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*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 91�,Zs9ll/ to r 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Interest; and WHEREAS, revised provisions for audit and monitoring are needed; and WHEREAS, the E- verify provision is no longer applicable; and WHEREAS, a Financing Rate must be established for the additional financing amount awarded in this amendment; and WHEREAS, a Loan Service Fee must be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.