Loan reduction for airport water reclamation facility expansion

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Loan reduction for airport water reclamation facility expansion

Hernando County received approval for a $50,255,000 construction loan from the Florida Department of Environmental Protection (FDEP) in State Revolving Funding (SRF) for the expansion of the Airport Water Reclamation Facility (WRF) and associated projects. The disbursed amount for the loan has now been reduced to $35,408,299.

The original SRF Loan Agreement (WW270150) was for the first $10 million with financing at an interest rate of 2.23%. The associated loan application and disbursement (Resolution 2011-182) was approved and adopted by the Board of County Commissioners on November 15th, 2011. Amendment # 1 is for the second $10 million allocation at an interest rate of 2.15%. Amendment # 2 is for an additional $20 million at an interest rate of 1.82%. Amendment # 3 is for another additional $10,255,000 at an interest rate of 1.63%.

The original loan agreement was approved by the Board on February 7th, 2012. A fourth amendment to the original agreement revised the project list to include the associated offsite improvements and revised the loan repayment schedule to start December 15, 2016, to give Hernando County additional time to complete the construction activities.
A fifth amendment to the original agreement is for construction provided the County’s additional time to complete construction and extend the repayment date for first semiannual loan payment to August 15, 2017 and this amendment was approved by the Board on June 28, 2016.

This final amendment (# 6) will reduce the loan by $14,846,701, and the adjusted total disbursed amount for this loan is $35,408,299. The total amount to repay this loan is $36,944,490.29, which consists of $35,408,299 disbursed for construction, $828,025.29 of accrued Capitalized Interest and $708,166 of service fee charges. No further disbursements will be issued from this loan.