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<br />'f'!. <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins A venue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br /> <br />l\1EMORAND_UM <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />FROM: <br /> <br />MinaI Shah, Assistant City Manager-Finance <br /> <br />DATE: <br /> <br />4/15/20 I 0 <br /> <br />RE: <br /> <br />Ratifying Loan to Stormwater Fund and Approval of Payment <br />Arrangement to reimburse the loan made by the Capital Improvements <br />Projects Fund to the Stormwater Fund. <br /> <br />RECOMMENDA TION: <br /> <br />Approve the attached resolution which ratifies the loan to the Stormwater Fund and <br />approval of the payment arrangement to the reimburse the loan made by the Capital <br />Improvements Project Fund to the Stormwater Fund. The payment plan is for the term of <br />4 years at an interest rate of 4.5%. There is no prepayment penalty. <br /> <br />REASONS: <br /> <br />During fiscal year 2009, the City's Stormwater Fund incurred $7,298,891 in costs for the <br />Central Island Drainage Project. Due to lack of available funds, the Stormwater Fund <br />borrowed $2,555,863 from the Capital Projects fund. The borrowing is scheduled to be <br />paid back over 4 years at an interest rate of 4.5%. The annual principal and interest <br />payment is $712,430.58 with first payment on June 30, 2010. <br /> <br />A TT ACHMENTS: <br />. Resolution <br /> <br />Agenda Item No.1 OH <br />Dale 4/15/20 I 0 <br />105 <br />