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Tavares council approves SRF loan closeout and amendment for Lake Hermosa design project
Summary
Council adopted a resolution finalizing terms of a State Revolving Fund (SRF) loan for Lake Hermosa permanent booster station design: disbursable amount $327,059; service fee $6,541; semiannual payment reduced to $17,641.88; interest 1.08% over 10 years.
On May 21 the Tavares City Council approved a resolution closing out SRF loan DW350980 related to design activities for the Lake Hermosa permanent booster station.
City finance staff provided a multi‑year history of the SRF loan and prior amendments. The original loan executed July 15, 2021 had a disbursable amount of $240,000. Subsequent amendments increased the disbursable amount and extended payment dates. Staff said the current closeout (amendment 4) sets the disbursable amount at $327,059, a loan service fee of $6,541, and no capitalized interest. Staff reported the semiannual payment has been reduced to $17,641.88, the stated interest rate is 1.08%, and the loan term is 10 years.
Staff recommended approval to authorize the mayor to execute the SRF amendment and related documents. The council moved and seconded the resolution by consent; staff described the closeout as finalizing the loan terms for the design project.
The resolution was adopted by voice vote. Staff said these changes finalize earlier amendments and set repayment details for the loan.
