City of Webster Resolution 2026-03 Loan Authorization
Webster approves $1.5 million loan with Seacoast Bank
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Description
The City of Webster approved Resolution 2026-03 authorizing a negotiated Capital Improvement Revenue Loan from Seacoast National Bank for up to $1,500,000 at 4.95% interest to purchase property for future wastewater improvements. The loan will be repaid from budgeted non-ad valorem revenues through May 1, 2034 under a formal Loan Agreement and promissory note.
Contract Details
Contract Amount
Not to exceed $1,500,000 (principal); 4.95% interest; 0.50% origination fee
Vendor
SEACOAST NATIONAL BANK
Agency
City of Webster, FL
Contract Type
FINANCIAL_SERVICES
Document Date
April 16, 2026
Contract Term
From Date of Delivery (on or about April 22, 2026) to Maturity Date May 1, 2034; monthly payments beginning June 1, 2026
Renewal Date
2034-05-01
Renewal Info
Single-term revenue note with fixed maturity on May 1, 2034; no renewals described. Note is prepayable by the City as provided in Section 3.03(d) of the Loan Agreement; payment obligation continues until principal and interest are paid in full.
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