The City of Savannah and the Georgia Environmental Finance Authority previously entered into a promissory note and loan agreement (CWSRF 14-009) to provide the City with low-interest funding for the construction of capital improvements at the City's President Street Water Reclamation Plant.

These capital improvements consist of a bio-solids handling facility and the related modifications are necessary for its construction and installation. The original terms of the agreement include a loan amount of $28,470,000 with a 1.03% interest rate. This resolution authorizes the City Manager to execute documents which will extend the construction period of the loan from April 1, 2020 to January 1, 2021. No other terms of the agreement are being modified.

Approval