| AGENDA ITEM SUMMARY
Consider approval of a Resolution approving the borrowing of an amount not to exceed $12,700,000.00 from the Clean Water State Revolving Fund, administered by the Georgia Environmental Finance Authority (GEFA), for upgrade and expansion of the Potato Creek Water/Wastewater Treatment Plant (WWTP). Director of Utilities Brant Keller and City Attorney Drew Whalen will address.
| SPECIAL CONSIDERATIONS OR CONCERNS: |
This Resolution approves the City borrowing an amount not to exceed $12,700,000 for funding a portion of the Potato Creek WWTP Project. Remaining funds come from the Water and Wastewater Fund and an Agreement with the Griffin-Spalding Development Authority, for a total project cost of $19,200,000. The Resolution further notes that a 2014 Loan from the GEFA Georgia Fund was never funded and has been rescinded. Further, the Resolution authorizes the Chairperson and Secretary to execute and deliver loan documents to GEFA. Closing will occur on or before June 30, 2015.
Approval is recommended.
If the full approved amount is drawn down, the City will repay the principal of $12,700,000, with interest at the rate of 1.71%. A repayment schedule will be provided once the project is complete, which is anticipated for late 2016. This is an Intergovernmental Agreement in which the City pledges its "full faith and credit" to repayment of the Note. | | | |