*1397 FDEP Amdmt 1 to loan agrmt WW590130♦ —187 7VR
UTILITY DEPARTMENT
TRANSMITTAL MEMORANDUM
To: City Clerk
RE: Request for Services
The item(s) noted below is /are attached and forwarded to your office for the following action(s):
❑
Development Order
❑
❑
Final Plat (original mylars)
❑
❑
Letter of Credit
❑
❑
Maintenance Bond
❑
Ordinance
❑
Performance Bond
❑
Resolution
Once completed, please:
❑ Return original
❑ Return copy
Special Instructions:
Mayor's signature
Recording
Rendering
Safe keeping (Vault)
U
Please advise if you have any questions regarding the above.
Thank you!
From
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TADept_ forms \City Clerk Transmittal Memo - 2010.doc
AMENDMENT 1 TO LOAN AGREEMENT WW590130
CITY OF SANFORD
This amendment is executed by the STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION (Department) and the CITY OF SANFORD, FLORIDA, (the
"Local Government ") existing as a local governmental agency under the laws of the State of
Florida.
WITNESSETH:
WHEREAS, the Department and the Local Government entered into a Clean Water State
Revolving Fund Loan Agreement, Number WW590130, authorizing a Loan amount of $808,854,
excluding Capitalized Interest; and
WHEREAS, the Local Government is entitled to additional financing of $79,336, excluding
Capitalized Interest; and
WHEREAS, revised provisions for audit and monitoring are needed; and
WHEREAS, the E- verify provision is no longer applicable; and
WHEREAS, a Financing Rate must be established for the additional financing amount awarded
in this amendment; and
WHEREAS, a Loan Service Fee must be estimated for the additional financing; and
WHEREAS, the Semiannual Loan Payment amount needs revision to reflect an adjustment in
the Loan amount; and
WHEREAS, the Project costs need adjustment to reflect revised estimates.
NOW, THEREFORE, the parties hereto agree as follows:
1. Section 2.03(1) of the Agreement is deleted and replaced as follows:
(1) The financial assistance authorized pursuant to this Loan Agreement consists of the
following:
State Resources Awarded to the Local Government Pursuant to this Agreement Consist of the Following
Resources Sub'ect to Section 215.97, F.S.:
State
State
Funding Source
CSFA
CSFA Title or Fund
Funding
Appropriation
Program
Number
Source Description
Amount
Category
Number
Original
Wastewater
37.077
Statewide Surface
Water Restoration and
$888,190
140131
Agreement
Treatment and
Wastewater Projects
Stormwater
Management TF
2. Section 4.08 of the Agreement is deleted and replaced as follows:
Disbursements shall be made only by the State Chief Financial Officer and only
when the requests for such disbursements are accompanied by a Department certification that
such withdrawals are proper expenditures. Disbursements shall be made directly to the Local
Government for an allowance based on planning, engineering, and administration costs.
Requests by the Local Government for disbursements of the preconstruction funds
shall be made using the Department's disbursement request form but shall not require
documentation of actual costs incurred. Up to twenty percent of the allowance shall be
disbursed after a Loan Agreement is signed. Up to fifty percent of the allowance shall be
disbursed after the planning documentation has been completed and accepted. The remainder
of the allowance shall be disbursed after all procurement contracts are executed and shall be
adjusted to reflect as -bid costs. The Department may disburse the entire estimated allowance
amount after acceptance of the plans and specifications or completion of the request for
proposals, if the Local Government agrees to an allowance adjustment once all contracts have
been bid.
Disbursements for Construction Related Costs shall occur only as a result of an
amendment to this Agreement. The following allowance amount will be disbursed after the
specified milestone events unless the allowance is reduced pursuant to Section 10.06 of the
Agreement:
Milestone Event Amount
Loan Agreement executed $ 177,638
Department acceptance of planning documents 444,095
Department acceptance of executed procurement contracts 266,457
Total $ 888,190
3. Section 8.10 of the Agreement is deleted.
4. Additional financing in the amount of $79,336, excluding Capitalized Interest, is
hereby awarded to the Local Government.
5. A Financing Rate of 2.63 percent per annum is established for the additional
financing amount awarded in this amendment. Individually, the interest rate is 1.315 percent
per annum and the Grant Allocation Assessment rate is 1.315 percent per annum. However, if
this amendment is not executed by the Local Government and returned to the Department
before October 1, 2011, the Financing Rate may be adjusted.
6. The estimated principal amount of the Loan is hereby revised to $929,690, which
consists of $888,190 authorized for disbursement to the Local Government and $41,500 of
Capitalized Interest. This total consists of the following:
(a) Original Agreement of $847,154, including $808,854 authorized for disbursement to
the Local Government and $38,300 of Capitalized Interest, at a Financing Rate of 2.87 percent
2
per annum (the interest rate is 1.435 percent per annum and the Grant Allocation Assessment
rate is 1.435 percent per annum); and
(b) Amendment 1 of $82,536, including $79,336 authorized for disbursement to the
Local Government and $3,200 of Capitalized Interest, at a Financing Rate of 2.63 percent per
annum (the interest rate is 1.315 percent per annum and the Grant Allocation Assessment rate
is 1.315 percent per annum).
7. An additional Loan Service Fee in the amount of $1,587 is hereby estimated. The fee
represents two percent of the increased Loan amount excluding Capitalized Interest, that is,
two percent of $79,336.
8. The Semiannual Loan Payment amount is hereby revised and shall be in the amount
of $31,235. Such payments shall be paid to, and must be received by, the Trustee beginning on
April 15, 2015 and semiannually thereafter on October 15 and April 15 of each year until all
amounts due hereunder have been fully paid. Until this Agreement is further amended, each
Semiannual Loan Payment will be proportionally applied toward repayment of the amounts
owed on each incremental Loan amount at the date such payment is due.
The Semiannual Loan Payment amount is based on the total amount owed of $947,454,
which consists of the Loan principal plus the estimated Loan Service Fee.
9. The Local Government, the Corporation and the Department acknowledge that the
actual Project costs have not been determined as of the effective date of this agreement. Project
cost adjustments may be made as a result of construction bidding or Project changes agreed
upon by the Department. Capitalized Interest will be recalculated based on actual dates and
amounts of Loan disbursements. If the Local Government receives other governmental
financial assistance for this Project, the costs funded by such other governmental assistance will
not be financed by this Loan. The Department shall establish the final Project costs after its
final inspection of the Project records. Changes in Project costs may also occur as a result of the
Local Government's Project audit or a Department audit.
Funds disbursed in accordance with Section 4.08 of this Agreement shall be disbursed in
the order in which they have been obligated without respect to budgetary line item estimates.
All disbursements shall be made from the original Loan amount until that amount has been
disbursed; the Financing Rate established for the original Loan amount shall apply to such
disbursements for the purpose of determining the associated Capitalized Interest and
repayment amount. The Financing Rate established for any additional increment of Loan
financing shall be used to determine the Capitalized Interest and repayment amount associated
with the funds disbursed from that increment.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
The estimated Project costs are revised as follows:
CATEGORY COST($)
Allowance costs 888,190
Capitalized Interest 41,500
TOTAL (Loan Principal 929,690
Amount)
10. All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
This Amendment 1 to Loan Agreement WW590130 shall be executed in three or more
counterparts, any of which shall be regarded as an original and all of which constitute but one
and the same instrument.
w
APPROVED AND ACCEPTED BY THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION.
x . Z�--
Deputy Director
Division of Water Resource Management
SEP 16 20i1
Date
G
IN WITNESS WHEREOF, the Department has caused this Agreement to be executed on its
behalf by the Deputy Director and the Local Government has caused this Agreement to be
executed on its behalf by its Authorized Representative and by its affixed seal. The effective
date of this Agreement shall be as set forth below by the Deputy Director.