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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO APPLY FOR THE STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION STATE REVOLVING FUND LOAN PROGRAM TO FINANCE SOUTH RIVERSIDE DRIVE STORMWATER IMPROVEMENTS; MAKING FINDINGS; AUTHORIZING THE LOAN APPLICATION; APPROVING AND AUTHORIZING THE LOAN AGREEMENT; ESTABLISHING PLEDGED REVENUES; DESIGNATING AUTHORIZED REPRESENTATIVES; AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE THE LOAN AGREEMENT; PROVIDING ASSURANCES; PROVIDING FOR CONFLICTS, PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $4,735,500.00)
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(Staff Contact: A. Randolph Brown)
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Summary Explanation/Background:
We are in the process of applying for a State Revolving Fund (SRF) Loan for the South Riverside Drainage Improvement Project. The recommended stormwater improvements for this study area include the replacement of six existing outfall pipes with 24-inch or 30-inch diameter pipe, which will significantly reduce flooding within South Riverside Drive during low tide within the Intracoastal Waterway.
Origin of request for this action: Utilities
Fiscal impact and source of funding: $4,735,500.00 financed over the maximum SRF 20-year term with Stormwater Revenue)
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