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Next post MONROE COUNTY REPAYS KEY LARGO WASTEWATER TREATMENT DISTRICT THIRD $1 MILLION INSTALLMENT FROM MAYFIELD GRANT AGREEMENT KEY LARGO – Monroe County Mayor Pro Tem Sylvia Murphy, on behalf of the Board of County Commissioners, presented the Key Largo Wastewater Treatment District on Tuesday with $1 million, the third installment in a 10-year Interlocal Agreement regarding the distribution of $17 million in Mayfield Grant Funds for wastewater projects in the Keys. Monroe County and the Key Largo Wastewater Treatment District entered into the Interlocal Agreement on May 20, 2015, to make the most efficient possible use of the Mayfield Grant Funds for the benefit of all residents of Monroe County, including those who reside within the Key Largo service area. The agreement will save taxpayers about $6.5 million in combined interest costs over the next decade. “This just shows that two agencies can work together for the common good of our residents,” Murphy said. “This is a win-win for everybody.” Here’s how it works: Monroe County accepted KLWTD’s $17 million portion of the second $50 million allocation of the $200 million Mayfield Grant Fund – which by law the KLWTD cannot use to repay debt for its already built system. Monroe County used the funds to pay for construction on the Cudjoe Regional Wastewater System. In return, Monroe County agreed to repay that $17 million to KLWTD at no interest over the next 10 years. This will allow KLWTD to receive its entitled share of the Mayfield Grant Fund, as well as repay its wastewater construction debt more quickly and thus save money on interest. Monroe County also has saved money by using the grant funding to pay for construction at Cudjoe instead of borrowing and incurring interest charges.