712-Sanford Airport-Amend. 1 FIRST AMENDMENT TO LOAN AGREEMENT
THIS AMENDMENT is entered into this~,day ofr',~)~cc~ , 2001, by and between .
the SANFORD AIRPORT AUTHORITY ("ApplicantJBorrowe nd the CITY OF SANFORD,
FLORIDA ("Lender"), co
WITNESSETH:
WHEREAS, the parties entered into that certain Loan Agreement and Promissory Note . co
on June 2, 1998; and ""J
WHEREAS, paragraph 2. a. of the Loan Agreement sets forth a description of how the
loan proceeds were to be used by the Borrower; and
WHEREAS, the Borrower actually used the loan proceeds as set forth on the attached
detail sheet, denoted as Exhibit "A"; and
WHEREAS, paragraph 2. b. of the Loan Agreement requires the parties to enter into a
written agreement authorizing any use of the loan proceeds other than as set forth in paragraph
2. a.; and
WHEREAS, the Lender desires to ratify the Borrowers' use of the loan proceeds,
NOW, THEREFORE, 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. Paragraph 2. a. of the Loan Agreement is amended to authorize and ratify the
actual use of the loan proceeds as set forth on Exhibit A.
SANFORD AIRPORT AUTHORITY
By: ~~ William R. Miller
It's ha' an
Attested ~
by:
It's Secretary
CITY OF SANFORD, FLORIDA
By:
ayor
Orlando Sanford Airport
Detail of City Draws/Repayments on Line of Credit
Running Draw Detail
Draw # Date Description Amount Balance Proiect Payee Amouut
6/9/98 Draw $ 30,275 $ 30,275 Rumvay Project Ecobank (purchase of mitigation credits) $ 30,275.00 ]
7/30/98 Draw $ 90,000 $ 120,275 Operating Deposit Draw used for approved cash flow pnrposes $ 90,000.00 ]
9/10/98 Draw $ 60,000 $ 180,275 Runway Project HewittConstruction $ 60,000.00 ]
10/15/98 Draw $ 400,000 $ 580,275 Runway Project HNTB $ 18,860.25
Rnnway Project Florida Power $ 35,261.00
Rulnvay Project I lewitl Constrnctioa $ 345,878.00
$ 399,99925
]lpayment 10/22/98 Payment $(170,243) $ 410,032 ]
I 5 11/19/98 Draw $ 72,000 $ 482,032 Master Airport Plan BowyerSingleton $ 71,785.83]
6 12/I 1/98 Draw $ 426,000 $ 908,032 Runway Project HNTB Environmental $ 67,919.70
Runway Project HNTBRPRServices $ 23,011.55
Runway Project Hewitt Construction $ 64,839.15
Runway Project Florida Audobon $ 25,000.00
Master Airport Plan Bowyet Singleton $ 72,N6.01
ARFF Statiou McKce Construction $ 69,034.02
$ 321,951.33
12payment 12/16/98 Payment $ (73,406) $ 834,626 I
7 12/30/98 Draw $ 165,374 $1,000,000 Taxiway B West Starbase Cnnstruclors $ 16, 179.01
AI~.FF Station McKee Construction $ 84,499.98
Southeast Runway HewittConstruction $ 22,011.55
, Taxiways B,C,K Design HNTB $ 42,683.75
$165,374.29
Page Iofl