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ITEM: RESOLUTION NO. R2025-23 (THE STATE REVOLVING FUND LOAN PROGRAM)
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF WELLINGTON, 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 AND SEVERABILITY, AND PROVIDING AN EFFECTIVE DATE.
REQUEST: Approval of Resolution No. R2025-23 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 and severability, and providing an effective date.
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EXPLANATION: The Village of Wellington Utility Department has received notice of funding the Advanced Metering Information System Project from the Florida FDEP State Revolving Fund (SRF). The funding total approved at this time is $6,914,402.00. The remaining project budget of approximately $4 million will be included for funding at the SRF August 2025 meeting. Wellington will provide an amendment to this loan following the August 2025 meeting.
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.
The attached resolution and legal opinion are required to be submitted with the loan application and will be used to prepare the loan documentation that is in progress.
BUDGET AMENDMENT REQUIRED: NO
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY:
FISCAL IMPACT: Principal and interest payments will be included in the budget pending approval and receipt of the loan documents.
WELLINGTON FUNDAMENTAL: Protecting our Investment
RECOMMENDATION: Approval of Resolution No. R2025-23 relating to the State Revo...
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