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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. 1 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. 4 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 7 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. 8