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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, RESCINDING RESOLUTION NO. 2016-301, AND APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO APPLY FOR THE STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION REVOLVING LOAN PROGRAM FOR POINT SOURCE WATER POLLUTION CONTROL; UPON APPROVAL, EXECUTE THE CORRESPONDING LOAN AGREEMENT, PLEDGING OF STORMWATER UTILITY FEES AS THE REVENUES TO REPAY THE LOAN, AND PROVIDING FOR CARRYING OUT ALL LOAN RESPONSIBILITIES UNDER THE AGREEMENT; PROVIDING FOR CONFLICTS, PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $4,282,269 ($3,465,528 principal and estimated $816,741 in interest),with Stormwater Utility Fees )
staffcontact
(Staff Contact: A. Randolph Brown)
summary
Summary Explanation/Background:
The City has been approved by the State of Florida Department of Environmental Protection to
participate in the State Of Florida Department of Environmental Protection Revolving Loan Program for Point Source Water Pollution Control. This program offers low interest loans for qualifying projects. This loan will support the construction of the Avondale Stormwater Project.
This resolution does not include the amount of the loan or interest, the previous version included the loan amount. This is necessary because it is unlikely that the actual bid will be the same as the estimate for construction of the project.
Origin of request for this action: Staff
Fiscal impact and source of funding: $4,282,269 ($3,465,528 principal and estimated $816,741 in interest),with Stormwater Utility Fees )