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Punta Gorda staff report $35M in SRF authorizations; loan to be presented to council in April

Punta Gorda City Utilities Advisory Board · March 31, 2026

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Summary

Utility staff told the advisory board they secured roughly $35 million in drinking-water State Revolving Fund authorizations (about $17.5 million in principal forgiveness) and said a separate loan closing will be presented to city council at its second April meeting.

Utility staff told the Punta Gorda advisory board that they have put in place major funding authorizations for upcoming drinking-water and wastewater projects and briefed members on near-term loan timing.

The utilities presenter said the drinking-water package totals about $35,000,000, including roughly $17.5 million in principal forgiveness and the remainder repaid at 0% interest; the wastewater application is approximately $10.3 million, including about $5.1 million in principal forgiveness. "Council approved both of these authorizations," the presenter said.

Staff also said a separate loan arrangement will be taken to the city council at its second meeting in April, with a target closing that Friday; securing the loan will require a one-time legal fee of about $10,000. The presenter described the SRF and the loan strategy as ways to avoid drawing down other funds and incurring extra interest.

Why it matters: The SRF principal-forgiveness portions lower the city’s long-term borrowing costs and help pay for planned treatment and distribution projects. Staff said these funding approvals are a critical step to keep planned capital projects — including the RO plant expansion — on schedule.

Board action and procedure: The advisory board recorded that council had approved the SRF authorizations and the interlocal items on the agenda; the meeting record did not include a line-by-line public roll-call vote for the SRF authorizations. The minutes approval vote for the February minutes was moved by Mr. Rooney and seconded by Mr. Hooper and passed unanimously.

What’s next: Staff said the SRF paperwork and the procurement steps tied to several projects will continue over the next weeks and that the loan item will appear before council in April.