HomeMy Public PortalAbout100_010_Water Meter Loan with GEFA Agenda May 9 2013 MAYOR , '' u1 CITY MANAGER
Jason Buelterman Diane Schleicher
CITY COUNCIL CLERK OF COUNCIL
Wanda Doyle,Mayor Pro Tern Janet LeViner
Barry Brown
Jan Fox CITY ATTORNEY
Bill Garbett Edward M.Hughes
Tom Groover Iou �` '
Paul Wolff
CITY OF TYBEE ISLAND
City Council Agenda Item Request
Agenda Item Requests must be submitted to the Clerk of Council by 5:00PM the Thursday prior to the
scheduled Council meeting. If this form is received after the deadline, the item will be listed on the next
scheduled agenda.
Council Meeting Date for Request: May 1, 2013
Item: To request City Council's approval to amend the acceptance of the loan from GEFA for $660,000 to
$850,000 loan agreement with the Georgia Environmental Facilities Authority(GEFA)to acquire an automated
reading system meters and expend$8,500 for closing fees.
Explanation: During the April 11, 2013 City Council approved to accept a loan agreement for costs not to
exceed $660,000 to replace water meters for a drive by system. If the city decides to implement a fixed
automatic meter reading system,the city will incur additional costs of approximately$60,000. The
Infrastructure Committee we increase the loan amount to cover the cost of the fixed system. The GEFA
program manager recommended that we accept the award of$850,000 as offered in case some other costs come
up. Thus, I am requesting the city council's approval to change acceptance of the loan to acquire an automated
meter system from $660,000 to $850,000 with an interest rate of 1.18%with term of 15 years and an $8,500
closing fee which can be paid over a twelve month period. The anticipated monthly payment on the loan will
be $5,154.78 and the total anticipated interest to be paid over the life of the loan is $77,859.74.
Budget Line Item Number(if applicable):
Paper Work: _ Attached* Already Distributed
To Be Handed Out at Council Meeting (by Requester)
Audio/Video Presentation**
Submitted by:
Phone/Email: (912)472-5021/ahudson@cityof tybee.org
Date given to Clerk of Council * 7k
P.O.Box 2749—403 Butler Avenue,Tybee Island,Georgia 31328-2749 *Certified*
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