ITEM: RESOLUTION NO. R2025-53 (STATE REVOLVING FUND LOAN PROGRAM)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL, 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; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE, AND OTHER PURPOSES.
REQUEST: Approval of Resolution No. R2025-53 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; providing for severability, and providing an effective date, and other purposes.
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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 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 agreement and a budget amendment for the remaining funding following SRF's August 2025 meeting as documentation is received for Council approval.
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 in phases.
Staff recommends approval of Resolution No. R2025-53, for the attached loan agreement, for Project DW501600 in the amount of $7,293,990 (Project Funding of $6,914,402 plus $241,300 Capitalized Interest plus...
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