3rd Amendment 10/27/2014Clean Water SRF Encumbrance Information
Project Sponsor: Monroe County
Project Funding Number: 440710 Amendment #: 3
Flair Contract Number: Y0076
Award Date: 10/27/2014
Principal Forgiveness
Amount:
Loan Amount:
Total Amount:
$0.00
$30,000,000.00
------------------------
$30,000,000.00
1111m■ Ll
Organization
-i
I EO
I Ob•ect
I 1111ind
Category
I Grant
FY
Amount
37352010000
1 WB
1790044
1661001
1 140131
1 CWSRF
12015
1 $0.00
LVAIl 1 Vl t1V11
Organization
1EO
lObject
lFund=Catq
1111111`1117
I FY
Amount
37352010000
WB
1790042
1661001
1140131
1 CWSRF
12015
OE00EI
FEIN: 596000749 Seq No:
® Mail ❑ EFT
DisbTo: Monroe County Board of County Commissioners
1100 Simonton Street
Key West, FL 33040
AMENDMENT 3 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.
k113 IV� I -`
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 $71,000,000, excluding Capitalized Interest; and
WHEREAS, the Local Goverment is entitled to additional financing of $30,000,000, 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:
1. 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
CSFA Title or
State
Program
CSFA
Fund Source
Funding
Appropriation
Number
Fundina Source
Number
Description
Amount
Category
Original
Wastewater
37.077
Statewide Surface
$101,000,000
140131
Agreement
Treatment and
Water Restoration
Stormwater
and Wastewater
Management TF
Projects
2. Additional financing in the amount of $30,000,000, excluding Capitalized Interest, is
hereby awarded to the Local Government.
3. A Financing Rate of 2.72 percent per annum is established for the additional
financing amount awarded in this amendment. Individually, the interest rate is 1.36 percent per
annum and the Grant Allocation Assessment raze is 1.36 percent per annum. However, if this
amendment is not executed by the Local Government and returned to the Department before
January 1, 2015, the Financing Rate may be adjusted.
4. The estimated principal amount of the Loan is hereby revised to $103,809,700, which
consists of $101,000,000 authorized for disbursement to the Local Government and $2,809,700
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 lnterest, 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 $25,831,600, 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 $6,165,700, including $6,000,000 authorized for disbursement to
the Local Government and $165,700 of Capitalized Interest, at a Financing Rate of 3.00 percent
per annum (the interest rate is 1.50 percent per annum and the Grant Allocation Assessment rate
is 1.50 percent per annum); and
(d) Amendment 3 of $30,512,000, including $30,000,000 authorized for disbursement to
the Local Government and $512,000 of Capitalized Interest, at a Financing Rate of 2.72 percent
per annum (the interest rate is 1.36 percent per annum and the Grant Allocation Assessment rate
is 1.36 percent per annum).
5. An additional Loan Service Fee in the amount of $600,000, for a total of $2,020,000,
is hereby estimated. The fee represents two percent of the Loan amount excluding Capitalized
Interest, that is, two percent of $101,000,000.
6. The Semiannual Loan Payment amount is hereby revised and shall be in the amount
of $3,439,718. 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
$105,829,700, which consists of the Loan principal plus the estimated Loan Service Fee.
7. The Local Government and the Department acknowledge that the actual Project costs
have not been determined as of the effective date of this agreement. Project cost adjustments
may be made as a result of Project changes agreed upon by the Department. Capitalized Interest
will be recalculated based on actual dates and amounts of Loan disbursements. If the Local
Government receives other governmental financial assistance for this Project, the costs funded
by such other governmental assistance will not be financed by this Loan. The Department shall
establish the final Project costs after its final inspection of the Project records. Changes in
Project costs may also occur as a result of the Local Government's Project audit or a Department
audit.
Funds disbursed in accordance with Section 4.08 of this Agreement shall be disbursed in
the order in which they have been obligated without respect to budgetary line item estimates. All
disbursements shall be made from the original Loan amount until that amount has been
disbursed; the Financing Rate established for the original Loan amount shall apply to such
disbursements for the purpose of determining the associated Capitalized Interest and repayment
amount. The Financing Rate established for any additional increment of Loan financing shall be
used to determine the Capitalized Interest and repayment amount associated with the funds
disbursed from that increment.
The estimated Project costs are revised as follows:
AUTHORIZED LOAN
AMOUNT($) TO
CATEGORY
COST($)
DATE
Allowance costs
5,434,652
Construction and Demolition
162,943,725
Line items may vary
Contingencies
6,297,889
based on Actual
Technical Services After Bid Opening
8,817,045
Disbursements
SUBTOTAL
183,493,311
101,000,000
Less Legislative Appropriation
Less Local Funds
SUBTOTAL (Disbursable Amount)
Capitalized Interest
TOTAL (Loan Principal Amount)
(30,000,000)
(33,493,311)
120,000,000
101,000,000
2,809,700
2,809,700
122,809,700
103,809,700
8. All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
This Amendment 2 to Loan Agreement W W440710 shall be executed in two 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
NROE COUNTY
Co ty Admilfistrator
ti Attest: Appro as to f and legal suci
(} County Clerk Co my Attorney
APPROVED AND ACCEPTED BY THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONMYNNALPR TECTI N
( 4� OCT 17 209
Program Administrator Date
State Revolving Fund
4