HomeMy WebLinkAboutResolution 2026-02 State Revolving Fund Program and Replacing the City's East Wastewater Treatment PlantRESOLUTION NO. 2026-02
A RESOLUTION OF CITY OF WINTER SPRINGS, FLORIDA, RELATING TO THE
STATE REVOLVING FUND LOAN PROGRAM AND REPLACING THE CITY'S
EAST WASTEWATER TREATMENT PLANT; MAKING FINDINGS;
AUTHORIZING THE LOAN APPLICATION; AUTHORIZING THE LOAN
AGREEMENT; ESTABLISHING PLEDGED REVENUES; DESIGNATING
AUTHORIZED REPRESENTATIVES; PROVIDING ASSURANCES; PROVIDING
FOR CONFLICTS, SEVERABILITY, AND EFFECTIVE DATE.
WHEREAS, Florida Statutes provide for loans to local government agencies to finance the
construction of wastewater treatment facilities; and
WHEREAS, Florida Administrative Code rules require authorization to apply for loans, to establish
pledged revenues, to designate an authorized representative; to provide assurances of
compliance with loan program requirements; and to enter into a loan agreement; and
WHEREAS, after careful consideration and study and being duly advised by technical experts and
City staff, the City Commission has determined that the City of Winter Springs is in need of
replacing its existing East Wastewater Treatment Plant that is reaching the end of life span; and
WHEREAS, the City has estimated that the cost of replacing the existing East Wastewater
Treatment Plant is approximately $73,345,821 and it is necessary to obtain funding to complete
the replacement project; and
WHEREAS, the State Revolving Fund loan priority list designates the construction for Project No.
WW59063 as eligible for available funding; and
WHEREAS, the City of Winter Springs, Florida, intends to enter into a loan agreement with the
Department of Environmental Protection under the State Revolving Fund for project financing;
and
WHEREAS, the City Commission of the City of Winter Springs declares that this Resolution is in
the best interests of the public health, safety, welfare, convenience, and morals of the citizens of
Winter Springs.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER
SPRINGS, FLORIDA, AS FOLLOWS:
SECTION I. The foregoing findings are incorporated herein by reference and made a part hereof.
City of Winter Springs
Resolution No. 2026-02
Page 1
SECTION II. The City of Winter Springs, Florida, is authorized to apply for a loan to finance the
Project.
SECTION III. The revenues pledged for the repayment of the loan are net water and sewer system
revenues after payment of debt service on the following prior senior debt:
(1) Water and Sewer Refunding Revenue Bonds, Series 2000;
(2) Water and Sewer Revenue Refunding Note Payable, Series 2020;
(3) City of Winter Springs, Florida, SRF Loan DWS90610; and
(4) City of Winter Springs, Florida. SRF Loan WW59062 Design
(5) City of Winter Springs, Florida, SRF Loan WW59062 Construction
SECTION IV. The City Manager is hereby designated as the authorized representative to provide
the assurances and commitments required by the loan application.
SECTION V. The Mayor, or the Deputy Mayor in the absence of the Mayor, is hereby designated
as the authorized representative to execute the loan agreement which will become a binding
obligation in accordance with its terms when signed by both parties. The Mayor, or the Deputy
Mayor in the absence of the Mayor, and the City Manager are authorized to represent the City in
carrying out the City's responsibilities under the loan agreement. The City Manager is authorized
to delegate responsibility to appropriate City staff to carry out technical, financial, and
administrative activities associated with the loan agreement. The City Attorney is authorized to
represent the City in carrying out the City's legal related responsibilities under the loan agreement.
SECTION VI. The legal authority for borrowing moneys to construct this Project is the adoption
of this Resolution by the City Commission, by majority vote, in accordance with the powers vested
in the City Commission under the Constitution and laws of the State of Florida, including
particularly, Chapter 166, Florida Statutes, and other applicable provisions of law, including the
City Charter and Code of Ordinances.
SECTION VII. All resolutions or part of Resolutions in conflict with any of the provisions of this
Resolution are hereby repealed.
SECTION VIII. If any section or portion of a section of this Resolution proves to be invalid, unlawful,
or unconstitutional, it shall not be held to invalidate or impair the validity, force, or effect of any
other section or part of this Resolution.
SECTION IX. This Resolution shall become effective immediately upon its passage and adoption
by the City Commission of the City of Winter Springs, Florida.
[Signature Page Follows]
City of Winter Springs
Resolution No. 2026-02
Page 2
RESOLVED, by the City Commission of the City of Winter Springs, Florida, in a regular meeting
assembled on the 9th day of February, 2026.
KEVIN McCANN, Mayor
ATTEST:
CHRISTIAN GOWAN, City Clerk
Approved as to legal form and sufficiency for
the City of Winter Springs only:
ANTHONY A. GARGANESE, City Attorney
City of Winter Springs
Resolution No. 2026-02
Page 3
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Attachment #7
Part V - Supplementary Information
Schedule of Prior and Parity Liens
#1 #2 #3
Obligation US Bank Florida SRF Truist Bank
2000 Revenue Bonds 2017 Note 2020 Refinance
Coverage 10%15%10%
Total Total Debt
Insured No No No Debt Service Incl.
Service Coverage
Fiscal Year
2023 1,875,000 320,150 185,857 2,381,007 2,644,408
2024 1,875,000 320,150 185,492 2,380,642 2,643,988
2025 1,875,000 320,150 185,084 2,380,234 2,643,519
2026 1,875,000 320,150 185,641 2,380,791 2,644,160
2027 1,875,000 320,150 186,147 2,381,297 2,644,742
2028 1,875,000 320,150 185,610 2,380,760 2,644,124
2029 1,875,000 320,150 186,030 2,381,180 2,644,607
Attachment 9
Attachment 7
Part V - Supplementary Information
Schedule of Actual Revenues and Debt Coverage
FY 2023 FY 2024
(a) Operating Revenues (Source)12,616,106 14,502,217
(b) Interest Income 1,041,389 1,655,699
(c) Other Income or Revenue (Identify)
Transfers In 40,000 10,000,000
Capital Grant 552,056
Connection Fees 198,599 276,177
Proceeds of Sale of Assets 110,291
Sale of Easement Rights 1,250,943
(d) Total Revenues 14,448,150 27,795,327
(e) Operating Expenses (excluding interest on
debt, depreciation, and other non-cash items)11,068,236 11,221,419
(f) Net Revenues [(f) = (d) - (e)]3,379,914 16,573,908
(g) Debt Service (including any required
coverage)2,644,408 2,643,988
Attachment 10
Attachment 7
Part V - Supplementary Information
Schedule of Projected Revenues and Debt Coverage
FY 2025 FY 2026 FY 2027 FY 2028 FY 2029
(a) Operating Revenue 17,202,290 20,473,000 22,524,600 24,803,400 26,151,200
(b) Interest Income 1,301,374 626,400 575,600 415,600 348,400
(c) Other Income or Revenue (identify)
(d) Total Revenues 18,503,664 21,099,400 23,100,200 25,219,000 26,499,600
(e) Operating Expenses (excluding interest
on debt, depreciation, and other non-cash
items)12,313,604 12,825,691 13,210,462 13,606,776 14,014,979
(f) Net Revenues (f = d - e)6,190,060 8,273,709 9,889,738 11,612,224 12,484,621
(g) Revenue (including coverage) pledged to
debt service, excluding SRF Loans 2,275,346 2,275,987 2,276,569 2,275,952 2,276,435
(h) Revenue (including coverage) pledged to
outstanding SRF Loans 368,173 368,173 368,173 368,173 368,173
(i) Revenue Available for this SRF Loan [(i) =
(f) - (g) - (h)]3,546,541 5,629,549 7,244,996 8,968,100 9,840,014
*Note for Item J - For existing and proposed facilities, excluding interest on debt, depreciation, and other non cash items.
Revenues are based on current rate ordinance.
(k) For Construction loans are the above projections consistent with the accepted financial feasibility information? Yes
Attachment 13