Authorization to Transfer Residual Funds and Close the Sewer Debt Service Bank Account. <span style='font-size:15px;font-family:"Arial",sans-serif;' data-pasted="true"> – Town Manager</span>

Background In April 1998, the Town entered into a revolving loan agreement with the State of Florida Department of Environmental Protection to finance the planning and design of a sewer rehabilitation and replacement project. Debt service payments for this State Revolving Fund Loan were collateralized by the net revenues of the Town's sewer system. The Town made its final payment on this obligation during FY 2021, paying off the loan and all remaining interest in its entirety as of September 30, 2021. Current Status and Request Because the 1998 State Revolving Fund Loan has been fully retired, and the Sewer Fund currently has no other direct outstanding bonds or loans, the dedicated sewer debt service bank account is no longer needed. We are requesting authorization to transfer residual funds totaling approximately $105,295 from the sewer debt service bank account into the primary Sewer Fund bank account. Furthermore, we request authorization to officially close the sewer debt service bank account.