Title
Approval of a Resolution to authorize a Drinking Water State Revolving Fund (DWSRF) loan from the Georgia Environmental Facilities Authority (GEFA) in an amount not to exceed $1,500,000 to finance the Automated Metering Infrastructure (AMI) Project and Approval of Budget Amendment 440C-11-22-10 in the amount of $30,000 to cover the cost of closing the loan.
Presented by Stuart Moring, Director
Body
Item Summary:
This action authorizes execution of the required GEFA loan documents. The project consists of implementation of automated metering technology which was approved in June 2010. General terms of the loan include an interest rate of 3.00% per annum for 10 years, with a closing fee of 2.00% or $30,000.
As a green project, 50% of the loan principal will be forgiven. A Notice to Proceed with construction must be issued by December 31, 2010.
Committee or Staff Recommendation:
On November 9, 2010 the Public Safety & Public Works Committee recommended placing this item on the November 22, 2010 Mayor and Council Agenda.
Financial Impact:
Upon approval of this action, the amount of expenditures for Fund 505, Cost Center 440C, Account 541420 and Project 11ENV012 will be authorized up to $1,500,000 to be recognized when received. Other Financing Sources for Fund 505, Account 393000, Proceeds from Long Term Liability, will be authorized up to $1,500,000, recognized when received.
Budget Amendment 440C-11-22-10 will transfer $30,000 from Project Number 10ENV005 (FY 2010 Elaine Drive Waterline Replacement Project) to Project Number 11ENV012, Account Number 583000 (Fiscal Agent Fees) to cover the cost of closing the loan. The closing fee is $30,000. Upon approval, the budget for Project Number 11ENV012 will be $1,530,000.
Presented by:
Stuart A. Moring, P.E., Director of Public Works/Environmental