HomeMy Public PortalAbout14-8880 Loan agreement of $19,662,523.00 w the FDEP for Storm Water FacilitiesSponsored by: City Manager
RESOLUTION NO: 14 -8880
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF OPA- LOCKA, FLORIDA, AUTHORIZING THE CITY
MANAGER TO APPLY FOR AND ENTER INTO LOAN
AGREEMENT SW- 13032, IN THE AMOUNT OF $19,662,523.00,
WITH THE FLORIDA DEPARTMENT OF ENVIRONMENTAL
PROTECTION, RELATING TO THE STATE REVOLVING
FUND (SRF) LOAN PROGRAM FOR STORM WATER
FACILITIES; ESTABLISHING PLEDGED REVENUES;
PROVIDING FOR COMPLIANCE WITH ALL LOAN
CONDITIONS; PROVIDING INCORPORATION OF
RECITALS; PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, Florida law provides for loans to local government agencies to finance the
construction of water pollution control facilities; and
WHEREAS, the Florida Administrative Code requires 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 (SRF) loan priority list designates the City of Opa-
locka Storm Water Improvements Project No. DW -13032 Loan Number as eligible for available
funding; and
WHEREAS, the City Commission of the City Opa- locka, Florida, desires to authorize
the City Manager to be the designated and authorized representative to enter into a loan
agreement and provide all assurances and commitments required by the loan application with the
Florida Department of Environmental Protection (FDEP), for project financing of the City of
Opa -locka Storm Water facilities through the State Revolving Fund (SRF) Program, pursuant to
Florida Statutes 166.111, the legal authority for borrowing moneys for this project.
Resolution No. 14 -8880
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF OPA- LOCKA, FLORIDA AS, AS FOLLOWS:
Section 1. The recitals to the preamble herein are incorporated by reference.
Section 2. The City Commission of the City of Opa -locka hereby authorizes and directs
the City Manager to enter into Loan Agreement SW- 13032, in the amount of $19,662,523.00, which
will be a binding obligation with the Florida Department of Environmental Protection, relating to the
State Revolving Fund (SRF) loan program for project financing of Storm Water facilities, pursuant
to Florida Statute 166.111, the legal authority for borrowing moneys for this project.
Section 3. The revenues pledged for the repayment of the loan are net water and sewer
revenues and there are no senior liens regarding such revenue.
Section 4. The City Manager is authorized to delegate responsibility to appropriate City
staff to carry out technical, financial and administrative activities associates with the loan agreement.
Section 5. This resolution shall take effect immediately upon adoption
PASSED AND ADOPTED this 15`h day of December, 2014.
tt t: ill
iaj� Jo na Flores
Ci Clerk
a L. Taylor
Mayor
Approved as,, o formand legal sufficiency
Attorney
Esquire / John Dellgloria
MARDER, PA
Resolution No. 14 -8880
Moved by:
Seconded by:
Commission Vote:
Commissioner Kelley:
Commissioner Pinder:
Commissioner Santiago:
Vice -Mayor Holmes:
Mayor Taylor:
VICE MAYOR HOLMES
COMMISSIONER SANTIAGO
4 -0
YES
RECUSED
YES
YES
YES