1066-Clean Water Loan-Amend 1Corr i OGG*
Jeb Bush
Governor
Twin Towers Office Building
2600 Blair Stone Road
Tallahassee, Florida 32399 -2400
CERTIFIED MAIL
RETURN RECEIPT REQUESTED
AUG 0 8 2006
Colleen M. Castille
Secretary
F
Mr. Paul R. Moore, P.E.
Utilities Director
City of Sanford
Post Office Box 1788
Sanford, Florida 32772 - 1788
Re: WW586250 - Sanford
Treatment Facilities
(South Water Resource Center)
Dear Mr. Moore:
We are pleased to provide additional financing under the State Revolving Fund loan program for
construction of your project. Enclosed is one copy of Amendment 1 to your loan. The
amendment is now in effect.
We congratulate you and your staff on your efforts and are pleased that we can continue working
with you on this project. If we may be of further assistance, please contact Melissa Dockstader
at 850/245 -8358.
Sincerely,
A , X7 L At "
Mimi A. Drew
Director
Division of Water Resource Management
MAD /md /d
Enclosures
cc: Eugene Miller - City of Sanford
Benjamin M. Fries - CPH Engineers, Inc.
'More P!ntecbon, Less Process'
Department of
Environmental Protection
Printed on recycled paper.
AMENDMENT I C O Y OF SAN FO W ENT W 586250
This amendment is executed by the FLORIDA WATER POLLUTION
FLORIDA, CONTROL FINANCING
B Hower ")
CORPORATION (the "Corporation ") and the CITY OF SANFORD,
existing as a local governmental agency tinder the laws of the State of Florida.
WITNESSETH:
WHEREAS, eement Number WWS 6250, au thorizing a Loan entered Clean nt of$18,520 336, excluding l Fund
ing
Loan Agr
Capitalized Interest; and
WHEREAS, the Local Borrower is entitled to additional financing of $982,324, excluding Capitalized
Interest; and
WHEREAS, revised provisions for audit and monitoring are needed; and
WHEREAS, a Financing Rate must be established for the additional financing amount awarded in this
amendment; and
WHEREAS, a Loan Service Fee must be assessed for the additional financing; and
W
WHEREAS, the Semiannual Loan Payment amount needs revision to reflect an adjustment in the Loan
amount; and
WHEREAS, the Project costs need adjustment to reflect revised estimates.
NOW, THEREFORE, the parties hereto agree as follows:
1. Subsection 2.04(1) is deleted and replaced as follows:
(1) The financial assistance authorized pursuant to this Loan Agreement consists of the
following:
Resources, Including State
Program I Federal I CFDA
i.,-U.
CS120001 -05 I EPA I 66.458
to the Recipient Pursuant to this Agreement Consist of the
Funding
Capitalization Grants for I $19,502,660
c..,.o V,..IvinQ Funds
State
Appropriation
140131
2. Additional financing n the amount of $982,324, excluding Capitalized Interest, is hereby
awarded to the Local Borrower.
3. A Financing Rate of 2.48 percent per annum is established for the additional financing
amount awarded in this amendment. Individually, the interest rate is 2.48 percent per annum and the
Grant Allocation Assessment rate is 0 percent per annum. However, if this amendment is not executed
tl—
by the Local Borrower and returned to the Department before July 1, 2006, the Financing Rate may be
adjusted.
4. The estimated principal amount of the Loan is hereby revised to $19,787,660, which consists
of $19,502,660 authorized for disbursement to the Local Borrower and $285,000 of Capitalized Interest.
This total consists of the following:
(a) $18,796,636, including $18,520,336 authorized for disbursement to the Local Borrower and
$276,300 of Capitalized Interest, at a Financing Rate of 2.42 percent per annum (the interest rate is 2.42
percent per annum and the Grant Allocation Assessment rate is 0 percent per annum); and
(b) $991,024, including $982,324 authorized for disbursement to the Local Borrower and
$8,700 of Capitalized Interest, at a Financing Rate of 2.48 percent per annum (the interest rate is 2.48
percent per annum and the Grant Allocation Assessment rate is 0 percent per annum).
5. An additional Loan Service Fee in the amount of $19,646, for a total of $390,053, is hereby
assessed. The fee represents two percent of the Loan amount excluding Capitalized Interest, that is, two
percent of $19,502,660.
6. The Semiannual Loan Payment amount is hereby revised and shall be in the amount of
$639,857. Such payments shall be paid to, and must be received by, the Trustee beginning on
August 15, 2007 and semiannually thereafter on February 15 and August 15 of each year until all
amounts due hereunder have been fully paid. Until this Agreement is further amended, each Semiannual
Loan Payment will be proportionally applied, after deduction of the Loan Service Fee is complete,
toward repayment of the amounts owed on each incremental Loan amount at the date such payment is
due.
The Semiannual Loan Payment amount is based on the total amount owed of $20,189,163, which
consists of the Loan principal plus the Loan Service Fee with its Capitalized Interest, if any.
7. The Local Borrower, the Corporation and the Department acknowledge that the actual
Project costs have not been determined as of the effective date of this agreement. Project cost
adjustments may be made as a result of Project changes agreed upon by the Department. Capitalized
Interest will be recalculated based on actual dates and amounts of Loan disbursements. If the Local
Borrower receives other governmental financial assistance for this Project, the costs funded by such other
governmental assistance will not be financed by this Loan. The Department shall establish the final
Project costs after its final inspection of the Project records. Changes in Project costs may also occur as
a result of the Local Borrower's Project audit or a Department audit.
Funds disbursed in accordance with Section 4.08 of this Agreement shall be disbursed in the
order in which they have been obligated without respect to budgetary line item estimates. All
disbursements shall be made from the original Loan amount until that amount has been disbursed; the
Financing Rate established for the original Loan amount shall apply to such disbursements for the
purpose of determining the associated Capitalized Interest and repayment amount. The Financing Rate
established for any additional increment of Loan financing shall be used to determine the Capitalized
Interest and repayment amount associated with the funds disbursed from that increment.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.
The estimated Project costs are revised as follows:
Construction and Demolition
Contingencies
Technical Services After Bid Opening
SUBTOTAL (Disbursable Amount)
Capitalized Interest
TOTAL (Loan Principal Amount)
17,278,724
863,936
1,360,000
19 - -- 502 660
285,000
— 197
8. Section 10.08, SPECIAL CONDITION, is amended to add the following special condition:
Funds provided in this amendment shall not be released until the Local Borrower submits to the
Department a revised Resolution which shall cover the entire loan amount.
9. All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
This Amendment I to Loan Agreement WW586250 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.
IN WITNESS WHEREOF, the Corporation has caused this amendment to the Loan Agreement to be
executed on its behalf by its Chief Executive Officer and the Local Borrower 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 Chief Executive Officer of the Corporation.
for
FLORIDA WATER PPOOLL,UTION CONTROL FINANCING CORPORATION
Chief Executive ( Officer Date
for
CITY OF SANFORD
Ci anager
Attest
City derk
SEAL
I attest that this amendment complies with Section
2.03 of the Agreement and as to form and legal
sufficiency.
City /Attorney/ —
APPROVED AND ACCEPTED BY THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION.
Director