In August, the town was approved for full construction funding to build town-wide sewer improvements. The State Revolving Fund loan priority list designates Project No. 22904 as eligible for available construction phase funding totaling $3,628,950. Eighty percent (80%) of the total will be funded by the grand and the remainder of $725,790 will be funded through a low-interest loan. The loan application must be submitted by December 6th.
Resolution #18-18 approves the town’s loan application and agreement with the Department of Environmental Protection under the State Revolving Fund for the construction phase of the sewer rehabilitation project.
a resolution of the town of white springs, Florida, relating to the state revolving fund loan program; making funding; authorizing the loan application; authorizing the loan agreement; establishing pledged revenues; designating authorized representatives; providing assurance; providing for conflicts; providing for severability; and providing an effective date.
WHEREAS, Florida Statutes provides for loans to local government agencies to finance the rehabilitation/construction of a wastewater collection, transmission and treatment facilities; and
WHEREAS, Florida Administrative Code rules require authorization to apply for loans, to establish pledged revenues, to designate an authorized representative to provide assurance of compliance with loan program requirements; and to enter into a loan agreement; and
WHEREAS, The State Revolving Fund loan priority list designates Project no. 22904 as eligible for available Construction Phase funding, and
WHEREAS, The Town of White Springs, Florida, intends to enter into a loan agreement with the Department of Environmental Protection under the State Revolving Fund for Construction Phase project financing.
NOT THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF WHITE SPRINGS, FLORIDA, AS FOLLOWS:
SECTION I The foregoing findings are incorporated herein by reference and made a part hereof.
SECTION II The Town of White Springs, Florida is authorized to apply for a loan to finance the Construction Phase of the Project.
SECTION III The revenues pledged for the repayment of the loan are net sewer and water utility / solid waste revenues after payment of debt services on the Town’s Series 2001A Water and Sewer Utility Revenue Bonds and the Series 2001 B Water and Sewer Utility Revenue Bonds.
SECTION IV The Mayor is hereby designated as the authorized representative to provide the assurances and commitments required by the loan application.
SECTION V The Mayor is hereby designated as the authorized representative to execute the loan agreement which will become a binding obligation in accordance with its terms when signed by both parties. The Mayor is authorized to represent the Town in carrying out the Town’s responsibilities under the loan agreement. The Mayor is authorized to delegate responsibility to appropriate Town staff to carry out technical, financial and administrative activities associated with the loan agreement.
SECTION VI The legal authority for borrowing money to construct this Project is Florida Statute §166.111
SECTION VII Conflicts. All Resolutions or part of Resolutions in conflict with any of the provisions of this Resolution are hereby repealed.
SECTION VIII Severability If any Section or portion of a Section of this Resolution proves to be invalid, unlawful or unconstitutional, it shall not be held to invalidate or impair the validity, force or effect of any other Section or part of the Resolution.
SECTION IX Effective Date This Resolution shall become effective immediately upon its passage and adoption