Title
Resolution Authorizing State Infrastructure Bank Loan (B)
Explanation
The Florida Department of Transportation (FDOT) established a State Infrastructure Bank for purposes of enhancing transportation infrastructure by offering zero percent interest loans. On July 26, 1999, the City Commission authorized the filing of a $6.25 million loan to purchase 25 buses. Due to a short fall in funds available for repayment, staff filed an application for a $4,750,000 loan to purchase 19 replacement buses. The FDOT has agreed to a $4,000,000 loan, which will allow the purchase of 16 buses.
Fiscal Note
A combination of state and local funding in 2002 and 2003 and with federal Surface Transportation Program funds in 2004 and 2005 will be used to pay the $4,000,000.00 loan. Local Option Gas Tax funds in the amount of $500,000 will be used to match $500,000 of state urban capital funds for repayment in 2002 and 2003.
Recommendation
The City Commission: 1) approve the resolution authorizing execution of a State Infrastructure Bank loan agreement with the Florida Department of Transportation; and 2) authorize the Mayor and Clerk of the Commission to execute the Resolution, subject to approval by the City Attorney as to form and legality.