Water Distribution System Project

December 2014 Newsletter

​

The water distribution system project

continues to move along (admittedly slowly)

with signing of the loan agreement with the

State of Florida Drinking Water Revolving

Loan Fund anticipated in January. The final

project is expected to cost $1.64 million with

an anticipated interest rate of 1.6%. Upon

signing the agreement work will begin on a

facilities plan and engineering drawings. The

semi-annual loan payments will begin six

months after construction is completed.

Payments will be $112,000 per year. Funding

will be accomplished by a 10% increase in

rents and assessments in 2015 and 2016 with

a return to increases in 2017 of 3-5%.