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 as 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 and the City Clerk to attest documents modifying the note to create an Interest-free Period and a Payment-free Period. During the Interest-free Period, commencing on June 1, 2020 and ending on November 30, 2020, the note shall not bear any interest. During the payment-free period, commencing on July 1, 2020 and ending on December 31, 2020, no principal, interest, or fees shall be due or payable. No other terms of the agreement are being modified.

Approval