upgrade Projects is requested to assign all loan proceeds to the Meter Replacement Project exclusively.
WELLINGTON FUNDAMENTAL: Protecting our Investment
RECOMMENDATION: Approval of:
1) Resolution No. R2025-78 relating to the State Revolving Fund Loan Program authorizing Amendment 1; providing assurances; providing for conflicts and severability, an effective date, and for other purposes.
2) Resolution No. R2025-77 amending the Fiscal Year 2025-2026 Utility Budget for the State Revolving Loan Program Funding for the Wellington Utility Meter Replacement Project in the amount of $1,714,910 (project funding of $11,485,206 plus loan service fees of $229,704, less previously budgeted amounts); and providing an effective date.