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2 <br /> The State has sent the County a State Loan Offer and Acceptance letter (Attachment 1) for the <br /> SRF loan needed to finance the McGowan Creek Sewer Interceptor. In order to finalize the <br /> loan process and make the money from the loan available, the signed letter and a signed <br /> Resolution of Acceptance of the Loan (Attachment 2) must be returned to the State Division of <br /> Water Infrastructure. <br /> FINANCIAL IMPACT: The SRF Loan to fund the McGowan Creek Sewer Interceptor project is <br /> in the amount of $774,904. The total funding allocation for the project is $832,718, including <br /> the $774,904 from the loan and $57,814 in Article 46 sales tax proceeds as approved at the <br /> November 5, 2013 regular Board meeting. The loan will function similar to a line of credit. <br /> County staff will submit invoices periodically for the project, and the State will reimburse the <br /> County using proceeds from the loan. The money borrowed is repaid over a 20 year period at <br /> an annual interest rate of 2%. Repayment will not begin until the project is completed, so it will <br /> begin in the upcoming fiscal year (2014-2015). The annual debt service for the loan will be <br /> $47,390.59. <br /> RECOMMENDATION(S): The Manager recommends that the Board: <br /> 1) Approve and authorize the Chair to sign the Resolution of Acceptance for the State <br /> Revolving Fund (SRF) Loan for this project; and <br /> 2) Authorize the County Manager to sign the State Loan Offer and Acceptance letter on <br /> behalf of the Board of County Commissioners. <br />