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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 REVOLVING LOAN PROGRAM FOR DRINKING WATER FACILITIES; PLEDGING OF WATER AND SEWER UTILITY FEES AS THE REVENUES TO REPAY THE LOAN, PROVIDING FOR CONFLICTS, PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $9,200,000 (Finance over the maximum SRF terms of 20 Years with Water and Sewer Revenues))
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(Staff Contact: A. Randolph Brown)
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Summary Explanation/Background:
We are in the process of applying for State Revolving Fund (SRF) for C-51 Reservoir capacity allocation financing. An agreement was executed back in 2018 by City Commission to purchase 2 MGD from the C-51 reservoir project. This agenda item is to have City officials approve and authorize the Utilities Department to apply for the State of Florida Department of Environmental Protection Revolving Loan. The total cost is $9,200,000 and will be financed over the maximum SRF term of 20 years.
Origin of request for this action: Utilities
Fiscal impact and source of funding: $9,200,000 (Finance over the maximum SRF terms of 20 Years with Water and Sewer Revenues)
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