Summary
To: Town Commission
Via: Gay Lancaster, Town Manager
From: Tina R Porter, Finance Director
Date: 7/9/2024
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Subject:
Title
Approval of Resolution 2024-18 and the new Agreement for the State Revolving Fund Loan Program (SLFLP) Resolution - Lead Service Line Loan
Summary:
The SRFLP requires a resolution to authorize the Lead Service Line Loan, establish a separate loan repayment reserve account; authorizing the application and designating an Authorized Representative for signing the application and executing the loan agreement.
This new agreement raises the loan amount from $250,000 to $825,000 due to increased costs in identifying lead service lines. This new agreement also increases the deposit in the Loan Repayment Reserve Account from $132,500 to $437,250...End
Body
Previous Commission Action: Town Commission approved Resolution 2023-19, submittal of an application for Lead Service Line Replacement, in a special meeting held 11/07/202.
Then, on 01/16/2024, the Town Commission approved Resolution 2024-02 - SRF Loan for Lead Service Inventory and Replacement authorizing the original loan agreement establishing the Loan Repayment Reserve Account and establishing the Town Manager as the authorized representative to provide assurances and commitments required by the loan application and agreement.
Background/Problem Discussion: Staff discovered a funding opportunity to take part in the SRFLP where the Town can participate in a 49% forgiveness loan for lead service line inventory and replacement. The Town entered into this agreement with the State of Florida Department of Environmental Protection (FDEP).
Additional funding was provided by the EPA to the FL DEP. Since the Town anticipated additional costs in identifying lead service lines and the new funding was offered to entities with existing loan agreements, the Town requested an opportunity to apply for additional funding. T...
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