1st Amendment 12/16/2013AMENDMENT 1 TO LOAN AGREEMENT WW440710
MONROE COUNTY
This amendment is executed by the STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION (Department) and MONROE COUNTY, FLORIDA, (the
"Local Government") existing as a local governmental agency under the laws of the State of
Florida.
WITNESSETH:
WHEREAS, the Department and the Local Government entered into a Clean Water State
Revolving Fund Loan Agreement, Number WW440710, authorizing a Loan amount of
$40,000,000, excluding Capitalized Interest; and
WHEREAS, the Local Government is entitled to additional financing of $25,000,000, excluding
Capitalized Interest; and
WHEREAS, revised provisions for audit requirements 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 estimated for the additional financing; and
WHEREAS, the Semiannual Loan Payment amount needs revision to reflect an adjustment in the
Loan amount.
NOW, THEREFORE, the parties hereto agree as follows:
1. Subsection 2.03(1) of the Agreement is deleted and replaced as follows:
The Local Government agrees to the following audit requirements.
Funds provided under this Agreement have been identified as second -tier monies under
the Federal Clean Water Act which are identified as state funds whose use is federally protected.
(1) The financial assistance authorized pursuant to this Loan Agreement consists of the
following:
State Resources Awarded to the Local Government Pursuant to this Agreement Consist of the
Following Resources Subject to Section 215.97, F.S.:
State
State
Program
CSFA
CSFA Title or Fund
Funding
Appropriation
Number
Funding Source
Number
Source Description
Amount
Category
Original
Wastewater
37.077
Statewide Surface
$65,000,000
140131
Agreement
Treatment and
Water Restoration
Stormwater
and Wastewater
Management TF
Projects
2. Subsections 8.09(1) and (2) of the Agreement are deleted and replaced as follows:
(1) The Local Government shall periodically interview 10% of the work force entitled to
Davis -Bacon prevailing wages (covered employees) to verify that contractors or subcontractors
are paying the appropriate wage rates. Local Governments shall immediately conduct interviews
in response to an alleged violation of the prevailing wage requirements. As provided in 29 CFR
5.6(a)(5) all interviews must be conducted in confidence. The Local Government must use
Standard Form 1445 or equivalent documentation to memorialize the interviews. Copies of the
SF 1445 are available from EPA on request.
(2) The Local Government shall periodically conduct spot checks of a representative
sample of weekly payroll data to verify that contractors or subcontractors are paying the
appropriate wage rates. The Local Government shall establish and follow a spot check schedule
based on its assessment of the risks of noncompliance with Davis -Bacon posed by contractors or
subcontractors and the duration of the contract or subcontract. At a minimum, if practicable, the
subrecipient should spot check payroll data within two weeks of each contractor or
subcontractor's submission of its initial payroll data and two weeks prior to the completion date
the contract or subcontract. Local Governments must conduct more frequent spot checks if the
initial spot check or other information indicates that there is a risk that the contractor or
subcontractor is not complying with Davis -Bacon. In addition, during the examinations the Local
Government shall verify evidence of fringe benefit plans and payments thereunder by contractors
and subcontractors who claim credit for fringe benefit contributions.
3. Additional financing in the amount of $25,000,000, excluding Capitalized Interest, is
hereby awarded to the Local Government.
4. A Financing Rate of 3.07 percent per annum is established for the additional
financing amount awarded in this amendment. Individually, the interest rate is 1.535 percent per
annum and the Grant Allocation Assessment rate is 1.535 percent per annum. However, if this
amendment is not executed by the Local Government and returned to the Department before
December 31, 2013, the Financing Rate may be adjusted.
5. The estimated principal amount of the Loan is hereby revised to $67,143,600, which
consists of $65,000,000 authorized for disbursement to the Local Government and $2,143,600 of
Capitalized Interest. This total consists of the following:
(a) Original Agreement of $41,300,400, including $40,000,000 authorized for
disbursement to the Local'Government and $1,300,400 of Capitalized Interest, at a Financing
Rate of 2.39 percent per annum (the interest rate is 1.195 percent per annum and the Grant
Allocation Assessment rate is 1.195 percent per annum); and
(b) Amendment 1 of $25,843,200, including $25,000,000 authorized for disbursement to
the Local Government and $843,200 of Capitalized Interest, at a Financing Rate of 3.07 percent
per annum (the interest rate is 1.535 percent per annum and the Grant Allocation Assessment rate
is 1.535 percent per annum).
6. An additional Loan Service Fee in the amount of $500,000, for a total of $1,300,000,
is hereby estimated. The fee represents two percent of the Loan amount excluding Capitalized
Interest, that is, two percent of $65,000,000.
7. The Semiannual Loan Payment amount is hereby revised and shall be in the amount
of $2,216,396. Such payments shall be paid to, and must be received by the Department
beginning on August 15, 2016 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 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
$68,443,600, which consists of the Loan principal plus the estimated Loan Service Fee.
8. The Local Government and the Department acknowledge that the actual Project costs
have not been determined as of the effective date of this agreement. Project cost adjustments
may be made as a result of Project changes agreed upon by the Department. Capitalized Interest
will be recalculated based on actual dates and amounts of Loan disbursements. If the Local
Government receives other governmental financial assistance for this Project, the costs funded by
such other governmental assistance will not be financed by this Loan. The Department shall
establish the final Project costs after its final inspection of the Project records. Changes in
Project costs may also occur as a result of the Local Government's Project audit or a Department
audit.
Funds disbursed in accordance with Section 4.08 of this Agreement shall be disbursed in
the order in which they have been obligated without respect to budgetary line item estimates. All
disbursements shall be made from the original Loan amount until that amount has been
disbursed; the Financing Rate established for the original Loan amount shall apply to such
disbursements for the purpose of determining the associated Capitalized Interest and repayment
amount. The Financing Rate established for any additional increment of Loan financing shall be
used to determine the Capitalized Interest and repayment amount associated with the funds
disbursed from that increment.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
The estimated Project costs are revised as follows:
AUTHORIZED LOAN
CATEGORY
COST($)
AMOUNT($) TO DATE
Allowance costs
5,434,652
Construction and Demolition
125,957,789
Line items
Contingencies
6,297,889
may vary
Technical Services After Bid Opening
8,817,045
based on Actual
(Less Florida Appropriations & Local Funds)
(56,507,375)
Disbursements
SUBTOTAL (Disbursable Amount)
90,000,000
65,000,000
Capitalized Interest
2,143,600
2,143,600
TOTAL (Loan Principal Amount)
92,143,600
67,143,600
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 WW440710 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 Agreement to be executed on its
behalf by the Program Administrator 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 shall be as set forth below by the Program Administrator.
for
MONROE COUNTY
- <�/�Z 5� i
County Admi strator
I attest that this amendment complies with
Section 2.02 of the Agreement.
County Attorney
APPROVED AND ACCEPTED BY THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION.
rogram Administrator
State Revolving Fund
DEC 16 2013
Date
Clean Water SRF Encumbrance Information
Project Sponsor: Monroe County
Project Funding Number: 440710 Amendment #: 1
Flair Contract Number: Y0076
Award Date: 12/16/2013
Principal Forgiveness $0,00
Amount:
Loan Amount: $25,000,000.00
-----------------------------
Total Amount: $25,000,000.00
----------------------------
Princinal Forgiveness Portion
Organization
I EO
I Object
I Fund
I Category
Grant
I FY
I Amount
37352010000
1 WB
790044
1661001
1140131
1 SRF
1
1$0.00
Loan Portion
Organization
I EO
I Object
I Fund
I Category
Grant
I FY
I Amount
37352010000
1 WB
1790042
1 661001
1140131
1 SRF
12013
$25,000,000.00
FEIN: 596000749 Seq No:
® Mail ❑ EFT
DisbTo: Monroe County Board of County Commissioners
1100 Simonton Street
Key West, FL 33040