490-State Loan-Amendment 1 STATE KEVOLVING FUND
AMENDMENT i TO LOAN AGREEMENT FOR PROaECT CS120586210
CITY OF SANFORD
This amendment is executed by the STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL
PROTECTION (Department) and the CITY OF SANFORD, FLORIDA, existing as a local
government agency (Local Government) under the laws of the State of Florida.
WITNESSETH:
WHEREAS, the Department ([ormerly the Department of Environmental Regulation)
and the Local Government entered into a State Revolving Fund Loan Agreement,
Number CS120586210, authorizing the amount of $1,S64,999.94, including
capitalized Interest; and
WHEREAS, the final Loan disbursement has been made to the Local Government and
the disbursement schedule needs revision to reflect actual disbursements; and
WHEREAS, the Loan principal and the Project costs may be adjusted pursuant to
the Loan Agreement and Chapter 17-503, Florida Administrative Code; and
WHEREAS, the Local Government has made its first Semiannual Loan Pa~nnent to the
Department; and
WHEREAS, the Semiannual Loan Pa~nnent amount needs revision to reflect the
adjustment in the Loan amount; and
WHEREAS, the Project schedule needs revision to incorporate certain dates
established during the final construction inspection; and
WHEREAS, the Department and the Local Government agree that the term
"Depository" shall be re-defined to include the State Board of Administration's
Local Government Surplus Funds Trust Fund and that the Loan Agreement shall be
amended to further assure that the assets of accounts established for repa!nnent
of the Loan are held in trust for such purpose.
NOW, T~EREFORE, the parties hereto agree as follows:
1. The total amount of Loan proceeds disbursed to the Local Government was
$1,543,439.00 and the total amount of Capitalized Interest accrued and included
in the Loan principal was $~90.37.
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2. The Semiannual Loan Payment ~nount, adjusted to account for the first
payment received from the Local Government, is hereby revised and shall be in
the ~mount Of Pifty One Thousand Pifty Nine and Eighty One One-hundredths
Dollars ($51,059.81). Semiannual Loan Payments shall be received by the
Department On Or before August 1, 1994 and semiannually thereafter on February 1
and August 1 of each year until all amounts due hereunder have been fully paid.
3. Attachment C, Estimated Loan Disbursement Schedule, is hereby deleted
in its entirety and replaced with Attachment C, Revised, Loan Disbursements,
attached hereto and made a part hereof.
4. Section 10.02, Project Costs, is hereby deleted in its entirety and
replaced with Attachment D, Project Costs, attached hereto and made a part
hereof.
5. Section 10.03, Project schedule, is hereby deleted in its entirety and
replaced with Attachment E, Project Schedule, attached hereto and made a part
hereof.
6. The definition of "Depository" provided in Section 1,01 of the
Agreement is hereby amended such that "Depository" shall mean a bank or trust
company, having a combined capital and unimpaired surplus of not less than $50
million, authorized to transact commercial banking or savings and loan business
in the State of Florida and insured by the Federal Deposit Insurance
Corporation. "Depository" shall also mean the State Board of Administration's
Local Government Surplus Funds Trust Fund administered pursuant to Chapter 218,
Part IV, of the Florida Statutes.
7. Article III, Monthly Escrow and Loan Repayment Accounts, of the
Agreement is hereby deleted in its entirety and replaced with Attachment P,
Article III, Monthly Escrow and Loan Repayment Accounts, attached hereto and
made a part hereof.
All other terms and provisions of the Loan Agreement shall remain in effect.
This Agreement 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. The Agreement becomes effective upon execution.
IN WITNESS WHEREOF, the Department has caused this Agreement to be executed
on its behalf by the Secretary of the Department and the Local Government has
caused this Agreement to be executed on its behalf by its Authorized
Representative and by its affixed seal. The effective date of this Agreement is
Attachments C, D, E, and
STATE OF FLORIDA ~
DEPARTMENT OF ENVIRONMENTAL PROTECTION
City Manager
CITY OF SANFORD
Attest
SEAL
APPROVED AS TO FORM:
City Attorney
A~ACI~IEN~ C, REVISED: LO~ DISBURSEMImiCS
The Loan disbursements for the Project were as follows:
Date Amount
__ __
July 27, 1993 $1,491,245
August 30, 1993 39,639 *
May 16, 1994 12,555 *
The total Loan amount disbursed was $1,543,439.00. capitalized Interest in
the amount of $590,37 accrued On the amount disbursed.
,These amounts were disbursed directly to the Department's Operating Trust
Fund in payment of the Loan Service Fee pursuant to Chapter 17-503, Florida
Administrative Code.
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A~'~ACHM~q~D~ PRO~'ECT COSTS
The Local Government and the Department acknowledge that changes in Project
costs may occur as a result of the Local Government's Project audit or a
Department audit pursuant to chapter 17-503 of the Florida Administrative
Code. Unless this Agreement is amended subsequent to an audit, the following
Project costs shall be final.
(1) Administrative Allowance $ 8.000.00
(2) Design Allowance $ 100,000.00
(3) Refinancing
Construction and Demolition $ 1,326,925.00
Technical Services
During Construction (contractual) $ 40,783.00
(4) Equipment and Materials $ -0-
(5) Land $ -0-
(6) Contingencies $ -0-
{7) Loan Repayment Reserve $ 15,537.00
(8) Start-up Services $ -0-
(9) Loan Service Fee $ 52,194.00
(10) Capitalized Interest $ 590.37
TOTAL COST $ 1,544,029.37
ATTACID4ENT E: PRO0'ECT SCHEDULE
The Local Government agrees by execution hereof:
(1) The date On which the Department conducted the final construction
inspection of the Project and the date of the construction cost cut-off date
established for the Project was September 8, 1993. Eligible costs incurred
after this date shall be limited to costs associated with the Project
performance period.
(2) The date for certification of Project performance was January 29, 1994.
Costs incurred after this date are not eligible for Loan funding.
(3) The date by which the second Semiannual Loan Payment becomes due is
August 1, 1994. Semiannual Loan Payments shall be received by the Department
semiannually thereafter on or before February I and August 1 of each year
until the entire amount due hereunder has been paid.
(4) The close-out audit required under Subsection 2.01(15) of this Agreement
shall be submitted within 12 months after the effective date of this
amendment.
Ar~ACHMEN~ F
ARtiCLE III- M0~/:I~Y ESCROW AND LOAN REPAYMEN~ ACCOTt,~,~S
3.01. MONTHLY ESCROW ACCOUNT. The Local Government shall establish a
monthly escrow account with a Depository. Beginning on the date six months
before the date of the first Semiannual Loan Payment specified in this
Agreement, the Local Government shall make a monthly deposit from the Pledged
Revenues to the monthly escrow account.
In any month in which the amount on deposit in the monthly escrow account
does not equal or exceed five-sixths (5/6) of the Semiannual Loan Payment, the
Local Government's chief financial Officer shall promptly notify the
Department in writing if the Local Government fails to make a Monthly Loan
Deposit which equals or exceeds one-sixth (1/6} of the Semiannual Loan
Payment. In the event there ie an insufficient amount in the monthly escrow
account thirty (30) days prior to each Semiannual Loan Payment, the Local
Government agrees to budget, by amendment if necessary, payment to the
Department from other legally available 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 Local Government, nor shall it be construed to give
the Department the power to require the Local Government to levy and collect
any Revenues other than Pledged Revenues.
3.02. INVESTMENT OF ESCROW MONEYS. Upon the direction Of the Local
Government, a Depository shall invest escrowed moneys pursuant to the laws of
the State of Florida. The maturity or redemption date of investments shall be
not later than the date upon which such moneys may be needed to make
Semiannual Loan Payments.
3.03. ESCROW WITHDRAWALS. The withdrawal of moneys from the monthly
escrow account shall be for the purpose of making the Semiannual Loan Payment.
3.04. LOAN REPAYMENT RESERVE ACCOUNT. A Loan Repayment Reserve Account
shall be established with a Depository in the amount of fifteen (15) percent
of the debt service for one year. The reserve shall be fully funded six
months before the date of the first Semiannual Loan Payment specified in this
Agreement.
3.05. LOAN REPAYMENT RESERVE WITHDRAWALS. The Loan Repayment Reserve
Account shall be used by the Local Government to cure a temporary deficiency
in any Semiannual Loan Payment. The Local Government's chief financial
officer shall promptly notify the Department upon any withdrawal from the
Account. Any unused portion of the Loan Repayment Reserve Account shall be
used to reduce the final Semiannual Loan Payment.
3.06. RESTORATION OF LOAN REPAYMENT RESERVE ACCOUNT. A default causing
the Local Government to use the Loan Repayment Reserve Account or the use of
the Account to prevent default shall result in the Local Government being
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responsible for making special payments to restore its Loan Repayment Reserve
Account. Special restoration payments shall be made from the first moneys
legally available to the Local Government for such purpose.
3.07. INVESTMENT OF LOAN REPAYMENT RESERVE MONEYS. Upon the direction of
the Local Government, a Depository shall invest reserved moneys pursuant to
the laws of the State of Florida. The maturity or redemption date of
investments shall be not later than the date set for Semiannual Loan Payments.
3.08. ASSETS HELD IN TRUST. The assets of each of the accounts created
under this Loan Agreement shall be held in trust for the purposes provided
herein and used only for the purposes and in the manner prescribed in this
Agreement[ and, pending such use, said assets shall be subject to a lien and
charge in favor of the Department.
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