428-Amendment 2 STATE REVOLVING FUND
AMENDMENT 2 TO LOAN AGREEMENT CS120586170
CITY OF SANFORD
This amendment is executed by the STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION (Department) and the CITY OF SANFORD, FLORIDA,
exist'rag as a local government agency (Local Government) under the laws of the State of Florida.
WITNESSETH:
WHEREAS, the Department (formerly the Department of Environmental Regulation) and the
Local Government entered into a State Revolving Fund Loan Agreement, Number CS120586170,
as amended, authorizing a Loan amount of $5,746,000, excluding Capitalized Interest; and
WHEREAS, the final disbursement of Loan proceeds has been made and the disbursement
schedule needs revision to reflect actual disbursements; and
WHEREAS, the Loan amount and Project costs need adjustment to reflect actual costs; and
WHEREAS, the Local Government has made two Annual Loan Payments to the Department; and
WHEREAS, the Annual Loan Payment amount needs revision to reflect adjustment of the Loan
mount; and
WHEREAS, the Project schedule needs revision to include certain dates established during the
final construction inspection.
NOW, THEREFORE, the parties hereto agree as follows:
1. The Loan mount authorized for disbursement is hereby redueed by $72,056.00, which
represents surplus funds not disbursed to the Local Government.
2. The total mount of Loan proceeds disbursed to the Local Government was $5,673,944
and the total mount of Capitalized Interest accrued and included in the Loan principal was
$44,255.70.
3. The unpaid principal of the Loan is $5,237,182.70, which mount accounts for the
Deparlment's receipt of two Annual Loan Payments and consists of the following:
(a) $4,411,686.05 at an interest rate of 3.73 percent; and
(b) $825,496.65 at an interest rate of 2.89 percent.
4. The Annual Loan Payment amount, adjusted to account for payments received from the
Local Government to dam, is hereby revised and shall be in the mount of $400,336.57 Such
payment shall be received by the Department on or before December 31, 1995 and annually
therealtar on December 31 until all mounts due hereunder have been fully pied.
5. Attachment C, R~vised: Estimated Loan Disbursement Schedule, is hereby deleted in its
entirety and replaced with Attachment C, R~vision 2, attached hereto and made a part hereo£
6. Attachment E, Exact Figures, is hereby delet~t in its entirety and replaced with
Attachment E, Revised, attached hereto and made a part hereof.
7. Attachment F, Project Schedule, is hereby amended to include Attachment F, Revised
attached hereto and made a part hereof.
All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
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This Amendment 2 to Loan Agregment CS120586170 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. This amendment incorporates Attachments C, E and F hereto.
IN WITNESS WHEREOF, the Department has caused this amendment to the Loan
Agreement to be executed on its behalf by the Secretary of the Department and the Local
Government 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 SecretaT of the Department.
for
CITY OF SANFORD
Attest:
SEAL
for
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
Secretary Date
ATTACHMENT C, REVISION 2: LOAN DISBURSEMENTS
The Loan disbursements for the Project were as follows:
Date Amount
June 5, 1992 $ 1,387,813
July 27, 1992 437,052
September 2, 1992 226,290
October 1, 1992 445,670
December 9, 1992 303,831
March 30, 1993 788,480
June 2, 1993 24,221 *
June 23, 1993 685,978
August 6, 1993 459,888
August 27, 1993 31,777
August 27, 1993 48,230
October 18, 1993 131,935
January 11, 1994 217,444
May 2, 1994 330,340
August 11, 1994 128,388
February 20, 1995 20,028
October 20, 1995 942
October 3 l, 1995 5,637 *
The total Loan amount disbursed was $5,673,944.00. Capitalized Interest in the mount of
$44,255.70 accrued on the amount disbursed.
· These amounts were disbursed diree~y to the Department's Operating Trust Fund in payment of
the Loan Service Fee pursuant to Chapter 62-503, Florida Administrative Code.
ATTACHMENT E, REVISED: EXACT FIGURES
The Local Government and the Department acknowledge that changes in Project costs may occur
as a result of the Local Govemment's Project audit or a Department audit pursuant to Chapter 62-
503 of the Florida Administrative Code. Unless this Agreement is mended subsequent to an audit,
the following Project costs shall be final.
CATEGORY COST
( 1 ) Administrative Allowance 28,500
(2) Design Allowance 303,700
(3) Construction and Demolition 4,802,930
(4) Equipment and Materials 0
(5) Land 0
(6) Contingen(ms 0
(7) Tcehnieal Services During Construction 436,575
(8) Loan Repayment Reserve 61,630
(9) Project Performance Certification 10,751
(10) Loan Service Fee* 29,858
SUBTOTAL 5,673,944
(11) Capitalized Interest 44,256
TOTAL 5,718,200
*The Loan Service fee represents 3.5 percent of the Loan amount for Amendment 1 excluding the
Capitalized Interest and Loan Service Fee mounts; that is, 3.5 percent of $853,086.
ATTACHMENT F REVISED: PROJECT SCHEDULE
The Local Government agrees by execution hereof:
(1) The date on which the Department conducted the final construction inspection of the
Project was August 17, 1995. Construction costs incurred after this date are not eligible for Loan
finding. Certain constructinn-related costs raay be eligible if incurred by the construction cut-off
date identified below.
(2) The construction cost cut-off date established for the Project is August 17, 1994.
Eligible costs incurred after this date shall be [united to costs associated with the Project
performance period.
(3) The date for certification of Project performance is June 30, 1995. Costs incurred after
this date are not eligible for Loan funding.
(4) The date by which the Third Annual Loan Payment becomes due is December 31, 1995.
Annual Loan Payments shall be received by the Department annually thereafter on or before
December 31 until the entire amount due hereunder has been paid.
(5) The certification required under Attachment D of Amendment 1 to the Agreement shall
be submitted no later than September 30, annually.
(6) The dose-out audit required under Attachment D of Amendment 1 of this Agreement
shall be submitted within twelve months after the effective date of this amendment.
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