712-Sanford Airport-Loan AgreeFROM: Hutchison, Marnels ~ COOveT*, PA PHONE NO. : 407 322 4851 ,TUN. 02 1998 ~9:lSAM P2
CoN -
LOAN AG~R.EEMEMI'
THIS LOAN AG~:K.~NT, entered into this ~'~/ day of June,
1998, by and between the SANFORD AIRPORT AUTHORITY
("Applicant/Borrower") and the CITY OF SANFOE, FLORIDA ("Lender")
WITNESSETH:
~, the Lender has agreed to lend the Borrower the sum of
up tO One Million Dollars ($1,000,000) based upon exigent
circumstances at the Orlando Sanford Airport, upon the terms and
conditions set forth below,
NOW, ~4~BFORE in consideration of the sum of Ten Dollars
($10.00), the mutual promises and covenants contained herein, as
well as other good and valuable consideration not specifically
mentioned, the parties agree as follows:
1. RATES AND TERMS:
a. The $1,000,000 loan will not be amortized but will
be payable in fifty-nine (59) monthly interest
payments on the unpaid principal balance beginning
on July _Z , 1998. The entire principal balance
and all accrued interest shall be due and payable
in full on June 3 , 2003.
b. The interest rate charged will be variable and will
be equivalent to the Florida State Board of
Administration rate received by Lender on its
accounts or interest charges on Lenders' line of
credit. The intervals for interest rate adjustment
will be adjusted as the rate is adjusted on
Lender's other funds. The Promissory Note includes
provision for adjustment of interest installments
concurrent with interest rate changes.
c. The loan will be documented by a Promissory Note
from the Borrower to the Lender on terms set forth
above.
.FROM: Hutc~ison, Mamele ~ Coove~, PA PHONE NO. : 407 322 4051 3UN. 02 1998 09:15AM P3
USE OF FUNDS:
a. Loan funds will be utilized to pay for the
following projects in the following amounts:
i. ILS $ 100,000
ii. DRI $ 125,000
iii. Part 150 Study $ 8,500
iv. Stormwater Plan $ 200,000
v. Mitigation for Runway 9R-27L $ 431,400,
vi. Master Development Study $ 125,000
b. No loan funds may be used for the payment of any
other items except by written agreement of the
parties.
3. SECURITY:
a. A general pledge on the revenues of the operation
of the Orlando Sanford Airport, which pledge shall
be subordinate to all past pledges.
4. M~SCELLANEOUS:
a. The Lender and Borrower will insure that all local,
State, or Federal laws and requirements are met in
connection with this Loan Agreement.
b. The Lender and Borrower will insure that loan funds
are disbursed for planned loan purposes only.
c. The Applicant has approved of the loan through its
board of directors.
d. The Borrower shall be responsible for payment of
any required state documentary stamp tsAes on the
Promissory Note.
5. ADVERSE CHANGE: Prior to any disbursement under the
loan, Borrower shall advise Lender if there has been an unremedied
adverse Change since the date of the Loan Agreement in the
financial or any other condition of the Borrower which may warrant
withholding or not making such disbursement.
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FROM: Hu~chison, Mamele ~ Coovet, PA PHONE NO. : 407 522 4051 JUN. 02 1998 09:16AM P4
SAN/0KD AIRPORT AUTMORITY
its Secretary
( Seal )
Mayer
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