5th Amendment 08/09/2016STATE REVOLVING FUND
AMENDMENT 5 TO LOAN AGREEMENT WW440710
MONROE COUNTY
This amendment is executed by the STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION (Department) and MONROE COUNTY, FLORIDA,
existing as a local government agency (Local Government) under the laws of the State of
Florida.
WITNESSETH:
WHEREAS, the Department and the Local Government entered into a State Revolving Fund
Loan Agreement, Number W W440710, as amended; and
WHEREAS, Loan repayment activities need rescheduling to give the Local Government
additional time to complete construction; and
WHEREAS, revised provisions for audit and monitoring are needed.
NOW, THEREFORE, the parties hereto agree as follows:
l . Section 2.03(3) of the Agreement is deleted and replaced as follows:
The Local Government agrees to the following audit and monitoring requirements.
(3) Report Submission.
(a) Copies of financial reporting packages shall be submitted by or on behalf of the
Local Government directly to each of the following:
(i) The Department of Environmental Protection at one of the following addresses:
By Mail:
Audit Director
Florida Department of Environmental Protection
Office of the Inspector General
3900 Commonwealth Boulevard, MS 40
Tallahassee, Florida 32399-3123
Electronically:
FDEPSingleAuditndep.state.fl.us
(ii) The Auditor General's Office at the following address:
State of Florida Auditor General
Room 401, Claude Pepper Building
I I I West Madison Street
Tallahassee, Florida 32399-1450
(iii) Copies of reports or management letters shall be submitted by or on behalf of the
Local Government directly to the Department of Environmental Protection at either of the
following address:
By Mail:
Audit Director
Florida Department of Environmental Protection
Office of the Inspector General
3900 Commonwealth Boulevard, MS 40
Tallahassee, Florida 32399-3123
Electronically:
FDEP SingleAuditgdep. state.fl.us
(b) Any reports, management letters, or other information required to be submitted to the
Department pursuant to this Agreement shall be submitted timely in accordance with Florida
Statutes, or Chapters 10.550 (local governmental entities) or 10.650 (nonprofit and for -profit
organizations), Rules of the Auditor General, as applicable.
(c) Local Governments, when submitting financial reporting packages to the Department
for audits done in accordance with Chapters 10.550 (local governmental entities) or 10.650
(nonprofit and for -profit organizations), Rules of the Auditor General, should indicate the date
that the reporting package was delivered to the Local Government in correspondence
accompanying the reporting package.
2. The estimated principal amount of the Loan is hereby revised to $125,808,400, which
consists of $120,000,000 authorized for disbursement to the Local Government and $5,808,400
of Capitalized Interest. This total consists of the following:
(a) Original Agreement of $42,176,500, including $40,000,000 authorized for
disbursement to the Local Government and $2,176,500 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 $26,535,000, including $25,000,000 authorized for disbursement
to the Local Government and $1,535,000 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 $6,330,700, including $6,000,000 authorized for disbursement to
the Local Government and $330,700 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 $31,279,900, including $30,000,000 authorized for disbursement
to the Local Government and $1,279,900 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); and
(e) Amendment 4 of $19,486,300, including $19,000,000 authorized for disbursement
to the Local Government and $486,300 of Capitalized Interest, at a Financing Rate of 2.35
percent per annum (the interest rate is 1.175 percent per annum and the Grant Allocation
Assessment rate is 1.175 percent per annum).
3. Unless repayment is further deferred by amendment of the Agreement, Semiannual Loan
Payments as set forth in Section 10.05 shall be received by the Department beginning on
June 15, 2018, and semiannually thereafter on December 15 and June 15 of each year until all
amounts due under the Agreement have been fully paid.
4. The items scheduled under Subsections 10.07 of the Agreement are rescheduled as
follows:
(1) Completion of Project construction is scheduled for December 15, 2017.
(2) Establish the Loan Debt Service Account and begin Monthly Loan Deposits no later
than December 15, 2017.
(3) The date for the certification required under Subsection 2.01(10) of the Agreement is
hereby revised. The initial annual certification shall be submitted no later than March 15, 2018.
Thereafter, the annual certification shall be submitted no later than September 30 of each year
until the final Semiannual Loan Repayment is made.
(4) The first Semiannual Loan Payment in the amount of $4,146,935 shall be due
June 15, 2018.
All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
This Amendment 5 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 amendment to the Loan Agreement
to be executed on its behalf by the Secretary or Designee 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 Department.
for
MONROE COUNTY
County A inistrator
Attest: Approved as to form and legal sufficiency:
County Clerk
for
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
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Secretary or Designee Date