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1894 FDEP DW 590191 Treatmt Plant RehabFEDERAL EXPRESS DELIVERY - SIGNATURE REQUIRED Mr. William M. Marcous Utility Manager City of Sanford 300 North Park Avenue Sanford, Florida 32771 Re: DW590191 — City of Sanford Treatment Plant Rehabilitation Dear Mr. Marcous: p (,'( (i"" Rick Scott Governor Carlos Lopez-Cantera Lt. Governor Noah Valenstein Secretary We are pleased to provide State Revolving Fund financial assistance for your planning and design treatment plant rehabilitation project. One original of the fully executed loan agreement is enclosed. To draw money under the agreement, please call Carleen Pruyn at (850)245-2932 for assistance in completing a disbursement request. Please note that the Special Conditions listed in Section 10.08 of the Agreement must be provided before any funds can be released. Sincerely, t, (f� Angela echt, Program Administrator State Revolving Fund Management AK/rs Enclosure cc: Norton N. Bonaparte, Jr. — City of Sanford www. dep.state. fl. us STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION AND CITY OF SANFORD, FLORIDA DRINKING WATER STATE REVOLVING FUND PLANNING AND DESIGN LOAN AGREEMENT DW590191 Florida Department of Environmental Protection State Revolving Fund Program Marjory Stoneman Douglas Building 3900 Commonwealth Boulevard, MS 3505 Tallahassee, Florida 32399-3000 DRINKING WATER STATE REVOLVING FUND PLANNING AND/OR DESIGN LOAN AGREEMENT CONTENTS PAGE ARTICLE I - DEFINITIONS I 1.01. WORDS AND TERMS. 1 1.02. CORRELATIVE WORDS. 3 ARTICLE 11 - WARRANTIES, REPRESENTATIONS AND COVENANTS 3 2.01. WARRANTIES, REPRESENTATIONS AND COVENANTS. 3 2.02. LEGAL AUTHORIZATION. 5 2.03. AUDIT AND MONITORING REQUIREMENTS. 5 ARTICLE III - LOAN REPAYMENT ACCOUNT 8 3.01. LOAN DEBT SERVICE ACCOUNT. 8 3.02. INVESTMENT OF LOAN DEBT SERVICE ACCOUNT MONEYS. 9 3.03. LOAN DEBT SERVICE ACCOUNT WITHDRAWALS. 9 3.04. ASSETS HELD IN TRUST. 9 ARTICLE IV - PROJECT INFORMATION 9 4.01. PROJECT CHANGES. 9 4.02. TITLE TO PROJECT SITE. 9 4.03. PROHIBITION AGAINST ENCUMBRANCES. 9 4.04. COMPLETION MONEYS. 10 4.05. CLOSE-OUT. 10 4.06. LOAN DISBURSEMENTS. 10 ARTICLE V - RATES AND USE OF THE WATER AND SEWER SYSTEMS 10 5.01. RATE COVERAGE. 10 5.02. NO FREE SERVICE. 10 5.03. MANDATORY CONNECTIONS. 11 5.04. NO COMPETING SERVICE. 11 5.05. MAINTENANCE OF THE WATER AND SEWER SYSTEMS. 11 5.06. ADDITIONS AND MODIFICATIONS. 11 5.07. COLLECTION OF REVENUES. 11 ARTICLE VI - DEFAULTS AND REMEDIES 11 6.01. EVENTS OF DEFAULT. 11 6.02. REMEDIES. 12 6.03. DELAY AND WAIVER. 13 ARTICLE VII - THE PLEDGED REVENUES 13 7.01. SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT. 13 7.02. ADDITIONAL DEBT OBLIGATIONS. 14 ARTICLE VIII - GENERAL PROVISIONS 14 i DRINKING WATER STATE REVOLVING FUND PLANNING AND/OR DESIGN LOAN AGREEMENT CONTENTS 8.01. DISCHARGE OF OBLIGATIONS. 14 8.02. PROJECT RECORDS AND STATEMENTS. 14 8.03. ACCESS TO PROJECT SITE. 15 8.04. ASSIGNMENT OF RIGHTS UNDER AGREEMENT. 15 8.05. AMENDMENT OF AGREEMENT. 15 8.06. ABANDONMENT OF AGREEMENT BY PROJECT SPONSOR. 15 8.07. SEVERABILITY CLAUSE. 15 8.08. USE AS MATCHING FUNDS. 15 8.09. PUBLIC RECORDS ACCESS. 15 8.10. SCRUTINIZED COMPANIES. 16 ARTICLE IX - RESERVED 16 ARTICLE X - DETAILS OF FINANCING 16 10.01. PRINCIPAL AMOUNT OF LOAN. 16 10.02. LOAN SERVICE FEE. 17 10.03. INTEREST RATE. 17 10.04. LOAN TERM. 17 10.05. REPAYMENT SCHEDULE. 17 10.06. PROJECT COSTS. 18 10.07. SCHEDULE. 18 10.08. SPECIAL CONDITION. 19 ARTICLE XI - EXECUTION OF AGREEMENT 20 11 (6) "Design Activities" shall mean the design of work defined in the approved planning document that will result in plans and specifications, ready for permitting and bidding, for an eligible construction project. (7) "Final Amendment" shall mean the final agreement executed between the parties that establishes the final terms for the Loan such as the final Loan amount, the interest rate, Loan Service Fee, amortization schedule and Semiannual Loan Payment amount. (8) "Gross Revenues" shall mean all income or earnings received by the Project Sponsor from the ownership or operation of its Water and Sewer Systems, including investment income, all as calculated in accordance with generally accepted accounting principles. Gross Revenues shall not include proceeds from the sale or other disposition of any part of the Water or Sewer System, condemnation awards or proceeds of insurance, except use and occupancy or business interruption insurance, received with respect to the Water or Sewer System. (9) "Loan" shall mean the amount of money to be loaned pursuant to this Agreement and subsequent amendments. (10) "Loan Application" shall mean the completed form which provides all information required to support obtaining loan financial assistance from the Department. (11) "Loan Debt Service Account" shall mean an account, or a separately identified component of a pooled cash or liquid account, with a Depository established by the Project Sponsor for the purpose of accumulating Monthly Loan Deposits and making Semiannual Loan Payments. (12) "Loan Service Fee" shall mean an origination fee which shall be paid to the Department by the Project Sponsor. (13) "Local Governmental Entity" means a county, municipality, or special district. (14) "Monthly Loan Deposit" shall mean the monthly deposit to be made by the Project Sponsor to the Loan Debt Service Account. (15) "Operation and Maintenance Expense" shall mean the costs of operating and maintaining the Water and Sewer Systems determined pursuant to generally accepted accounting principles, exclusive of interest on any debt payable from Gross Revenues, depreciation, and any other items not requiring the expenditure of cash. (16) "Parity Debt" shall mean any debt obligations issued that are on an equal commercial lien position with this Loan. (17) "Planning Activities" shall mean the planning, specialized studies or administrative work necessary for the Project Sponsor to qualify for Drinking Water State Revolving Fund financing for construction of drinking water facilities. (18) "Pledged Revenues" shall mean the specific revenues pledged as security for repayment of the Loan and shall be the Gross Revenues derived yearly from the operation of the IQ (3) There is no material action, suit, proceeding, inquiry or investigation, at law or in equity, before any court or public body, pending or, to the best of the Project Sponsor's knowledge, threatened, which seeks to restrain or enjoin the Project Sponsor from entering into or complying with this Agreement. (4) The Project Sponsor knows of no reason why any future required permits or approvals associated with the Project are not obtainable. (5) The Project Sponsor shall undertake the Project on its own responsibility, to the extent permitted by law. (6) To the extent permitted by law, the Project Sponsor shall release and hold harmless the State, its officers, members, and employees from any claim arising in connection with the Project Sponsor's actions or omissions in its planning, engineering, administrative, and construction activities financed by this Loan or its operation of the Project. (7) All Project Sponsor representations to the Department, pursuant to the Loan Application and Agreement, were true and accurate as of the date such representations were made. The financial information delivered by the Project Sponsor to the Department was current and correct as of the date such information was delivered. The Project Sponsor shall comply with Chapter 62-552, Florida Administrative Code, and all applicable State and Federal laws, rules, and regulations which are identified in the Loan Application or Agreement. To the extent that any assurance, representation, or covenant requires a future action, the Project Sponsor shall take such action to comply with this agreement. (8) The Project Sponsor shall maintain records using Generally Accepted Governmental Accounting Standards established by the Governmental Accounting Standards Board. As part of its bookkeeping system, the Project Sponsor shall keep accounts of the Water and Sewer Systems separate from all other accounts and it shall keep accurate records of all revenues, expenses, and expenditures relating to the Water and Sewer Systems, and of the Pledged Revenues, Loan disbursement receipts, and Loan Debt Service Account. (9) In the event the anticipated Pledged Revenues are shown by the Project Sponsor's annual budget to be insufficient to make the Semiannual Loan Payments for such Fiscal Year when due, the Project Sponsor shall include in such budget other legally available non -ad valorem funds which will be sufficient, together with the Pledged Revenues, to make the Semiannual Loan Payments. Such other legally available non -ad valorem funds shall be budgeted in the regular annual governmental budget and designated for the purpose provided by this Subsection, and the Project Sponsor shall collect such funds for application as provided herein. The Project Sponsor shall notify the Department immediately in writing of any such budgeting of other legally available non -ad valorem funds. Nothing in this covenant shall be construed as creating a pledge, lien, or charge upon any such other legally available non -ad valorem funds; requiring the Project Sponsor to levy or appropriate ad valorem tax revenues; or preventing the Project Sponsor from pledging to the payment of any bonds or other obligations all or any part of such other legally available non -ad valorem funds. 11 (1) The financial assistance authorized pursuant to this Loan Agreement consists of the following: State Resources Awarded to the Project Sponsor Pursuant to this Agreement Consist of the Following: State CSFA Title or State Program CSFA Fund Source Funding Appropriation Number Funding Source Number Description Amount Category Original Drinking Water Drinking Revolving Loan 37.076 Water Facility $584,950 140129 Agreement TF Construction (2) Audits. (a) In the event that the Project Sponsor expends a total amount of state financial assistance equal to or in excess of $750,000 in any fiscal year of such Project Sponsor, the Project Sponsor must have a State single or project -specific audit for such fiscal year in accordance with Section 215.97, Florida Statutes; applicable rules of the Department of Financial Services; and Chapters 10.550 (local governmental entities) or 10.650 (nonprofit and for-profit organizations), Rules of the Auditor General. In determining the state financial assistance expended in its fiscal year, the Project Sponsor shall consider all sources of state financial assistance, including state financial assistance received from the Department, other state agencies, and other nonstate entities. State financial assistance does not include Federal direct or pass-through awards and resources received by a nonstate entity for Federal program matching requirements. (b) In connection with the audit requirements addressed in the preceding paragraph (a); the Project Sponsor shall ensure that the audit complies with the requirements of Section 215.97(7), Florida Statutes. This includes submission of a financial reporting package as defined by Section 215.97(2), Florida Statutes, and Chapters 10.550 (local governmental entities) or 10.650 (nonprofit and for-profit organizations), Rules of the Auditor General. (c) If the Project Sponsor expends less than $750,000 in state financial assistance in its fiscal year, an audit conducted in accordance with the provisions of Section 215.97, Florida Statutes, is not required. The Project Sponsor shall inform the Department of findings and recommendations pertaining to the State Revolving Fund in audits conducted by the Project Sponsor in which the $750,000 threshold has not been met. In the event that the Project Sponsor expends less than $750,000 in state financial assistance in its fiscal year, and elects to have an audit conducted in accordance with the provisions of Section 215.97, Florida Statutes, the cost of the audit must be paid from the non -state entity's resources (i.e., the cost of such an audit must be paid from the Project Sponsor's resources obtained from other than State entities). (d) The Project Sponsor is hereby advised that the Florida Single Audit Act Requirements may further apply to lower tier transactions that may be a result of this Agreement. For information regarding the Florida Catalog of State Financial Assistance (CSFA), a Project Sponsor should access the Florida Single Audit Act website located at https:HVps.fldfs.com/fsaa for assistance. In addition to the above websites, the following websites may be accessed for 0 (nonprofit and for-profit organizations), Rules of the Auditor General, should indicate the date that the reporting package was delivered to the Project Sponsor in correspondence accompanying the reporting package. (4) Record Retention. The Project Sponsor shall retain sufficient records demonstrating its compliance with the terms of this Agreement for a period of five years from the date the audit report is issued, and shall allow the Department, or its designee, Chief Financial Officer, or Auditor General access to such records upon request. The Project Sponsor shall ensure that audit working papers are made available to the Department, or its designee, Chief Financial Officer, or Auditor General upon request for a period of five years from the date the audit report is issued, unless extended in writing by the Department. (5) Monitoring. In addition to reviews of audits conducted in accordance with Section 215.97, F.S., as revised monitoring procedures may include, but not be limited to, on-site visits by Department staff and/or other procedures. By entering into this Agreement, the Project Sponsor agrees to comply and cooperate with any monitoring procedures/processes deemed appropriate by the Department. In the event the Department determines that a limited scope audit of the Project Sponsor is appropriate, the Project Sponsor agrees to comply with any additional instructions provided by the Department to the Project Sponsor regarding such audit. The Project Sponsor further agrees to comply and cooperate with any inspections, reviews, investigations, or audits deemed necessary by the Chief Financial Officer or Auditor General. ARTICLE III - LOAN REPAYMENT ACCOUNT 3.01. LOAN DEBT SERVICE ACCOUNT. The Project Sponsor shall establish a Loan Debt Service Account with a Depository and begin making Monthly Loan Deposits no later than the date set forth for such action in Section 10.07 of this Agreement. Beginning six months prior to each Semiannual Loan Payment, the Project Sponsor shall make six Monthly Loan Deposits. The first five deposits each shall be at least equal to one-sixth of the Semiannual Loan Payment. The sixth Monthly Loan Deposit shall be at least equal to the amount required to make the total on deposit in the Loan Debt Service Account equal to the Semiannual Loan Payment amount, taking into consideration investment earnings credited to the account pursuant to Section 3.02. Any month in which the Project Sponsor fails to make a required Monthly Loan Deposit, the Project Sponsor's chief financial officer shall notify the Department of such failure. In addition, the Project Sponsor agrees to budget, by amendment if necessary, payment to the Department from other legally available non -ad valorem funds all sums becoming due before the same become delinquent. This requirement shall not be construed to give superiority to the Department's claim on any revenues over prior claims of general creditors of the Project 4.04. COMPLETION MONEYS. In addition to the proceeds of this or subsequent Loans, the Local Government covenants that it has obtained, or will obtain, sufficient moneys from other sources to complete the Planning and Design Activities. 4.05. CLOSE-OUT. The Department shall conduct a final inspection of the Planning and Design Activities records. Following the inspection, deadlines for submitting additional disbursement requests, if any, shall be established, along with deadlines for uncompleted Loan requirements, if any. Deadlines shall be incorporated into the Loan Agreement by amendment. After the Department establishes the final costs to be financed by the Loan, the itemized costs will be adjusted by amendment. The Loan principal shall be reduced by any excess over the amount required to pay all approved costs. As a result of such adjustment, the Semiannual Loan Payment shall be reduced accordingly, as addressed in Section 10.05. 4.06. LOAN DISBURSEMENTS. Disbursements shall be made directly to the Local Government only by the State Chief Financial Officer for reimbursement of allowable invoiced costs and only when the requests for such disbursements are accompanied by a Department certification that such withdrawals are proper expenditures. In addition to the invoices for costs incurred, proof of payment will be required. Requests by the Local Government for disbursements of the Planning and Design funds shall be made using the Department's disbursement request form. A planning document defining the scope of the Project to be funded must have been accepted before any Design funds can be disbursed. The Department reserves the right to retain 25% of the funds until plans and specifications have been accepted by the Department. ARTICLE V - RATES AND USE OF THE WATER AND SEWER SYSTEMS 5.01. RATE COVERAGE. The Project Sponsor shall maintain rates and charges for the services furnished by the Water and Sewer Systems which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Project Sponsor shall satisfy the coverage requirements of all Senior Revenue and Parity Debt obligations. 5.02. NO FREE SERVICE. The Project Sponsor shall not permit connections to, or furnish any services afforded by, the Water or Sewer System without making a charge therefore based on the Project Sponsor's uniform schedule of rates, fees, and charges. IN (2) Except as provided in Subsections 6.01(1) and 6.01(7), failure to comply with the provisions of this Agreement or failure in the perfonnance or observance of any of the covenants or actions required by this Agreement and such failure shall continue for a period of 60 days after written notice thereof to the Project Sponsor by the Department. (3) Any warranty, representation or other statement by, or on behalf of, the Project Sponsor contained in this Agreement or in any information furnished in compliance with, or in reference to, this Agreement, which is false or misleading, or if Project Sponsor shall fail to keep, observe or perform any of the tenns, covenants, representations or warranties contained in this Agreement, the Note, or any other document given in connection with the Loan (provided, that with respect to non -monetary defaults, Department shall give written notice to Project Sponsor, which shall have 30 days to cure any such default), or is unable or unwilling to meet its obligations thereunder. (4) An order or decree entered, with the acquiescence of the Project Sponsor, appointing a receiver of any part of the Water or Sewer System or Gross Revenues thereof; or if such order or decree, having been entered without the consent or acquiescence of the Project Sponsor, shall not be vacated or discharged or stayed on appeal within 60 days after the entry thereof. (5) Any proceeding instituted, with the acquiescence of the Project Sponsor, for the purpose of effecting a composition between the Project Sponsor and its creditors or for the purpose of adjusting the claims of such creditors, pursuant to any federal or state statute now or hereafter enacted, if the claims of such creditors are payable from Gross Revenues of the Water or Sewer System. (6) Any bankruptcy, insolvency or other similar proceeding instituted by, or against, the Project Sponsor under federal or state bankruptcy or insolvency law now or hereafter in effect and, if instituted against the Project Sponsor, is not dismissed within 60 days after filing. (7) Failure of the Project Sponsor to give immediate written notice of default to the Department and such failure shall continue for a period of 30 days. 6.02. REMEDIES. All rights, remedies, and powers conferred in this Agreement and the transaction documents are cumulative and are not exclusive of any other rights or remedies, and they shall be in addition to every other right, power, and remedy that Department may have, whether specifically granted in this Agreement or any other transaction document, or existing at law, in equity, or by statute. Any and all such rights and remedies may be exercised from time to time and as often and in such order as Department may deem expedient. Upon any of the Events of Default and subject to the rights of others having prior liens on the Pledged Revenues, the Department may enforce its rights by, inter alia, any of the following remedies: (1) By mandamus or other proceeding at law or in equity, cause to establish rates and collect fees and charges for use of the Water and Sewer Systems, and to require the Project Sponsor to fulfill this Agreement. 12 assignment with the following exception. All obligations of the Project Sponsor under this Agreement shall be junior, inferior, and subordinate in all respects in right of payment and security to the Senior Revenue Debt defined in Section 1.01 of this Agreement and to any additional senior obligations issued with the Department's consent pursuant to Section 7.02. The Department may release its lien on such Pledged Revenues in favor of the Department if the Department makes a determination in its sole discretion, based upon facts deemed sufficient by the Department, that the remaining Pledged Revenues will, in each Fiscal Year, equal or exceed 1.15 times the debt service coming due in each Fiscal Year under the terms of this Agreement. 7.02. ADDITIONAL DEBT OBLIGATIONS. The Project Sponsor may issue additional debt obligations on a parity with, or senior to, the lien of the Department on the Pledged Revenues provided the Department's written consent is obtained. Such consent may be granted if the Project Sponsor demonstrates at the time of such issuance that the Pledged Revenues, which may take into account reasonable projections of growth of the Water and Sewer Systems and revenue increases, plus revenues to be pledged to the additional proposed debt obligations will, during the period of time Semiannual Loan Payments are to be made under this Agreement, equal or exceed 1.15 times the annual combined debt service requirements of this Agreement and the obligations proposed to be issued by the Project Sponsor and will satisfy the coverage requirements of all other debt obligations secured by the Pledged Revenues. ARTICLE VIII - GENERAL PROVISIONS 8.01. DISCHARGE OF OBLIGATIONS. All Semiannual Loan payments required to be made under this Agreement shall be cumulative and any deficiencies in any Fiscal Year shall be added to the payments due in the succeeding year and all years thereafter until fully paid. Payments shall continue to be secured by this Agreement until all of the payments required shall be fully paid to the Department. If at any time the Project Sponsor shall have paid, or shall have made provision for the timely payment of, the entire principal amount of the Loan and interest, the pledge of, and lien on, the Pledged Revenues to the Department shall be no longer in effect. Deposit of sufficient cash, securities, or investments, authorized by law from time to time, may be made to effect defeasance of this Loan. However, the deposit shall be made in irrevocable trust with a banking institution or trust company for the sole benefit of the Department. There shall be no penalty imposed by the Department for early retirement of this Loan. 8.02. PROJECT RECORDS AND STATEMENTS. Books, records, reports, engineering documents, contract documents, and papers shall be available to the authorized representatives of the Department and the U.S. Environmental Protection Agency's Inspector General for inspection at any reasonable time after the Project Sponsor has received a disbursement and until five years after the Final Amendment date. 14 Florida law, as defined in Section 119.011(12), F.S. The Project Sponsor shall keep and maintain public records required by the Department to perform the services under this Agreement. (2) This Agreement may be unilaterally canceled by the Department for refusal by the Project Sponsor to either provide to the Department upon request, or to allow inspection and copying of all public records made or received by the Project Sponsor in conjunction with this Agreement and subject to disclosure under Chapter 119, F.S., and Section 24(a), Article I, Florida Constitution. (3) IF THE PROJECT SPONSOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE PROJECT SPONSOR'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE DEPARTMENT'S CUSTODIAN OF PUBLIC RECORDS AT (850) 245-2118, by email at public. services@,dep.state.fl.us, or at the mailing address below: Department of Environmental Protection ATTN: Office of Ombudsman and Public Services Public Records Request 3900 Commonwealth Blvd, MS 49 Tallahassee, FL 32399 8.10. SCRUTINIZED COMPANIES. The Project Sponsor certifies that it and any of its affiliates are not scrutinized companies as identified in Section 287.135, F.S. In addition, the Project Sponsor agrees to observe the requirements of Section 287.135, F.S., for applicable sub -agreements entered into for the performance of work under this Agreement. Pursuant to Section 287.135, F.S., the Department may immediately terminate this Agreement for cause if the Project Sponsor, its affiliates, or its subcontractors are found to have submitted a false certification; or if the Project Sponsor, its affiliates, or its subcontractors are placed on any applicable scrutinized companies list or engaged in prohibited contracting activity during the term of the agreement. As provided in Subsection 287.135(8), F.S., if federal law ceases to authorize these contracting prohibitions then they shall become inoperative. ARTICLE IX — RESERVED ARTICLE X - DETAILS OF FINANCING 10.01. PRINCIPAL AMOUNT OF LOAN. The principal amount of the Loan is $587,650, which includes $584,950 to be disbursed to the Project Sponsor and $2,700 of Capitalized Interest. 16 Each Semiannual Loan Payment shall be in the amount of $31,636 until the payment amount is adjusted by amendment. The interest portion of each Semiannual Loan Payment shall be computed on the unpaid balance of the principal amount of the Loan, including Capitalized Interest. Interest also shall be computed on the unpaid balance of the Loan Service Fee and Loan Service Fee capitalized interest. Interest shall be computed as of the due date of each Semiannual Loan Payment. Unless repayment is deferred by an amendment to this Agreement, Semiannual Loan Payments shall be received by the Department beginning on August 15, 2019 and semiannually thereafter on February 15 and August 15 of each year until all amounts due hereunder have been fully paid. Funds transfer shall be made by electronic means. The Semiannual Loan Payment amount is based on the total amount to be repaid of $599,459, which consists of the Loan principal plus the Loan Service Fee with its capitalized interest. 10.06. PROJECT COSTS. The Project Sponsor and the Department acknowledge that actual Project costs have not been determined as of the effective date of this Agreement. An adjustment may be made due to a reduction in the scope of work proposed for Loan funding as a result of the facilities planning process. Capitalized Interest will be recalculated based on actual dates and amounts of Loan disbursements. The final costs shall be established in the final amendment. Changes in costs may also occur as a result of the Project Sponsor's audit or the Department's audit. The Project Sponsor agrees to the following estimates of the Project costs: PROJECT COSTS Planning (Disbursable Amount) $ 150,500 Design (Disbursable Amount) $ 434,450 SUBTOTAL (Loan Amount) $ 584,950 Capitalized Interest $ 2,700 TOTAL (Loan Principal Amount) $ 587,650 10.07. SCHEDULE. All Planning and Design Activities shall be completed no later than the completion dates set forth below to enable the Department to accept the engineering documents. (1) Invoices submitted for work performed on or after August 9, 2017 shall be eligible for reimbursement. (2) Completion of all Planning Activities for all Project facilities proposed for loan funding no later than August 15, 2018. (3) Completion of all Design Activities for all Project facilities proposed for loan funding no later than August 15, 2018. ARTICLE XI - EXECUTION OF AGREEMENT This Loan Agreement DW590191 may be executed in two 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 Department has cause4 this Agreement to be executed on its behalf by the Secretary or Designee and the Project Spons has caused this Agreement to be executed on its behalf by its Authorized Representative andits affixed seal. The effective date of this Agreement shall be as set forth below by the Dep tment. N.T1 for CITY OF SAdNFORD v City Clerk I ayest to the opinion expressed in Section / 2.02, entitled Legal Authorizatio,,n. for STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION C Secretary or Designee Date 20