Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Infrastructure topic
No spam. Unsubscribe anytime.
Lynn Haven accepts state SRF loan offer for wastewater plant improvements
Summary
The commission accepted a Clean Water State Revolving Fund construction loan (WW03250) for wastewater treatment plant influent pump station and headworks improvements; loan documents discussed included a principal near $13.3M–$13.6M, a 2.45% interest rate and 20‑year term, with first payment due October 2028.
The Lynn Haven City Commission authorized acceptance of a Clean Water State Revolving Fund (SRF) construction loan to finance capacity and compliance upgrades at the city’s wastewater treatment plant, including the influent pump station and headworks.
City staff and finance staff explained the loan agreement (WW03250) and its principal amount as presented in the packet (transcript references include two similar figures: $13,289,215 and $13,574,615; staff flagged the discrepancy for follow‑up). Staff said the loan carries an approximate interest rate of 2.45% over a 20‑year term and that semiannual debt service is roughly $439,751 with first payment due Oct. 15, 2028. The city attorney noted staff is clarifying whether certain existing loans to be listed as senior debt are properly reflected in the agreement before final execution.
Commissioners voted to accept the loan agreement so staff can move forward with project procurement at the appropriate time; staff emphasized that the city will not draw funds or start construction until contracts are executed and the project is put out to bid.
What’s next: City staff will finalize any remaining disclosure or debt‑ordering clarifications with Florida DEP and return documents for signature; bid procurement and rate‑study timing will follow when the project is ready to move from planning to construction.
