HomeMy WebLinkAboutR-2007-238 SRF Loan Amend Tank and HSP#3 RESOLUTION NO. 2007-238
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, RELATING TO THE STATE REVOLVING FUND LOAN
PROGRAM; MAKING FINDINGS; AUTHORIZING EXECUTION BY CITY
OFFICIALS OF A LOAN AMENDMENT TO EXTEND THE LOAN PERIOD
EIGHT MONTHS FOR CONSTRUCTION ACTIVITIES ASSOCIATED WITH
THE WATER TANK AND HIGH SERVICE PUMPING PROJECT;
ESTABLISHING PLEDGED REVENUES; DESIGNATING AUTHORIZED
REPRESENTATIVES; PROVIDING ASSURANCES; PROVIDING FOR
CONFLICTS; FURTHER, PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Florida Statutes provide for loans to local government agencies to finance
the construction of water facilities; and
WHEREAS, Florida Administrative Code rules require authorization to apply for loans,
to establish pledged revenues, to designate an authorized representative, to provide assurances of
compliance with loan program requirements, and to enter into a loan agreement; and
WHEREAS, the State Revolving Fund loan priority list designates DEP Project No.
DW 0604010 for financing of construction activities involved with the Water Tank and High
Service Pumping project approved in the FY-05 Capital Improvement Plan which was
previously approved for available funding; and
WHEREAS, the City of Dania Beach, Florida, entered into a loan agreement and
amendments with the Florida Department of Environmental Protection under the State
Revolving Fund for project financing; and
WHEREAS, it is desirable for the City to execute a loan amendment to add time to the
original agreement for construction and engineering, so that debt service payments will not
begin until April 2008;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF DANIA BEACH, FLORIDA, AS FOLLOWS:
Section 1. That the foregoing findings are incorporated by reference and made a part
of this Resolution.
Section 2. That the City of Dania Beach, Florida is authorized to execute a loan
amendment for DEP Project No. DW 0604010 to extend the loan period eight months, realizing
that time is of the essence.
Section 3. That the revenues pledged for the repayment of the loan are net water and
sewer system revenues after payment of debt service on the City's Series outstanding
obligations as noted in the original loan application.
Section 4. That the City Manager is designated as the authorized representative to
provide the assurances and commitments required by the loan application.
Section 5. That the City Manager is designated as the authorized representative to
execute the loan amendment which will become a binding obligation in accordance with its
terms when signed by both parties. The City Manager is authorized to delegate responsibility to
appropriate City staff to carry out technical, financial, and administrative activities associated
with the loan agreement.
Section 6. That the legal authority for borrowing monies to construct this Project is
the Florida Statutes.
Section 7. That all resolutions or part of resolutions in conflict with any of the
provisions of this Resolution are repealed.
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Section 8. That this Resolution shall become effective immediately upon its passage
and adoption.
PASSED AND ADOPTED on December 11, 2007.
OB ANTO
MAYOR—COMMISSIONER
ATTEST:
LOUISE STILSON, CMC
CITY CLERK
APPROVED AS TO FORg CORRECTNESS:
BY:
THOMASJ. AN913vRO
CITY ATTORNEY
3 RESOLUTION#2007-238