2nd Amendment 04/14/2014 1r v
/- AMY HEAVILIN, CPA
CLERK OF CIRCUIT COURT & COMPTROLLER
N
�`jMDNRDE COUNTY,FLORIDA
•
DATE: April 7, 2014
TO: Roman Gastesi,
County Administrator
FROM: Vitia Fernandez, D.C.
Enclosed are four (4) duplicate originals of Amendment #2 to Monroe County's State
Revolving Fund loan agreement. Please be sure to return two fully executed duplicate originals as
soon as possible. Should you have any questions,please feel free to contact me.
cc: County Attorney (w/o documents)
Finance
File
500 Whitehead Street Suite 101,PO Box 1980,Key West,FL 33040 Phone:305-295-3130 Fox:305-295-3663
3117 Overseas Highway,Marathon,FL 33050 Phone:305-289-6027 Fax:305-289-6025
88820 Overseas Highway,Plantation Key,FL 33070 Phone:852-7145 Fax:305-852-7146
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AMENDMENT 2 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, as amended,authorizing a Loan amount
of$65,000,000, excluding Capitalized Interest; and
WHEREAS,the Local Government is entitled to additional financing of$6,000,000,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 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:
I. Subsection 2.03(1)of the Agreement is deleted and replaced as follows:
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 $71,000,000 140131
Agreement Treatment and Water Restoration
Stormwater and Wastewater
Projects
Management TF
1
V
Project costs may also occur as a result of the Local Government's Project audit or a Department
audit.
Funds disbursed in accordance with Section 4.08 of this Agreement shall be disbursed in
the order in which they have been obligated without respect to budgetary line item estimates. All
disbursements shall be made from the original Loan amount until that amount has been
disbursed;the Financing Rate established for the original Loan amount shall apply to such
disbursements for the purpose of determining the associated Capitalized Interest and repayment
amount. The Financing Rate established for any additional increment of Loan financing shall be
used to determine the Capitalized Interest and repayment amount associated with the funds
disbursed from that increment.
The estimated Project costs are revised as follows:
AUTHORIZED LOAN
CATEGORY AMOUNT($)TO
COST($) DATE
Allowance costs 5,434,652
Construction and Demolition 125,957,789 Line items may vary
Contingencies 6,297,889 based on Actual
Technical Services After Bid Opening 8,817,045 Disbursements
SUBTOTAL(Disbursable Amount) 146,507,375 71,000,000
Capitalized Interest 2,293,800 2,293,800
TOTAL (Loan Principal Amount) 148,801,175 73,293,800
8. All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
3
2. Additional financing in the amount of$6,000,000, excluding Capitalized Interest, is
hereby awarded to the Local Government.
3. A Financing Rate of 3 percent per annum is established for the additional financing
amount awarded in this amendment. Individually,the interest rate is 1.5 percent per annum and
the Grant Allocation Assessment rate is 1.5 percent per annum. However, if this amendment is
not executed by the Local Government and returned to the Department before April I, 2014,the
Financing Rate may be adjusted.
4. The estimated principal amount of the Loan is hereby revised to$73,293,800,which
consists of$71,000,000 authorized for disbursement to the Local Government and$2,293,800 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 I of$25,831,600, including$25,000,000 authorized for disbursement to
the Local Government and $831,600 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);and
(c) Amendment 2 of$6,161,800, including $6,000,000 authorized for disbursement to
the Local Government and$161,800 of Capitalized Interest,at a Financing Rate of 3 percent per
annum(the interest rate is 1.5 percent per annum and the Grant Allocation Assessment rate is 1.5
percent per annum).
5, An additional Loan Service Fee in the amount of$120,000, for a total of$1,420,000,
is hereby estimated. The fee represents two percent of the Loan amount excluding Capitalized
Interest,that is, two percent of$71,000,000.
6. The Semiannual Loan Payment amount is hereby revised and shall be in the amount
of$2,425,988. 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
$74,713,800,which consists of the Loan principal plus the estimated Loan Service Fee.
7. 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
2
r
This Amendment 2 to Loan Agreement W W440710 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
ONR COUNTY
-�- • lministrator
Approved as to form and legal sufficiency:
7-7 County Attorney
APPROVED AND ArrIPPTIPD BY THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONMEN AL TE Ma
ogram Administrator
'State Revolving Fund
4
APR 14 2014
Date
A VIA
@few,
Clean Water SRF Encumbrance Information
Project Sponsor: Monroe County
Project Funding Number: 440710 Amendment #: 2-
Flair Contract Number: Y0076
Award Date: 04/14/2014
Principal Forgiveness $0.00
Amount:
Loan Amount: $6,000,000.00
Total Amount: $6,000,000.00
-----------------------------
a. a aaaba qa w V a
l'OrganizAtion
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a
Object
Fund
Catgory
Grant I
FY .
Amount
37352010000
WB
790044
1661001
1140131
CWSRF
I
J$0.00
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O" anization
EO
Ob'ect
Fund
Category
Grant
FY
Amount
37352010000
WB
790042
661001
140131
CWSRF
2014
$6,000,000.00
FEIN: 596000749 Seq No:
® Mail ❑ EFT
DisbTo: Monroe County Board of County Commissioners
1100 Simonton Street
Key West, FL 33040