Item M8BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date:
4/18/12
Division:
Public Works/Engineering_
Bulk Item: Yes
X No _
Department:
Wastewater
Staff Contact Person/Phone #: Elizabeth Wood/453-8795
AGENDA ITEM WORDING: Approval to rescind Amendment 1 to the Big Coppitt Florida
Department of Environmental Protection (FDEP) Clean Water State Revolving Fund (SRF) Loan
Agreement WW602091 adopted on March 21, 2012 and adopt revised Amendment 1 to the Big
Coppitt FDEP Clean Water SRF Loan Agreement WW602091.
ITEM BACKGROUND: This amendment revises the total Loan Principal Amount to the actual
disbursement amount of $19,550,540 and adds the loan service fee in the amount of $390,011.00. The
revised amendment documents that a scheduled loan payment of $668,374.00 was made as scheduled
reducing the unpaid principal as of amendment adoption to $9,663,142.35.
PREVIOUS RELEVANT BOCC ACTION: Amendment 1 adopted on March 21, 2012 included an
unpaid principal of $9,870,963.58. On January 25, 2006, the Board of County Commissioners
(BOCC) approved applying for wastewater funding through Florida's State Revolving Loan Fund
(SRF). On November 14, 2007, the BOCC approved a resolution adopting the Big Coppitt Regional
Wastewater Treatment System and South Lower Keys Regional Wastewater Treatment Plant State
Facilities Plan required for SRF loans. On December 19, 2007, the BOCC adopted a resolution for the
execution and delivery of the FRUFC bridge loan. On November 19, 2008, the BOCC adopted a
resolution authorizing a Declaration of Official Intent required to comply with U.S. Treasury
Regulations for funding infrastructure projects with tax exempt bonds. On August 19, 2009, the
BOCC approved Loan Agreement WW602090 with the Florida Water Pollution Control Financing
Corporation for the estimated principal amount of $20,134,400.00. On April 21, 2010 the BOCC
approved Loan Agreement WW602091 which updated the loan funding source based on activity
within FDEP's leveraged and direct loan programs.
CONTRACT/AGREEMENT CHANGES: Revises total principal amount in loan agreement to
reflect actual disbursement.
STAFF RECOMMENDATIONS: Approval as stated.
MONROE COUNTY BOARD OF COUNTY COMMISSIONERS
CONTRACT SUMMMMARY
I Contract with: FDEP
WW602091
FDEP Signature Date
Expiration Date: March 15, 2030
Contract Purpose/Description:
Amendment 1 revises the total principal amount in loan agreement to reflect actual
disbursement in the amount of $19,550,540 and adds the loan service fee of $390,011.
There are 37 remaining Semiannual Loan Payments with the final payment occurring on
March 15, 2030 unless the BOCC elects to accelerate the payoff. Amendment approved
March 21, 2012 did not include the March 2012 semiannual payment of $668,374.00
Contract Manager: Elizabeth Wood
(Name)
for BOCC meeting on Aril 18, 2012
Contract #
Effective Date:
8795 Wastewater/#1
(Ext.) (Department/Stop #)
Benda Deadline: AEril 3, 2012
CONTRACT COSTS
Total Dollar Value of Contract: $ 23,253,736.47 Current Year Portion: $ 1,009,343.10
Budgeted? YesN No ❑ Account Codes: - - -
Grant: $
('.minty Match- T
Estimated Ongoing Costs: $NA/yr
(Not included in dollar value above
ADDITIONAL COSTS
For:
CONTRACT REVIEW
Changes Date Out
Date In Needed Reviewer
Division Director Yes❑ No[:]
Risk Management Yes[:] No[:]
O.M.B./Purchasm' Yes[:] No[]
County Attorne Yes❑ No
Comments: L
OMB Form Revised 2/27/01 MCP #2
TOTAL COST:$23,168,261.75 INDIRECT COST: BUDGETED: Yes X No _
(The total remaining cost is 37 semiannual loan payments of $340,969.10.)
DIFFERENTIAL OF LOCAL PREFERENCE:
COST TO COUNTY: $23,168,261.75 SOURCE OF FUNDS: non -ad valorem revenue
REVENUE PRODUCING: Yes _ No AMOUNT PER MONTH Year _
APPROVED BY: County Atty � OMBMurchasing Risk Management
DOCUMENTATION: Included X Not Required
DISPOSITION: AGENDA ITEM #
Revised 7/09
STATE REVOLVING LOAN FUND
AMENDMENT 1 TO LOAN AGREEMENT WW602091
MONROE COUNTY
This amendment is executed by the STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION (Department) and MONROE COUNTY, FLORIDA, (Local
Government) existing as a local government agency under the laws of the State of Florida.
WITNESSETH:
WHEREAS, the Departmrent and the Local Government entered into a State Revolving Fund
Loan Agreement, Number WW602091, authorizing a Loan amount of $20,000,000, excluding
Capitalized Interest; and
WHEREAS, the Loan Amount, Loan Service Fee, and Project costs need adjustment to reflect
actual costs; and
WHEREAS, the Semiannual Loan Payment amount needs revision to reflect adjustment of
Project costs, and the three Semiannual Loan Payments and the three supplemental payments
received by the Department from the Local Government.
NOW, THEREFORE, the parties hereto agree as follows:
1. The Loan amount is hereby reduced by $499,460, and the adjusted total disbursed
amount for this loan is $19,500,540.
2. The Loan Service Fee is reduced by $9,989, and the adjusted total service fee for this
Loan is $390,011. The fee represents two percent of the Loan amount excluding Capitalized
Interest; that is, two percent of $19,500,540. The Loan Service Fee was assessed as of the
effective date of January 18, 2012.
3. The total amount to repay by the Local Government is $19,890,551, which consists of
$19,500,540 disbursed to the Local Government, $390,011 of service fee charges.
4. The Semiannual Loan Payment scheduled for March 15, 2012 in the attached Amortized
Repayment Schedule was received in the amount of $668,374.00 by the Department.
5. The total amount remaining to repay which amount accounts for the Department's
receipt of four semiannual Loan Payments in the amount of $668,374.00 each and three supplemental
payments is $9,663 .142.35 at a Financing Rate of 2.71 percent per annum (the interest rate is 1.355
percent per annum, and the Grant Allocation Assessment rate is 1.355 percent per annum).
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
6. The Semiannual Loan Payment, adjusted to account for the March 15, 2012. payment
and repayments received to date, is hereby revised and shall be in the amount of $340,969.10.
Such payments shall be received by the Department on September 15, 2012 and semiannually
thereafter on March 15 and September 15 of each year until all amounts due hereunder have
been fully paid.
The payments are reflected as follows:
Pmt
No.
Date
Total
Payment
1-3
September 15, 2010 - September 15, 2011
$668,374.00
Regular payment
3.1
September 21, 2011
$1,500,000.00
Supplemental payment
3.2
September 22, 2011
$5,156,626-00
Supplemental payment
3.3
December 12, 2011
$1,563,252.00
Supplemental payment
4
March 15, 2012
$668,374,00
Regular payment
5 - 39
September 15, 2012 - September 15, 2029
$340,969.10
Regular payment
40
March 15, 2030
$340,969.25
Regular payment
7. Section 2.03 (1) and (3)(a)(i) are hereby deleted and replaced as follows:
The Local Government agrees: to the following audit and monitoring requirements.
(1) The financial assistance authorized pursuant: to this Loan Agreement consists of the
following:
Federal Resources, Including State Match, Awarded to the Recipient Pursuant to this
Agreement Consist of the Following -
Federal
State
Program
Federal
CFDA
Funding
Appropriation
Number
Agency
Number
CFDA Title
Amount
Category
CS120001-090
EPA
66.458
Capitalization Grants
$19,500,540
140131
for State Revolving
Funds
(3) Report Submission.
(a) Copies of reporting packages for audits conducted in accordance with OMB Circular
A-133, as revised, and required by Subsection 2.03(2) of this Agreement shall be submitted,
when required by Section .320 (d), OMB Circular A 133, as revised, by or on behalf of the Local
Government directly to each of the following:
(i) The Department at the following address:
Valerie Peacock, Audit Director
Office of the Inspector General
Florida Department of Environmental Protection
3900 Commonwealth Boulevard, MS 41
Tallahassee, Florida 32399-3123
8. Project Costs are revised as follows:
The Local Government and the Department acknowledge that changes in Project costs
may occur as a result of the Local Government's Project audit or a Department audit pursuant
to Chapter 62-503 of the Florida Administrative Code. Unless this Agreement is amended
subsequent to an audit, the following Project disbursements shall be final.
CATEGORY DISBURSED ($)
Construction and Demolition 18,060,060.00
Technical Services During Construction 372,853.00
Financing (Interim Loan Interest) 1,067,627.00
SUBTOTAL (Total Disbursed) 19,500,540.00
Capitalized Interest
M
TOTAL (Loan Principal Amount) 19,500,540.00
9. The Project -specific audit required under Subsection 2.03(4) of the Agreement shall.
be submitted within twelve months after the effective date of this amendment.
10. All other terms and provisions of the Loan. Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
This Amendment 1 to Loan Agreement W W602091 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 Department has caused this amendment to the Loan Agreement
to be executed on its behalf by the Deputy Division Director, 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 Deputy
Director,
SEAT.
fur
MONROE COUNTY
Chairman, Board of County Commissioners
Attest Attest as to form and completeness:
County Clerk - Co my Attorney
for
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
Deputy Director Date
Division of Water Resource Management
a
Calculation of Semiannual Payment for Remaining Years
Sponsor: Monroe County
Beginning of Repayment Period: 03/15/2010
Original Loan
Date Balance
Forward
Combined Rate: 2.71
Disbursement Comb. Int
Or Serv. Fee At
09/ 15/2012
Funding Number: 602091
Payments Remaining: 37
Total Owed Present Payment
At Value* At Amount
09/15/2012 03/15/2012
03/15/2012 9,663,142.35' 0.00 130,935.58 9,794,077.93
Totals: 9,794,077.93 9,663,142.35 340,969.10
Totals: 9,794,077.93 9,663,142.35 340,969.10
*Present value is the total owed divided by (l.+(Combined interest rate)/2)
The Payment Amount is computed using the present value.
Wed, 1 Feb 2012 07:45 Page 1 of 9
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STATE REVOLVING LOAN FUND
AMENDMENT 1 TO LOAN AGREEMENT WW602091
MONROE COUNTY
This amendment is executed by the STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION (Department)and MONROE COUNTY,FLORIDA, (Local
Government)existing as a local government agency under the laws of the State of Florida.
WITNESSETH:
WHEREAS, the Departmrent and the Local Government entered into a State Revolving Fund
Loan Agreement,Number WW602091, authorizing a Loan amount of$20,000,000,excluding
Capitalized Interest; and
WHEREAS, the Loan Amount, Loan Service Fee,and Project costs need adjustment to reflect
actual costs; and
WHEREAS,the Semiannual Loan Payment amount needs revision to reflect adjustment of
Project costs,and the three Semiannual Loan Payments and the three supplemental payments
received by the Department from the Local Government.
NOW,THEREFORE,the parties hereto agree as follows:
1. The Loan amount is hereby reduced by $499,460,and the adjusted total disbursed
amount for this loan is $19,500,540.
2. The Loan Service Fee is reduced by $9,989,and the adjusted total service fee for this
Loan is $390,011. The fee represents two percent of the Loan amount excluding Capitalized
Interest; that is,two percent of$19,500,540. The Loan Service Fee was assessed as of the
effective date of January 18,2012.
3. The total amount to repay by the Local Government is$19,890,551, which consists of
$19,500,540 disbursed to the Local Government, $390,011 of service fee charges.
4. The Semiannual Loan Payment scheduled for March 15, 2012 in the attached Amortized
Repayment Schedule was received in the amount of$668,374.00 by the Department.
5. The total amount remaining to repay which amount accounts for the Department's
receipt of four semiannual Loan Payments in the amount of$668,374.00 each and three supplemental
payments is $9,663,142,35 at a Financing Rate of2."71 percent per annum(the interest rate is 1.355
percent per annum, nd the Grant Allocation Assessment rate is 1.355 percent per annum).
fEMAINDER.OF PAGE INTENTIONALLY LEFT BLANK
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: 4/18/12 Division: Public Works/Enp-ineerine
Bulk Item: Yes _2L_ No Department: Wastewater
Staff Contact Person/Phone#:Elizabeth W d/453-8795
AGENDA ITEM WORDING: Approval to rescind Amendment I to the Beg Coppitt Florida
Department of Environmental Protection(FDEP)Clean Water State Revolving Fund(SRF)Loan
Agreement WW602091 adopted on March 21,2012 and adopt revised Amendment I to the Big
Coppitt FDEP Clean Water SRF Loan Agreement WW602091.
ITEM BACKGROUND: This amendment revises the to Loan Principal Amount to the actual
disbursement amount of$19,550,540 and adds the to service fee in the amount of$390,011.00. 'Me
revised amendment documents that a scheduled to payment of$668,374.00 was made as scheduled
reducing the unpaid principal as of amendment adoption to$9,663,142.35.
PREVIOUS RELEVANT BOCC ACTION: Amendment I adopted on March 21,2012 included an
unpaid principal of $9,870,963.58. On January 25, 2006, the Board of County Commissioners
(BOCC) approved applying for wastewater funding through Florida's State Revolving Loan Fund
(SRF). On November 14, 2007, the BOCC approved a resolution adopting the Big Coppitt Regional
Wastewater Treatment System and South Lower Keys Regional Wastewater Treatment Plant State
Facilities Plan required for SRF loans. On December 19, 2007,the BOCC adopted a resolution for the
execution and delivery of the FRUFC bridge to On November 19, 2008, the BOCC adopted a
resolution authorizing a Declaration of Official Intent required to comply with US. Treasury
Regulations for funding infrastructure projects with tax exempt bonds. On August 19, 2009, the
BOCC approved Loan Agreement WW602090 with the Florida Water Pollution Control Financing
Corporation for the estimated principal amount of $20,134,400.00. On April 21, 2010 the BOCC
approved Loan Agreement WW602091 which updated the to funding source based on activity
within FDEP's leveraged and direct loan programs.
CONTRACT/AGREEMENT CHANGES: Revises total principal amount in to agreement to
reflect actual disbursement.
STAFF RECOMMENDATIONS: Approval as stated.
MONROE COUNTYBOARD,OF COUNTY COMMISSIONERS
CONTRACT SUMMARY
Contract with: FDEP Contract# WW602091
EffectiveDate: FDEP Signature Date
Expiration Date: March 15,2030
Contract Purpose/Description:
Amendment 1 revises the total principal amount in loan agreement to reflect actual
disbursement in the amount o $19,550,540 and adds the loan service fee of$390,01 .
There are 37 remaining Semiannual Loan Payments with the final payment occurring on
March 15,2030 unless the BOCC elects to accelerate the payoff. Amendment approved
March 21,2012 did not include the March 2012 semiannual payment o $668,374.00
'Con t Manager. -Elizabeth Wood 5795 " as atml I
(Name) ( ) (Department/Stop, )
for BOCC meeting,on , ril 18 2012 Deadline: ri l 3 2012
CONTRACT COSTS
Total Dollar Value of Contract:$ 23 253 736.47 Current Year Portion:$ 1,009,343.10
Budgeted?YesN N'o Account Cod
Orant:
County tch:$
ADDITIONAL COSTS
Estimated.Ongoing Costs:$NNyr For:
included in doHa values ftyeLj.maja atwul U toil �ataa fie.
CONTRACT W
Changes Date Out
Date In Needed Reviewer
Division Director Yeso NoEl
Risk Management Yes o
O.M.B. hasin Y No[]
Y
County
�► meY
Comments:
TOTAL COST:$23,168,261.75 INDIRECT COST: BUDGETED: Yes X No_
(The total remaining cost is 37 semiannual loan payments of$340,969.10.)
DIFFERENTIAL OF LOCAL PREFERENCE:
COST TO COUNTY: $23,168,261.75 SOURCE OF FUNDS: non-ad valorem revenue
REVENUE PRODUCING: Yes_ No AMOUNT PER MONTH Year _
APPROVED BY: County Atty OMB/Purchasing Risk Management
DOCUMENTATION: Included X Not Required
DISPOSITION: AGENDA ITEM#
Reviscd 7/09
STATE REVOLVING LOAN FUND
AMENDMENT 1 TO LOAN AGREEMENT WW602091
MONROE COUNTY
This amendment is executed by the STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION(Department)and MONROE COUNTY, FLORIDA, (Local
Government)existing as a local government agency under the laws of the State of Florida.
W ITNESSETH:
WHEREAS,the Departmrent and the Local Government entered into a State Revolving Fund
Loan Agreement,Number WW602091,authorizing a Loan amount of$20,000,000,excluding
Capitalized Interest; and
WHEREAS,the Loan Amount, Loan Service Fee, and Project costs need adjustment to reflect
actual costs; and
WHEREAS,the Semiannual Loan Payment amount needs revision to reflect adjustment of
Project costs,and the three Semiannual Loan Payments and the three supplemental payments
received by the Department from the Local Government.
NOW, THEREFORE,the parties hereto agree as follows:
1. The Loan amount is hereby reduced by$499,460,and the adjusted total disbursed
amount for this loan is $19,500,540.
2. The Loan Service Fee is reduced by $9,989,and the adjusted total service fee for this
Loan is $390,011. The fee represents two percent of the Loan amount excluding Capitalized
Interest; that is, two percent of$19,500,540. The Loan Service Fee was assessed as of the
effective date of January 18,2012.
3. The total amount to repay by the Local Government is $19,890,551, which consists of
$19,500,540 disbursed to the Local Government, $390,011 of service fee charges.
4. The Semiannual Loan Payment scheduled for March 15, 2012 in the attached Amortized
Repayment Schedule was received in the amount of$668,374.00 by the Department.
5. The total amount remaining to repay which amount accounts for the Department's
receipt of four semiannual Loan Payments in the amount of$668,374.00 each and three supplemental
payments is $9,663.142.35 at a Financing Rate of 2.71 percent per annum (the interest rate is 1.355
percent per annum,and the Grant Allocation Assessment rate is 1.355 percent per annum).
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
1
6. The Semiannual Loan Payment,adjusted to account for.the March 15,2012 payment
and repayments received to date,is hereby revised and shall be in the amount of$340,969.10.
Such payments shall be received by the Department on September 15,2012 and semiannually
thereafter on March 15 and September 15 of each year until all amounts due hereunder have
been fully paid.
The payments are reflected as follows:
Total
No. Date Payment
1,.-3_ September 15,2010-Sertemleer 15,2011 $668,374.00 Regularpay�entr
1.1 t er 21,2011 $1,500,000.00 Su lemental payment
3.2 _§Ttember 22,2611 $5,156,626.00 Supplemental Rayment
3.3 -December 12,2011 $1,563,25100 Sup&�nental a anent
4 --Maxch 15,2012 $668,374.00 lte ae�nt _
5-39 .,ST�tber 15,2012-September 15,2029 $340,969.10
40
7. Section 2.03(1)and(3)(a)(i)are hereby deleted and replaced as follows:
The Local Government agrees to the following audit and monitoring requirements.
(1) The financial assistance authorized pursuant to this Loan Agreement consists of the
following.
Federal Ices es,Including State Match,Awarded to the Recipient Pursuant to this
Agreement Consist of the
Federal State
Program Federal CFDA Funding Appropriation
Number A Number CFDA Title Amount Ca!E001 X. . . .
CS120001-090 EPA 66.458 Capitalization Grants $19,500,540 140131
for State Revolving
da
(3) Report Submissiom
(a) Copies of reporting packages for audits conducted in accordance with OMB Circular
A-133,as revised,and required by Subsection 2.03(2)of this Agreement shall be submitted,
when required by Sect9on.320(d),OMB Cim-War A-133,as revised,by or on behalf of the Local
Government directly to each o following:
(i) The Department at the following addrew,
Valerie Peacock,Audit Director
Office of the Inspector General
Florida Department of Environmental Protection
3900 Commonwealth Boulevard, MS 41
Tallahassee,Florida 32399-3123
2
8. Project Costs are revised as follows:
The Local Government and the Department acknowledge that changes in Project costs
may occur as a result of the Local Government's Project audit or a Department audit pursuant
to Chapter 62-503 of the Florida Administrative Code. Unless this Agreement is amended
subsequent to an audit, the following Project disbursements shall be final.
CATEGORY DISBURSED($)
Construction and Demolition 18,060,060.00
Technical Services During Construction 372,853.00
Financing(Interim Loan Interest) 1,067,627.00
SUBTOTAL(Total Disbursed) 19,500,540.00
Capitalized Interest 0.00
TOTAL (Loan Principal Amount) 19,500,540.00
9. The Project-specific audit required under Subsection 2.03(4)of the Agreement shall
be submitted within twelve months after the effective date of this amendment.
10. All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
3
This Amendment 1 to Loan Agreement W W602091 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 Department has caused this amendment to the Loan Agreement
to be executed on its behalf by the Deputy Division Directur,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 Deputy
Director.
fur
MONROE COUNTY
Chairman,Board of County Commissioners
Attest Attest as to form and completeness:
County Clerk Co ty Attorney
SEAL
for
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
Deputy Director Date
Division of Water Resource Management
4
Calculation of Semiannual Payment for Remaining Years
Sponsor:Monroe County Funding Number,602091
Beginning of Repayment Period: 03/15/2010 Payments Remaining: 37
Original Loan Combined Rate: 2.71
Date Balance Disbursement Comb.Int Total Owed Present Payment
Forward Or Serv.Fee At At Value* At Amount
09/15/2012 09115/2012 03/15/2012
03/15/2012 9,663,142.35' 0.00 130,935.58 9,794,077.93
Totals: 9,794,077.93 9,663,142.35 340,969.10
Totals: 9,794,077.93 9,663,142.35 340,969.10
*Present value is the total owed divided by(I+(Combined interest rate)/2)
The Payment Amount is computed using the present value,
Wed, 1 Feb 2012 07:45 Page I of 9
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