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Homestead council approves $12 million water‑and‑sewer loan after state grant announcement, with conditions
Summary
City Council authorized up to $12 million in water and sewer revenue notes with a 20‑year, 4.19% recommended loan from South State Bank, while debating whether a newly announced $4 million state grant could be jeopardized; council approved the loan with direction to notify council if grant details change.
The Homestead City Council voted Dec. 9 to authorize issuance of a water and sewer utility revenue note of up to $12,000,000 and to award the sale to South State Bank NA, a financing measure council and staff said will fund upgrades to Chrome Avenue sewer, the Flagler force main, and Pump Station 11.
City finance staff recommended the South State Bank proposal at 4.19% over 20 years, estimating average annual debt service of about $901,000 — lower than earlier projections. Finance Director (Mr. Perez) told the council the proposals were competitively solicited and the recommended…
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