RES 2013-21 Adopted RESOLUTION NO. 2013-21
AUTHORIZATION TO ENTER INTO AN AGREEMENT WITH SOUTH
CAROLINA WATER QUALITY REVOLVING FUND AUTHORITY
FOR WATER EXPANSION PROJECT FINANCING
WHEREAS, the South Carolina Water Quality Revolving Fund Authority
(the "State Authority") provides low-interest loan financing for the construction of public
drinking water facilities from the Drinking Water Revolving Loan Fund (the "Fund")
pursuant to the Federal Safe Drinking Water Act and Title 48, Chapter 5, Code of Laws of
South Carolina, 1976, as amended; and
WHEREAS, the City of North Augusta is a legally constituted municipal
corporation in the State of South Carolina and is authorized to incur revenue debt pursuant
to Title 6, Chapter 21, Code of Laws of South Carolina, 1976, as amended; and
WHEREAS, the City of North Augusta has determined that it is in the best
interests of the City to apply to the State Authority for a loan from the Fund.
NOW THEREFORE, BE IT RESOLVED that the Mayor and City Council of
the City of North Augusta, South Carolina, in meeting duly assembled and by the authority
thereof, that the City of North Augusta:
1. That the Council hereby authorizes the City Administrator to complete, and the
Mayor to execute and submit an application to the State Authority for a loan from the
Fund in the amount of approximately $12 million to finance the costs of constructing
a raw water storage tank for the City's water system. The City Administrator is
authorized to take such actions as may be necessary or convenient to complete the
application process.
2. That the City will grant to the State Authority a pledge of, and lien on, all revenues of
the City's combined water and sewer system for repayment of the loan.
3. That the final terms and conditions of the loan and the loan documents shall be
subject to the approval of this Council.
DONE, RATIFIED AND ADOPTED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF NORTH AUGUSTA, SOUTH CAROLINA, ON THIS
3 it el DAY OF Mew. , 2013.
f\L-41-+.
Lark W. Jones, Mayor
ATTEST:
Donna B. Young, City erk
UTILITY CONSTRUCTION FUND - PROJECT CASH FLOW SHEET
5/15/2013
Proj. Total Expended 1/1/2013 7/1/2013 1/1/2014 7/1/2014 1/1/2015 7/1/2015 1/1/2016 7/1/2016
No. Project Description Project Cost 12/31/2012 6/30/2013 12/31/2013 6/30/2014 12/31/2014 6/30/2015 12/31/2015 6/30/2016 12/31/2016
6 MGD Water Plant Expansion,
1 Total Capacity after Expansion 14,000,000 141,100 110,000 330,000 220,000 3,306,000 3,306,000 3,306,000 3,280,900 complete
is 12 MGD-Note
2 Raw Water Storage Facility, 14,000,000 0 240,000 1,474,000 7,152,000 5,134,000 complete
30,000,000 Gallon-Note
3 Purchase Additional 3.828 MGD, 1,855,277 748,945 553,166 0 553,166 complete
PSA Capacity(total 8.672 MGD)
4 Sewer I&I Rehab. 50,000/yr. 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
5 Debt Service,$20M,1.9%,20 yr
$12,000,000 in November 2013 0 120,280 360,840 360,840 360,840 360,840 360,840 360,840
$8,000,000 in July 2014 0 0 0 240,552 240,552 240,552 240,552 240,552
PROJECT COSTS PER PERIOD 928,166 1,949,280 8,311,006 9,066,392 3,932,392 3,932,392 3,907,292 626,392
BALANCE 8,091,073 6,923,978 11,395,157 3,110,950 7,960,743 4,810,536 1,685,429 1,841,222
SRF FUNDING,$20,000,000,1.9%,20 YEARS 12,000,000 8,000,000
CURRENT WATER/SEWER DEBT SERVICE REVENUE 782,185 782,185 782,185 782,185 782,185 782,185 782,185 782,185,
AUDITED YEAR-TO-DATE BALANCE I 9,019,239 8,873,258 _ 19,706,163 12,177,342 11,893,135 8,742,928 5,592,721 2,467,614 2,623,407
NOTE#1: A SRF Loan,1.9%,20 year term will be required to complete this project.
(1) Project costs reflect 2013 dollars;future interest earnings not shown;exact figures may vary based 12/31/12 Audited Figures
on timing of project,interest earnings,etc. 2013 water&sewer rates are used for all projections.
Gross Revenue Fund 2,912,215
(2) Edgefield Water&Sewer Authority is currently budgeted(2013)for a flow of 1.487 MGD and Depreciation Fund 382,650
have purchased 1.8 MGD capacity. Contingent Fund 1,438,718
Construction Fund 6,897,310
(3) The City did not budget any 2013 water sales to Breezy Hill as they are building a 6MGD plant Total 11,630,893
expected to be completed in January 2013. Less:
Reserve 1,750,000
Growth 861,654
2,611,654
Audited Balance 12/31/12 9,019,239
JPP/UTLCON16Dated051513 154-A 5/30/2013