2257 Amendment 3 to Loan Agreement WW590150SXNFORD
PUBLICFLORIDA
T°1L1"1
TRANSMITTAL m
ORANDUM
To: City Clerk
1F_: Request for Services
The item(s) noted below is/are attached and forwarded to your office for the following action(s):
❑
❑
®
Ordinance
Resolution
FDEP Loan WW590150
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Mayor's signature
❑
Recording
❑
Rendering
®
Safe keeping (Vault)
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Other
Once completed, please:
® Return original
❑ Return copy
❑ Notify us it has been received for safe keeping
Special Instructions: Please store for safe keeping
Thank you!
B.Marcous & E.Jones 9/9/2020
From Date
AMENDMENT 3 TO LOAN AGREEMENT WW590150
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 entity under the laws of the State of Florida.
Collectively, the Department, the Corporation, and the Local Borrower shall be referred to as
"Parties" or individually as "Party".
WITNESSETH:
WHEREAS, the Corporation and the Local Borrower entered into a Clean Water State Revolving
Fund Loan Agreement, Number WW590150, as amended; and
WHEREAS, loan repayment activities need rescheduling to give the Local Borrower additional
time to complete construction.
WHEREAS, certain provisions of the Agreement need revision and provisions need to be added
to the Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
1. Section 1.01 of the Agreement is amended to include the following definition:
"Final Unilateral Amendment" shall mean the Loan Agreement unilaterally finalized by
the Department after Loan Agreement and Project abandonment under Section 8.06 that
establishes the final amortization schedule for the Loan.
2. Section 8.06 of the Agreement is deleted and replaced as follows:
8.06. ABANDONMENT, TERMINATION OR VOLUNTARY CANCELLATION.
Failure of the Local Borrower to actively prosecute or avail itself of this Loan (including
e.g. described in para 1 and 2 below) shall constitute its abrogation and abandonment of the rights
hereunder, and the Department may then, upon written notification to the Local Borrower, suspend
or terminate this Agreement.
(1) Failure of the Local Borrower to draw Loan proceeds within eighteen months after
the effective date of this Agreement, or by the date set in Section 10.07 to establish the Loan Debt
Service Account, whichever date occurs first.
(2) Failure of the Local Borrower, after the initial Loan draw, to draw any funds under
the Loan Agreement for twenty-four months, without approved justification or demonstrable
progress on the Project.
Upon a determination of abandonment by the Department, the Loan will be suspended, and
the Department will implement administrative close out procedures (in lieu of those in Section
4.07) and provide written notification of Final Unilateral Amendment to the Local Borrower.
In the event that following the execution of this Agreement, the Local Borrower decides
not to proceed with this Loan, this Agreement can be cancelled by the Local Borrower, without
penalty, if no funds have been disbursed.
3. Unless repayment is further deferred by amendment of the Agreement, Semiannual
Loan Payments as set forth in Section 10.05 shall be received by the Trustee beginning on
February 15, 2021, and semiannually thereafter on August 15 and February 15 of each year until
all amounts due under the Agreement have been fully paid.
4. The items scheduled under Section 10.07 of the Agreement are rescheduled as
follows:
(2) Completion of Project construction is scheduled for August 15, 2020.
(3) Establish the Loan Debt Service Account and begin Monthly Loan Deposits no later
than August 15, 2020.
(4) The initial annual certification required under Subsection 2.01(10) of this
Agreement shall be due November 15, 2020. Thereafter the certification shall be submitted no later
than September 30 of each year until the final Semiannual Loan Payment is made.
(5) The first Semiannual Loan Payment in the amount of $283,581 shall be due
February 15, 2021.
All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
This Amendment 3 to Loan Agreement WW590150 may 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 POLLUTION CONTROL FINANCING CORPORATION
cz I Z:
Chief Exec ve 0 cer
4at
Rcvje ed an appr�� d by the orate Secretary
for
CITY OFc9ANFORI-)
Norton N. Bonaparte, Jr M Cl ity Manager
(By
Attest:
"_fo7N�ad as to form and legal sufficiency:
'r—A
Traci Houcl?in, MMC. CAM,
City Cler oot" ssis ity Attorney
APPROVED AND ACCEPTED 13Y THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECT] ON.
Digitally signed by Trinaelhauer
Trina VielhauerDate: 2020.08.1215:49:57 04'00'
Secretary or Designee
i
1" 6 -
June-
June 18, 2020
Amber N. Douglas
Government Operations Consultant I
DEP - State Revolving Fund Program
3900 Commonwealth Blvd.
Douglas Building; MS 3505
Tallahassee, FL 32399-3000
Re: Sanford WW 590150 Amendment 3
Dear Ms. Douglas:
As directed, please find enclosed 3 original WW 590150 Amendment 3 documents from the City
of Sanford. The new amendment provides for an extension..
Please return at least one original for our files. Contact me if you have any questions.
Sincerely;
___ _ � . e -
Bill Marcous
Utility Support Services Manager
City of Sanford
P.O. Box 1788
Sanford, Fl. 32772
(407) 688-5105
Jeff Triplett Art Woodruff Velma H. Williams Patrick Austin Patty Mahany Norton
N. Bonaparte, Jr
Mayor District 1 District 2 District 3 District 4
City Manager