1535* SRF: WW 590131 Amendment 2UTILITY ,1 W '"
MEMORANDUM
To: City Clerk's Office
,: Amendment 2 to Loan Agreement WW590131
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)
Please advise if you have any questions regarding the above.
Thank you!
GVV,—, " - A-2
From
6
ate
FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION
MARJORY STONEMAN DOUGLAS BUILDING
3900 COMMONWEALTH BOULEVARD MS 3505
TALLAHASSEE, FLORIDA 32399-3000
CERTIFIED MAIL - RETURN RECEIPT REQUESTED
May 19, 2015
Mr. Paul Moore
Utilities Director
City of Sanford
Post Office Box 1788
Sanford, Florida 32772
Re: WW590131 — Sanford
Treatment Facilities
Dear Mr. Moore:
RICK SCOTT
GOVERNOR
CARLOSLOPEZ-CANTERA
LT. GOVERNOR
JONATHAN P. STEVERSON
SECRETARY
We are pleased to provide additional financing under the State Revolving Fund loan program for
construction of your project. Enclosed is one original of Amendment 2 to the City of Sanford's
State Revolving Fund loan agreement. The amendment is now in effect.
We congratulate you and your staff on your efforts and are pleased that we can continue working
with you on this project.
If we maybe of further assistance, please contact Teresa Cruce at (850) 245-2910.
Sincerely,
V-)WA�,S+
Angela echt, Program Administrator
State Revolving Fund Management
AK/tc
Enclosure
cc: Norton Bonaparte — City of Sanford
Benjamin Fries — CPH Engineers, Inc.
Cynthia Lindsay — City of Sanford
Jeff Triplett — City of Sanford
inviv. dep. slate. f I. us
AMENDMENT 2 TO LOAN AGREEMENT WW590131
CITY OF SANFORD
This amendment is executed by the FLORIDA WATER POLLUTION CONTROL FINANCING
CORPORATION (the "Corporation") and the CITY OF SANFORD, FLORIDA, (the "Local
Borrower") existing as a local governmental agency under the laws of the State of Florida.
WITNESSETH:
WHEREAS, the Corporation and the Local Borrower entered into a Clean Water State Revolving
Fund Loan Agreement, Number WW590131, as amended, authorizing a Loan amount of
$11,871,743, excluding Capitalized Interest; and
WHEREAS, the Local Borrower is entitled to additional financing of $4,790,789, excluding
Capitalized Interest; and
WHEREAS, revised provisions for audit and monitoring are needed; 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; and
WHEREAS, the definition of Project needs revision to include another contract, and
WHEREAS, Loan repayment activities need rescheduling to give the Local Borrower additional
time to complete construction.
NOW, THEREFORE, the parties hereto agree as follows:
1. Subsection 1.01(17) of the Agreement is deleted and replaced as follows:
"Project" shall mean the works financed by this Loan and shall consist of furnishing all
labor, materials, and equipment to construct the treatment facilities project in accordance with the
plans and. specifications accepted by the Department for the following contracts:
(a) "Sanford Biological Nutrient Removal Improvements"; and
(b) "Sanford South Water Resource Center: Phase II Expansion", and
The Project is in agreement with the planning documentation accepted by the Department
effective June 28, 2012. Approval of this Project is provided by the Florida Categorical Exclusion
Notice dated December 30, 2011 and no adverse comments were received.
2. Subsection 2.04(1) is deleted and replaced as follows:
The Local Borrower agrees to the following audit and monitoring requirements.
Funds provided under this Agreement have been identified as second-tier monies under the
Federal CIean Water Act which are identified as state funds whose use is federally protected.
(1) The financial assistance authorized pursuant to this Loan Agreement consists of the
following:
State Resources Awarded to the Local Borrower Pursuant to this Agreement Consist of the
Following Resources Subject to Section 215.97, F.S.:
State
CSFA Title or
State
Program
CSFA
Fund Source
Funding
Appropriation
Number
Funding Source
Number
Description
Amount
Cate o
Wastewater
Wastewater
Original
Treatment and
37.077
Treatment Facility
$16,662,532
140131
Agreement
Stormwater
Construction
Management TF
3. Subsection 2.04(4) of the Agreement is deleted.
4. Additional financing in the amount of $4,790,789, excluding Capitalized Interest, is
hereby awarded to the Local Borrower.
5. A Financing Rate of 2.15 percent per annum is established for the additional financing
amount awarded in this amendment. Individually, the interest rate is 1.075 percent per annum and
the Grant Allocation Assessment rate is 1.075 percent per annum. However, if this amendment is
not executed by the Local Borrower and returned to the Department before April 1, 2015, the
Financing Rate may be adjusted.
6. The estimated principal amount of the Loan is hereby revised to $17,294,532, which
consists of $16,662,532 authorized for disbursement to the Local Borrower and $632,000 of
Capitalized Interest. This total consists of the following:
(a) Original Agreement of $12,413,043, including $11,871,743 authorized for
disbursement to the Local Borrower and $541,300 of Capitalized Interest, at a Financing Rate of
2.16 percent per annum (the interest rate is 1.08 percent per annum and the Grant Allocation
Assessment rate is 1.08 percent per annum); and
(b) Amendment 2 of $4,881,489, including $4,790,789 authorized for disbursement to the
Local Borrower and $90,700 of Capitalized Interest, at a Financing Rate of 2.15 percent per annum
(the interest rate is 1.075 percent per annum and the Grant Allocation Assessment rate is
1.075 percent per annum).
FA
7. An additional Loan Service Fee in the amount of $95,816, for a total of $333,251, is
hereby estimated. The fee represents two percent of the Loan amount excluding Capitalized
Interest, that is, two percent of $16,662,532.
8. The Semiannual Loan Payment amount is hereby revised and shall be in the amount of
$544,911. Such payments shall be paid to, and must be received by the Trustee beginning on
June 15, 2017 and semiannually thereafter on December 15 and June 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 $17,627,783,
which consists of the Loan principal plus the estimated Loan Service Fee.
9. Section 10.06 of the Agreement is revised as follows:
The Local Borrower, 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 Borrower 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 Borrower'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
3
The Local Borrower agrees to the following estimates of Project costs:
PROJECT COSTS
CATEGORY
Allowance costs
Construction and Demolition
Contingencies
Technical Services After Bid Opening
Allowances under WW590130
Subtotal (Disbursable Amount)
Capitalized Interest
TOTAL (Loan Principal Amount)
COST
1,232,272
14,477,000
723,850
1,117,600
(888,190)
16,662,532
632,000
17,294,532
10. The items scheduled under Section 10.07 of the Agreement, as amended, are
rescheduled as follows:
(1) Completion of Project construction is scheduled for December 15, 2016.
(2) Establish the Loan Debt Service Account and begin Monthly Loan Deposits no later
than December 15, 2016.
(3) The date for the certification required under Subsection 2.01(10) of the Agreement is
hereby revised. The initial annual certification shall be submitted no later than March 15, 2017.
Thereafter, the annual certification shall be submitted no later than September 30 of each year until
the final Semiannual Loan Repayment is made. -
(4) The first Semiannual Loan Payment in the amount of $544,911 shall be due
June 15, 2017.
11. All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
4
This Amendment 2 to Loan Agreement WW590131 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.
IN WITNESS WHEREOF, the Corporation has caused this amendment to the Loan Agreement to
be executed on its behalf by its Chief Executive Officer and the Local Borrower has caused this
amendment to be executed on its behalf by its Authorized Representative and by its affixed seal.
The effective date of this amendment shall be as set forth below by the Chief Executive Officer of
the Corporation.
for
FLORIDA WATER
CITY OF
FINANCING CORPORATION
WA,
Secretary
�Yl yUK
'r
Attest: a ° _ Apgiroved as to form and legal si iency:
City
City Clerk Attorney
SEAL
APPROVED AND ACCEPTED BY THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTE ION.
Program Administrator
State Revolving Fund