Summary
To: Town Commission
From: Gay Lancaster, Town Manager
Date: 1/16/2024
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Subject:
Title
State Revolving Fund Loan Program (SRFLP) Resolution 2024-02 - Lead Service Line Loan
Summary:
The SRFLP requires a resolution to authorize the application and agreement for the Lead Service Line Replacement Loan, establishing a separate loan repayment reserve account, authorizing the application and designating an Authorized Representative for signing the application and executing the loan agreement.
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Body
Previous Commission Action: The Commission approved a previous resolution, however DEP has requested a new resolution with specific authorization language.
Background/Problem Discussion: Staff discovered a funding opportunity to participate in the DEP SRFLP through which the Town can participate in a 49% forgiveness loan for the federally mandated lead service line inventory and replacement.
Expenditure Challenges: None
Financial Implications: Enterprise Water Fund money, $132,500, will be deposited into a separate Loan Reserve Account at the Bank of Tampa that can only be used to pay off the Town’s share for SRFLP LS5202D0.
Recommendation: I recommend approval of Resolution 2024-02.
Proposed Motion: I move for approval of Resolution 2024-02.