Title
Approving a resolution authorizing the filing of an application for assistance from the Texas Water Development Board (TWDB) Drinking Water State Revolving Fund (DWSRF) Loan Program for the Water Treatment Plant Expansion Project and authorizing a designated City representative for purposes of furnishing such information and executing such documents as may be required in connection with the preparation and filing of such application for financial assistance and the rules of the TWDB.
Summary
This agenda item is presented to inform City Council of the City’s interest in securing funding from the Texas Water Development Board (TWDB) in an effort to apply for a low interest loan to fund projects through the Drinking Water State Revolving Fund (DWSRF) Program. The City is looking to submit an application for a TWDB DWSRF Loan to fund a portion of the Water Plant Expansion Project. The resolution is required by the TWDB to be attached to the funding application.
The City has been selected to apply for a State Fiscal Year 2022 (SFY 2022) DWSRF Loan after submitting a Project Information Form in March 2021 to the TWDB to be considered for the Program for assistance in funding the construction of the Water Treatment Plant Expansion Project. After the TWDB Board approved the SFY 2022 DWSRF Intended Use Plan which included Pflugerville’s request for funding in the Initial Invited Projects List, the City received a formal invitation to apply. The Pflugerville project was one of 21 projects selected for the Program out of 171 projects submitted and was the largest community and largest project invited. The maximum low interest loan amount is currently set at $24M and interest rates are provided at 30% - 35% reduction from the Thomson Reuters Municipal Market Data (MMD) rate adjusted for yield to maturity that is applicable to the entity’s rating. With the total construction cost of the plant expansion currently estimated at $90M, the $24M will be combined with the...
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