AI- 9780
18.E.
CC REGULAR
- Meeting Date:
- 06/17/2008
- Submitted By:
- Sergio Cruz, BUDGET & MANAGEMENT
- Department:
- BUDGET & MANAGEMENT
Information
CAPTION
Pct. 1 & 2:
1. Discussion, consideration, and approval of State Infrastructure Bank (SIB) Loan Agreement between the State of Texas and Hidalgo County for pre-construction cost for the expansion of Mile 2 West, Mile 6 West, Nolana Loop, and South McColl Road in the amount of $911,009.00.
2. Authority for County Judge to sign the required documents: SIB Loan Agreement, Funding Disbursement Letter.
3. Approval and authorization for County Treasurer to establish the necessary accounts with Hidalgo County's depository bank as set forth in the SIB Loan Agreement.
1. Discussion, consideration, and approval of State Infrastructure Bank (SIB) Loan Agreement between the State of Texas and Hidalgo County for pre-construction cost for the expansion of Mile 2 West, Mile 6 West, Nolana Loop, and South McColl Road in the amount of $911,009.00.
2. Authority for County Judge to sign the required documents: SIB Loan Agreement, Funding Disbursement Letter.
3. Approval and authorization for County Treasurer to establish the necessary accounts with Hidalgo County's depository bank as set forth in the SIB Loan Agreement.
BACKGROUND
Fiscal Impact
- FISCAL YEAR:
- 2008
- ACCT. #:
- pending
- FUNDS AVAILABLE Y/N?:
- MATCHING FUNDS Y/N?:
BUDGETARY IMPACT:
Co. Treasuer will establish Debt Service Fund Accts to pay for the loan and acct for costs.Breakdown: Mile 2 W. Rd. $127,495.50
Mile 6 W. Rd. $423,513.50
Nolana Loop $260,000.00
S. McColl Rd. $100,000.00
Total $911,009.00
Loan period is for 10 years @4% per year interest rate; start date of loan is 7-1-08. 1 payment made per year; annual loan payment $112,319.16.
Please refer to Exhibit C "Amortization Schedule" of SIB loan agreement and Funding Breakdown schedule.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Budget and Management | Dina Trevino | 06/12/2008 02:44 PM |
| Auditor's Office | aduran | 06/13/2008 03:06 PM |
| Purchasing / Internal | 06/13/2008 05:44 PM |
- Form Started By:
- scruz
- Started On:
- 06/12/2008 01:34 PM
- Final Approval Date:
- 06/13/2008