Item L1 L.1
G BOARD OF COUNTY COMMISSIONERS
County of Monroe Mayor Sylvia Murphy,District 5
The Florida Keys l'U � � Mayor Pro Tern Danny Kolhage,District 1
�pw° Michelle Coldiron,District 2
Heather Carruthers,District 3
David Rice,District 4
County Commission Meeting
August 21, 2019
Agenda Item Number: L.1
Agenda Item Summary #5814
BULK ITEM: Yes DEPARTMENT: Assistant County Administrator Kevin
Wilson
TIME APPROXIMATE: STAFF CONTACT: Kevin Wilson (305) 292-4441
No
AGENDA ITEM WORDING: Approval of the eighth (8th) and final amendment for Clean Water
Revolving Fund (SRF)loan for the Cudjoe Regional wastewater system.
ITEM BACKGROUND: The final draw on the $127.2 million SRF loan to finance the Cudjoe
Regional construction was requested and received during CY2018. The contract documents were
submitted in early CY2019. This amendment reflects the closing of all contracts funded by the loan
and documents the full repayment requirements. The initial repayment was made in June 2019. The
proceeds from the loan were $127.2 million. Total amount remaining to be repaid according to the
81' amendment is $136.6 million.
PREVIOUS RELEVANT BOCC ACTION: The BOCC approved the SRF agreement at its May
15, 2013 meeting. The BOCC subsequently approved entering the following amendments which
were entered on the dates indicated:
Amendment 1 16 DEC 2013
Amendment 2 14 APR 2014
Amendment 3 27 OCT 2014
Amendment 4 12 OCT 2015
Amendment 5 09 AUG 2016
Amendment 6 30 JAN 2018
Amendment 7 06 AUG 2018
CONTRACT/AGREEMENT CHANGES:
Yes
STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
Amendment 8 SRF 440710
Packet Pg. 1522
L.1
WW440710 AmortizationScheduleReport
SRF 440710
Amendment 1 SRF 440710
Amendment 2 SRF 440710
Amendment 3 SRF 440710
Amendment 4 SRF 440710
Amendment 5 SRF 440710
Amendment 6 SRF 440710
Amendment 7 SRF 440710
FINANCIAL IMPACT:
Effective Date: upon execution by FDEP
Expiration Date: December 15, 2038
Total Dollar Value of Contract: $180,262,166.69
Total Cost to County: $180,262,166.69
Current Year Portion: $4,666,578.69
Budgeted: Yes
Source of Funds:
CPI: N/A
Indirect Costs: N/A
Estimated Ongoing Costs Not Included in above dollar amounts: N/A
Revenue Producing: No If yes, amount:
Grant:
County Match: N/A
Insurance Required: N/A
Additional Details: N/A
N/A
REVIEWED BY:
Kevin Wilson Completed 07/12/2019 12:10 PM
Cynthia Hall Completed 07/22/2019 1:39 PM
Budget and Finance Completed 07/31/2019 9:53 AM
Maria Slavik Completed 08/02/2019 11:38 AM
Kathy Peters Completed 08/02/2019 2:00 PM
Board of County Commissioners Pending 08/21/2019 9:00 AM
Packet Pg. 1523
sr.ATE REVOLVING F'UND
AMENDMENT TO LOAN AGR.EEMEN'r WW440710
MONR0.11E COUNTY
This amendment is executed by.the s,rATE OF' FLORIDA DEPARTMENT OF
ENVIR.ONMEN,rAL PROTECTION (Department) arid MONROE (101JNTY, FLORIDA,
(Local Government) existing as as local governmental entity under the laws of the State of
Florida. Collectively, the Department and the Local Government shall be referred to as "Parties""
or individually as "Party".
E
The Department and the Local Government entered into as State Revolving Fund Loan
Agreement,Number WW44071 0. as amended, authorizing a Loan arnount of$127,200,000,
,P E
excluding Capitalized Interest; and
The Semiannual Loan Payment amount and Project costs need adjustment to reflect actual costs; U-
and
Certain provisions of the Agreement need to be revised.
The Parties hereto agree as f6ilows:
1. The total amount of the Loan is $139,502,109,57, which consists of$127,200,000
disbursed to the Local Government, $),758,109.57 of accrued Capitalized Interest and
$2,544,000.00 of service fee charges.
2. 'me total amount remaining to repay on the 1-,oan is $136,637,589.07, which amount
accounts for the Department's receipt of I Semiannual Loan Payment and consists of the 00
following:
E
(a) The unpaid principal of the original loan of$43,582,895,74 and the unpaid service
fee charge of the original loan of$800,000.,00 both at as Financing Rate of 2.39 percent per E
annuin (the interest rate is I,195 percent per annum, and the Grant Allocation Assessment rate is <
1.195 percent per annUM).
E
(b) Amendment I unpaid principal of$27,01 33,629,42 and unpaid service fee charge of
$500,000.00 both at as Financing Rate of 3.07 percent per annurn (the interest rate is L535
percent per annuni, and the Grant Allocation Assessment rate is 1.535 percent per annurn).
(c) Amendment 2 unpaid principal of$6,461,034,42 arid unpaid service fee charge of
$120,000.00 both at as Financing Rate of3.00 percent per annum (the interest rate is 1.50 percent.
per annum, and the Grant Allocation Assessment rate is 1.50 percent per annum).
(d) Amendment 3 unpaid principal of$31,066,393.21 and unpaid service fice charge of
$600,000.00 both at as Financing Rate of 2.72 percent per annurn (the interest rate is 136 percent
per annum, and the Grant Allocation Assessment rate is 1.36 percent per annum).
Packet Pg. 1524
(e) Amendment 4. unpaid principal of$18,907,43837 and unpaid service fee charge of
$380,000.00 both at as Financing Rate of 2.35 percent per annurn (the interest rate is L 175
percent per annurn., and the Grant Allocation Assessment rate is I.175 percent per annuni).
(f) Aniendnient '7 unpaid principal of$7,062,197.91 and unpaid service fee charge of
tD
$144,000.,00 both at a Financing Rate of 2.48 percent per annum (the interest rate is 1.24 percent
per annurn, and the Grant: Allocation Assessment rate is 1.24 percent per annum).
I The Semiannual Loan Payment aniount, adjusted to account for repayments received
to date, is hereby revised and shall be in the amount of$4,502,450.97. Such payments shall be
received by the Department on December 15, 2019 and semiannually thereafter on June 15 and
December 15 of each year until all amounts due hereunder have been fully paid. E
4. Subsection 2.03(l) of the Agreement is deleted and replaced as follows: E
(1) The financial assistance authorized pursuant to this Loan Agreement consists of the
fbllowing U-
..................State Resources Awarded to the Local Government Pursuant to this Agreement Consist of the
Fol ources Sub'ect to Section 215,97, F.S..�
...................................:............................... ................................................................................................)........................................................................... ...............
State CSFA 'Title or State
Program CSFA Fund Source Funding Appropriation
Number ...........Fund.in.? Source Number Descri2tion Aniount at..L
............................................................ .......................................... ...........................................................................................................
Wastewater Wastewater
Original Treatment and Treatment
37.077 $127,200,000 14-0131
Agrm eeent SLorina wter Facility
to[
I
a Mnagniemnet'rF Construction gc
00
5. Project Costs are revised as follows-
E
The 1...,ocal Govern!"nent and the Department acknowledge that changes in ProJect costs
may occur as as result of an audit. Unless this Agreement is amended Subsequent to an audit, the E
following Project disbursements shall be final.
E
CATEGORY PROJEC'r cos"Ls (s)
...............................................................................................................................................................................................
Administrative Allowance 5,434,65100
Construction and Demolition 116,969,524.00
Technical Services E)uring Construction 4,795,824.00
SUBTOTAL (Total Disbursed) 127,200,000.00
Capitalized interest . 9,758,109..57
.........................................................................................................................................
TOTAL (Loan Principal Amount) 136,958,10M7
6. All other terms and provisions of the Loan Agreement shall remain in effect,
2
Packet Pg. 1525
This Amendment 8 to Loan Agreement WW44-071 0 may be executed in two or more
counterparts, any of which sliall be regarded as an original and all of which constitute but one
and the same instrument.
IN WHNESS WHEREOF, the Department has caused this amendment to the Loan
Agreement to be executed on its belialf by the Secretary or Designee and the Local Government
has caused this arnendinent to be executed on its behalf by its Authorized Representative and by
its affixed seal, The effective date oft pis amendment shall be as set forth below by the
Department.
for C
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MONROE COUNTY E
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Attest: Approved as to form and legal sufficiency-
.............................................. . .............................................................-.1...............................................................................................................
County C.'lerk County Attorney
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for
STATE OF FLOWDA.
DEPARTMENT OF ENVIRONMENTAL PROTEcrioN
.................................................................................................................................................................................................................................................................................... ...........................................................................................................................................................
Secretary or Designee Date
Packet Pg. 1526
L.1.b
Calculation of Semiannual Payment for Remaining Years
Sponsor: Monroe County Funding Number: 440710
Beginning of Repayment Period: 12/15/2018 Payments Remaining: 39
Original Loan Combined Rate: 2.39
Date Balance Disbursement Comb. Int Total Owed At Present Value* Payment
Forward Or Serv. Fee At 12/15/2019 At 06/15/2019 Amount
12/15/2019
06/15/2019 43,582,895.74 0.00 520,815.60 44,103,711.34
06/18/2019 0.00 800,000.00 9,429.04 809,429.04 -
Subtotals: 44,913,140.39 44,382,766.32 1,430,396.31
Amendment 1 Combined Rate: 3.07
Date Balance Disbursement Comb. Int Total Owed At Present Value* Payment
Forward Or Serv. Fee At 12/15/2019 At 06/15/2019 Amount
12/15/2019
CL
06/15/2019 27,013,629.42 0.00 414,659.21 27,428,288.63 2
06/18/2019 0.00 500,000.00 7,569.86 507,569.86
Subtotals: 27,935,858.49 27,513,525.87 942,829.18 g
Amendment 2 Combined Rate: 3
Date Balance Disbursement Comb. Int Total Owed At Present Value* Payment
Forward Or Serv. Fee At 12/15/2019 At 06/15/2019 Amount
12/15/2019
06/15/2019 6,461,034.42 0.00 96,915.52 6,557,949.94
06/18/2019 0.00 120,000.00 1,775.34 121,775.34
Subtotals: 6,679,725.28 6,581,010.13 224,113.86
Amendment 3 Combined Rate: 2.72
Date Balance Disbursement Comb. Int Total Owed At Present Value* Payment
Forward Or Serv. Fee At 12/15/2019 At 06/15/2019 Amount
12/15/2019
06/15/2019 31,066,393.20 0.00 422,502.95 31,488,896.15
06/18/2019 0.00
Tue, 18 Jun 2019 12:57 Page 1 of 23
Packet Pg. 1527
L.1.b
Original Loan Combined Rate: 2.39
600,000.00 8,048.22 608,048.22
Subtotals: 32,096,944.37 31,666,282.92 1,051,615.64
Amendment 4 Combined Rate: 2.35
Date Balance Disbursement Comb. Int Total Owed At Present Value* Payment
Forward Or Serv. Fee At 12/15/2019 At 06/15/2019 Amount
12/15/2019
06/15/2019 18,907,438.37 0.00 222,162.40 19,129,600.77
06/18/2019 0.00 380,000.00 4,403.84 384,403.84
Subtotals: 19,514,004.61 19,287,377.92 619,335.55
Amendment 7 Combined Rate: 2.48
Date Balance Disbursement Comb. Int Total Owed At Present Value* Payment
Forward Or Serv. Fee At 12/15/2019 At 06/15/2019 Amount
12/15/2019
CL
06/15/2019 7,062,197.91 0.00 87,571.25 7,149,769.16 2
06/18/2019 0.00 144,000.00 1,761.14 145,761.14
Subtotals: 7,295,530.30 7,206,173.75 234,160.43
Totals: 138,435,203.44 136,637,136.91 4,502,450.97
*Present value is the total owed divided by (1+(Combined interest rate)/2)
The Payment Amount is computed using the present value.
Tue, 18 Jun 2019 12:57 Page 2 of 23
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STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
AND
MONROE COUNTY,FLORIDA
CLEAN WATER STATE REVOLVING FUND
CONSTRUCTION LOAN AGREEMENT
WW440710
Florida Department of Environmental Protection
State Revolving Fund
Bob Martinez Center
2600 Blair Stone Road,MS 3505
Tallahassee,Florida 32399-2400
Packet Pg. 1550
ARTICLE I-DEFINITIONS 1
1.01.WORDS AND TERMS. 1
1.02.CORRELATIVE WORDS. 3
ARTICLE II-WARRANTIES,REPRESENTATIONS AND COVENANTS 4
2.01. WARRANTIES,REPRESENTATIONS AND COVENANTS. 4
2.02. LEGAL AUTHORIZATION. 5
2.03.AUDIT AND MONITORING REQUIREMENTS. 6
ARTICLE III-LOAN REPAYMENT ACCOUNT 9
3.01.LOAN DEBT SERVICE ACCOUNT. 9
3.02. INVESTMENT OF LOAN DEBT SERVICE ACCOUNT MONEYS. 9
3.03. LOAN DEBT SERVICE ACCOUNT WITHDRAWALS. 10
3.04.ASSETS HELD IN TRUST. 10
ARTICLE IV-PROJECT INFORMATION 10
4.01. PROJECT CHANGES. 10
4.02.TITLE TO PROJECT SITE. 10
4.03.PERMITS AND APPROVALS. 10
4.04. ENGINEERING SERVICES. 10
4.05.PROHIBITION AGAINST ENCUMBRANCES. 10 CD
4.06.COMPLETION MONEYS. 11
4.07.CLOSE-OUT. 11
4.08. LOAN DISBURSEMENTS. 11
ARTICLE V-RATES AND USE OF THE PROJECT 12
5.01.RATE COVERAGE. 12
5.02.RECEIPT OF INFRASTRUCTURE SALES TAX REVENUES. 12
5.03. ENFORCEMENT OF PAYMENT OF SPECIAL ASSESSMENT PROCEEDS. 12
5.04.NO FREE SERVICE. 12
5.05. MANDATORY CONNECTIONS. 13
5.06.NO COMPETING SERVICE. 13
5.07. MAINTENANCE OF THE PROJECT. 13
5.08. ADDITIONS AND MODIFICATIONS. 13
ARTICLE VI-DEFAULTS AND REMEDIES 13
6.01.EVENTS OF DEFAULT. 13
6.02.REMEDIES. 14
6.03.DELAY AND WAIVER. 15
ARTICLE VII-THE PLEDGED REVENUES 15
7.01. SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT. 15
7.02.ADDITIONAL DEBT OBLIGATIONS. 15
ARTICLE VIII-GENERAL PROVISIONS 16
8.01.DISCHARGE OF OBLIGATIONS. 16
8.02.PROJECT RECORDS AND STATEMENTS. 16
8.03.ACCESS TO PROJECT SITE. 16
8.04.ASSIGNMENT OF RIGHTS UNDER AGREEMENT. 16
8.05.AMENDMENT OF AGREEMENT. 16
i
Packet Pg. 1551
8.06.ANNULMENT OF AGREEMENT. 17
8.07. SEVERABILITY CLAUSE. 17
8.08. USE AS MATCHING FUNDS. 17
8.09.COMPLIANCE VERIFICATION. 17
ARTICLE IX-CONSTRUCTION CONTRACTS AND INSURANCE 18
9.01.AUTHORIZATION TO AWARD CONSTRUCTION CONTRACTS. 18
9.02.SUBMITTAL OF CONSTRUCTION CONTRACT DOCUMENTS. 18
9.03.INSURANCE REQUIRED. 18
ARTICLE X-DETAILS OF FINANCING 19
10.01.PRINCIPAL AMOUNT OF LOAN. 19
10.02. LOAN SERVICE FEE. 19
10.03.FINANCING RATE. 19
10.04. LOAN TERM. 20
10.05. REPAYMENT SCHEDULE. 20
10.06. PROJECT COSTS. 20
10.07.SCHEDULE. 21 E
ARTICLE XI-EXECUTION OF AGREEMENT 22
CD
ii
Packet Pg. 1552
CLEAN WATER STATE REVOLVING FUND CONSTRUCTION LOAN AGREEMENT
WW440710
THIS AGREEMENT is executed by the STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION(Department)and MONROE COUNTY, FLORIDA,
(Local Government)existing as a political subdivision of the State of Florida.
WITNESSETH:
WHEREAS,pursuant to Section 403.1835,Florida Statutes,the Department is authorized to
make loans to local government agencies to finance or refinance the construction of wastewater
pollution control facilities, the planning and design of which have been reviewed by the
Department; and
WHEREAS,funding is provided from the State Revolving Fund program repayments and
interest, which are Federally protected but which are subject to state audit requirements; and
WHEREAS, the Local Government has made application for the financing of the herein defined
Project,and the Department has determined that such Project meets all requirements for a loan.
CD
NOW,THEREFORE, in consideration of the Department loaning money to the Local I-
CD
Government, in the principal amount and pursuant to the covenants hereinafter set forth, it is Iq
agreed as follows:
ARTICLE I-DEFIMTIONS
1.01. WORDS AND TERMS.
Words and terms used herein shall have the meanings set forth below:
(1) "Agreement"or"Loan Agreement"shall mean this construction loan agreement. �s
(2) "Authorized Representative"shall mean the official of the Local Government
authorized by ordinance or resolution to sign documents associated with the Loan.
(3) "Capitalized Interest"shall mean a finance charge that accrues at the Financing Rate
on Loan proceeds from the time of disbursement until six months before the first Semiannual
Loan Payment is due. Capitalized Interest is financed as part of the Loan principal.
(4) "Depository"shall mean a bank or trust company,having a combined capital and
unimpaired surplus of not less than$50 million,authorized to transact commercial banking or
savings and loan business in the State of Florida and insured by the Federal Deposit Insurance
Corporation.
(5) "Financing Rate"shall mean the charges,expressed as a percent per annum, imposed
on the unpaid principal of the Loan. The Financing Rate shall consist of an interest rate
component and a Grant Allocation Assessment rate component.
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(6) "Grant Allocation Assessment"shall mean an assessment,expressed as a percent per
annum,accruing on the unpaid balance of the Loan. It is computed similarly to the way interest
charged on the Loan is computed and is included in the Semiannual Loan Payment. The
Department will use Grant Allocation Assessment moneys for making grants to financially
disadvantaged small communities pursuant to Section 403.1835 of the Florida Statutes.
(7) "Infrastructure Sales Surtax Revenues"shall mean the proceeds received by the
Local Government from the levy of the one cent local government infrastructure sales pursuant
to Section 212.055(2),Florida Statutes and other applicable provisions of law, after the
satisfaction of all annual payment obligations with respect to the Senior Revenue Obligations
and any other senior obligations issued pursuant to Section 7.02 of this Agreement.
(8) "Loan"shall mean the amount of money to be loaned pursuant to this Agreement
and subsequent amendments.
(9) "Loan Application"shall mean the completed form which provides all information
required to support obtaining construction loan financial assistance.
(10)"Loan Debt Service Account"shall mean an account,or a separately identified
component of a pooled cash or liquid account,with a Depository established by the Local a®
Government for the purpose of accumulating Monthly Loan Deposits and making Semiannual
Loan Payments.
(11)"Loan Service Fee"shall mean an origination fee which shall be paid to the
Department by the Local Government.
(12)"Monthly Loan Deposit"shall mean the monthly deposit to be made by the Local
Government to the Loan Debt Service Account.
(13)"Pledged Revenues"shall mean the specific revenues pledged as security for
repayment of the Loan and shall be: (a)the Infrastructure Sales Surtax Revenues, and(b)the (n
Special Assessment Proceeds.
(14)"Project"shall mean the capital improvements financed by this Loan and shall
consist of furnishing all labor,materials,and equipment to construct the collection,transmission
and treatment facilities in accordance with the plans and specifications accepted by the
Department for the following contracts:
(a) "Cudjoe Key Advanced Water Reclamation Facility";and
(b) "Cudjoe Regional Wastewater Inner Islands Collection&Transmission System;and
(c) "Cudjoe Regional Wastewater Collection System for Outer Islands".
The Project is in agreement with the planning documentation accepted by the Department
effective January 31,2013. A Florida Finding of No Significant Impact was published on
April 29, 2011 and no adverse comments were received.
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(15) "Semiannual Loan Payment"shall mean the payment due from the Local
Government to the Department at six-month intervals.
(16) "Senior Revenue Obligations"shall mean the following debt obligations:
(a) Monroe County,Florida, Infrastructure Sales Surtax Revenue Bonds, Series 2003,
issued in the original principal amount of$21,455,000,pursuant to the Senior Revenue
Obligation Resolution; and
(b) Monroe County,Florida,Infrastructure Sales Surtax Revenue Bonds, Series 2007,
issued in the original principal amount of$29,415,000,pursuant to the Senior Revenue
Obligation Resolution; and
(c) Additional Bonds(as defined in the Senior Revenue Obligation Resolution) issued
pursuant to Section 5.02 of the Senior Revenue Obligation Resolution;and E
(d) Any refunding bonds issued to refund the obligations identified above provided such
bonds shall not increase annual debt service during the repayment period of this Loan.
(17)"Senior Revenue Obligation Resolution'shall mean Resolution No. 077-2003 of the
Local Government adopted on February 19,2003,as amended and supplemented,and as the
same may be further amended and supplemented from time to time.
(18)"Special Assessments"shall mean the special assessments lawfully levied by the
Local Government in accordance with the Special Assessment Legislation against properties
specially benefited by the acquisition and construction of the Project. �s
(19)"Special Assessment Legislation'shall mean, collectively,Ordinance No.027-2003
of the Local Government adopted on July 15,2003,as amended and supplemented from time to
time,Resolution No. 173-2012 of the Local Government adopted on June 20,2012,Resolution
No. 174-2012 of the Local Government adopted on June 20,2012,Resolution No. 197-2012 of (n
the Local Government adopted on July 18,2012,and Resolution 198-2012 of the Local
Government adopted on July 18,2012, as the same may be amended and supplemented from
time to time.
(20)"Special Assessment Proceeds"shall mean the proceeds of the Special Assessments
lawfully collected by the Local Government, including the interest and penalties on such Special
Local Government Assessments. Special Assessment Proceeds shall include moneys lawfully
received by the Local Government on account of collection of any delinquent Special
Assessments and any prepayments of Special Assessments.
1.02. CORRELATIVE WORDS.
Words of the masculine gender shall be understood to include correlative words of the
feminine and neuter genders. Unless the context shall otherwise indicate, the singular shall
include the plural and the word"person'shall include corporations and associations,including
public bodies,as well as natural persons.
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ARTICLE II-WARRANTIES, REPRESENTATIONS AND COVENANTS
2.01. WARRANTIES, REPRESENTATIONS AND COVENANTS.
The Local Government warrants,represents and covenants that:
(1) The Local Government has full power and authority to enter into this Agreement and
to comply with the provisions hereof.
(2) The Local Government currently is not the subject of bankruptcy, insolvency, or
reorganization proceedings and is not in default of,or otherwise subject to,any agreement or any
law,administrative regulation,judgment,decree,note,resolution,charter or ordinance which
would currently restrain or enjoin it from entering into,or complying with,this Agreement.
(3) There is no material action,suit,proceeding, inquiry or investigation,at law or in
equity,before any court or public body, pending or,to the best of the Local Government's
knowledge, threatened,which seeks to restrain or enjoin the Local Government from entering
into or complying with this Agreement.
(4) All permits,real property interests,and approvals required as of the date of this
Agreement have been obtained for construction and use of the Project. The Local Government
knows of no reason why any future required permits or approvals are not obtainable.
(5) The Local Government shall undertake the Project on its own responsibility,to the
extent permitted by law.
(6) To the extent permitted by law,the Local Government shall release and hold
harmless the State,its officers,members,and employees from any claim arising in connection
with the Local Government's actions or omissions in its planning,engineering,administrative,
and construction activities financed by this Loan or its operation of the Project.
(7) All Local Government representations to the Department,pursuant to the Loan
Application and Agreement,were true and accurate as of the date such representations were
made. The financial information delivered by the Local Government to the Department was
current and correct as of the date such information was delivered. The Local Government shall
comply with Chapter 62-503,Florida Administrative Code,and all applicable State and Federal
laws,rules,and regulations which are identified in the Loan Application or Agreement. To the
extent that any assurance,representation,or covenant requires a future action,the Local
Government shall take such action as is necessary for compliance.
(8) The Local Government shall maintain records using generally accepted accounting
principles established by the Governmental Accounting Standards Board. As part of its
bookkeeping system,the Local Government shall keep accounts of the Project separate from all
other accounts and it shall keep accurate records of all revenues,expenses,and expenditures
relating to the Project,and of the Pledged Revenues,Loan disbursement receipts,and Loan Debt
Service Account.
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(9) In the event the anticipated Pledged Revenues are shown by the Local Government's
annual budget to be insufficient to make the Semiannual Loan Payments for such Fiscal Year
when due,the Local Government shall include in such budget other legally available non-ad
valorem funds which will be sufficient,together with the Pledged Revenues,to make the
Semiannual Loan Payments. Such other legally available non-ad valorem funds shall be
budgeted in the regular annual governmental budget and designated for the purpose provided by
this Subsection,and the Local Government shall collect such funds for application as provided
herein. The Local Government shall notify the Department immediately in writing of any such
budgeting of other legally available non-ad valorem funds. Nothing in this covenant shall be
construed as creating a pledge,lien,or charge upon any such other legally available non-ad
valorem funds;requiring the Local Government to levy or appropriate ad valorem tax revenues;
or preventing the Local Government from pledging to the payment of any bonds or other
obligations all or any part of such other legally available non-ad valorem funds.
C
0
(10)Each year,beginning three months before the first Semiannual Loan Payment and
ending with the year during which the final Loan repayment is made, the Local Government's 0
Authorized Representative or its chief financial officer shall submit,pursuant to the schedule
established in Section 10.07,a certification that: (a)Pledged Revenue collections satisfy,on a
pro rats basis,the rate coverage requirement; (b)the Loan Debt Service Account contains the
funds required;and(c) insurance, including that issued through the National Flood Insurance CD
Program authorized under 42 U.S.C. secs.4001-4128 when applicable, in effect for the facilities I-
CD
Iq
generating the Pledged Revenues,adequately covers the customary risks to the extent that such
insurance is available.
(11)Pursuant to Section 216.347 of the Florida Statutes,the Local Government shall not W
use the Loan proceeds for the purpose of lobbying the Florida Legislature,the Judicial Branch, `n
CD
or a State agency.
(12)The Local Government agrees to construct the Project in accordance with the Project
schedule. Delays incident to strikes,riots,acts of God,and other events beyond the reasonable
control of the Local Government are excepted. If for any reason construction is not completed as
scheduled,there shall be no resulting diminution or delay in the Semiannual Loan Payment or 0
the Monthly Loan Deposit.
(13)The Local Government covenants that this Agreement is entered into for the purpose
of financing or refinancing costs of the acquisition, construction and acquisition of the Project
which will in all events serve a public purpose. The Local Government covenants that it will,
under all conditions,complete and operate the Project to fulfill the public need.
2.02. LEGAL AUTHORIZATION.
Upon signing this Agreement,the Local Government's legal counsel hereby expresses
the opinion,subject to laws affecting the rights of creditors generally,that:
(1) This Agreement has been duly authorized by the Local Government and shall
constitute a valid and legal obligation of the Local Government enforceable in accordance with
its terms upon execution by both parties;and
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L.1.c
(2) This Agreement specifies the revenues pledged for repayment of the Loan,and the
pledge is valid and enforceable.
2.03. AUDIT AND MONITORING REQUIREMENTS.
The Local Government agrees to the following audit and monitoring 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 CSFA Title or State
Program CSFA Fund Source Funding Appropriation E
Number Funding Source Number Description Amount Category
Original Wastewater 37.077 Statewide Surface $40,000,000 140131
Agreement Treatment and Water RestorationCD
Stormwater and Wastewater �
CD
Management TF ProjectsIq
(2) Audits.
(a) In the event that the Local Government expends a total amount of state financial
assistance equal to or in excess of$500,000 in any fiscal year of such Local Government,the
Local Government must have a State single or project-specific audit for such fiscal year in
accordance with Section 215.97, Florida Statutes;applicable rules of the Department of Financial
Services;and Chapters 10.550(local governmental entities)or 10.650(nonprofit and for-profit
organizations), Rules of the Auditor General. In determining the state financial assistance
expended in its fiscal year,the Local Government shall consider all sources of state financial
assistance, including state financial assistance received from the Department of Environmental
Protection,other state agencies,and other nonstate entities. State financial assistance does not
include Federal direct or pass-through awards and resources received by a nonstate entity for
Federal program matching requirements.
(b) In connection with the audit requirements addressed in the preceding paragraph(a);
the Local Government shall ensure that the audit complies with the requirements of Section
215.97(7), Florida Statutes. This includes submission of a financial reporting package as defined
by Section 215.97(2),Florida Statutes,and Chapters 10.550(local governmental entities)or
10.650(nonprofit and for-profit organizations), Rules of the Auditor General.
(c) If the Local Government expends less than$500,000 in state financial assistance in its
fiscal year,an audit conducted in accordance with the provisions of Section 215.97,Florida
Statutes, is not required. The Local Government shall inform the Department of findings and
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recommendations pertaining to the State Revolving Fund in audits conducted by the Local
Government in which the$500,000 threshold has not been met. In the event that the Local
Government expends less than$500,000 in state financial assistance in its fiscal year,and elects
to have an audit conducted in accordance with the provisions of Section 215.97,Florida Statutes,
the cost of the audit must be paid from the non-state entity's resources(i.e.,the cost of such an
audit must be paid from the Local Government's resources obtained from other than State
entities).
(d) For information regarding the Florida Catalog of State Financial Assistance(CSFA),
a Local Government should access the Florida Single Audit Act website located at
hgps:HapRs.fldfs.com/fsaa for assistance. In addition to the above websites,the following
websites may be accessed for information: Legislature's Website at
hgp://www.leg.state.fl.us/Welcome/index.cfin n State of Florida's website at
hgp://www.myflorida.com/.Department of Financial Services' Website at http://www.fldfs.com/
and the Auditor General's Website at hqp://www.state.fl.usJaudgen.
(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 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
(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 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
(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
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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.
4. Project-Specific Audit.
Within 12 months after the amendment establishing final Project costs,the Local
Government shall submit to the Department a Project-specific audit report for the Loan related
revenues and expenditures. The audit shall address Loan disbursements received,Project
expenditures,and compliance with Loan Agreement covenants. The Local Government shall E
cause the auditor to notify the Department immediately if anything comes to the auditor's
attention during the examination of records that would constitute a default under the Loan E
Agreement. The audit findings shall set aside or question any costs that are unallowable under
Chapter 62-503,Florida Administrative Code. A final determination of whether such costs are
allowed shall be made by the Department.
5. Record Retention.
The Local Government shall retain sufficient records demonstrating its compliance with
the terms of this Agreement for a period of five years from the date the audit report is issued,and
shall allow the Department,or its designee,Chief Financial Officer,or Auditor General access to
such records upon request. The Local Government shall ensure that audit working papers are
made available to the Department,or its designee,Chief Financial Officer,or Auditor General
upon request for a period of five years from the date the audit report is issued,unless extended in
writing by the Department.
The Local Government is hereby advised that the Florida Single Audit Act Requirements
may further apply to lower tier transactions that may be a result of this Agreement. E
The Local Government should confer with its chief financial officer,audit director or
contact the Department for assistance with questions pertaining to the applicability of these
requirements.
In addition,the Local Government agrees to complete and submit the Certification of
Applicability to Single Audit Act Reporting,Attachment A,attached hereto and made a part
hereof,within four(4)months following the end of the Local Government's fiscal year.
Attachment A should be submitted to the Department's Grants Development and Review
Manager at 3900 Commonwealth Boulevard,Mail Station 93,Tallahassee,Florida 32399-3000. .
The Grants Development and Review Manager is available to answer any questions at
(850)245-2361.
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6. Monitoring.
In addition to reviews of audits conducted in accordance with Section 215.97, F.S.,as
revised monitoring procedures may include,but not be limited to, on-site visits by Department
staff and/or other procedures. By entering into this Agreement,the Local Goverment agrees to
comply and cooperate with any monitoring procedures/processes deemed appropriate by the
Department of Environmental Protection. In the event the Department of Environmental
Protection determines that a limited scope audit of the Local Government is appropriate,the
Local Government agrees to comply with any additional instructions provided by the Department
to the Local Government regarding such audit. The Local Government further agrees to comply
and cooperate with any inspections,reviews,investigations,or audits deemed necessary by the
Chief Financial Officer or Auditor General.
ARTICLE III-LOAN REPAYMENT ACCOUNT
3.01. LOAN DEBT SERVICE ACCOUNT.
The Local Government shall establish a Loan Debt Service Account with a Depository
and begin making Monthly Loan Deposits no later than the date set forth for such action in
Section 10.07 of this Agreement.
Beginning six months prior to each Semiannual Loan Payment,the Local Government
shall make six Monthly Loan Deposits. The first five deposits each shall be at least equal to one-
sixth of the Semiannual Loan Payment. The sixth Monthly Loan Deposit shall be at least equal
to the amount required to make the total on deposit in the Loan Debt Service Account equal to
the Semiannual Loan Payment amount,taking into consideration investment earnings credited to
the account pursuant to Section 3.02.
Any month in which the Local Government fails to make a required Monthly Loan
Deposit,the Local Government's chief financial officer shall notify the Department of such
failure. In addition,the Local Government agrees to budget,by amendment if necessary, (n
payment to the Department from other legally available non-ad valorem funds all sums
becoming due before the same become delinquent. This requirement shall not be construed to
give superiority to the Department's claim on any revenues over prior claims of general creditors
of the Local Government,nor shall it be construed to give the Department the power to require
the Local Government to levy and collect any revenues other than Pledged Revenues.
3.02. INVESTMENT OF LOAN DEBT SERVICE ACCOUNT MONEYS.
Moneys on deposit in the Loan Debt Service Account shall be invested pursuant to the
laws of the State of Florida. Such moneys may be pooled for investment purposes. The maturity
or redemption date of investments shall be not later than the date upon which such moneys may
be needed to make Semiannual Loan Payments. The investment earnings shall be credited to the
Loan Debt Service Account and applied toward the Monthly Loan Deposit requirements.
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3.03. LOAN DEBT SERVICE ACCOUNT WITHDRAWALS.
The withdrawal of moneys from the Loan Debt Service Account shall be for the sole
purpose of making the Semiannual Loan Payment or for discharging the Local Government's
obligations pursuant to Section 8.01.
3.04. ASSETS HELD IN TRUST.
The assets in all accounts created under this Loan Agreement shall be held in trust for the
purposes provided herein and used only for the purposes and in the manner prescribed in this
Agreement;and,pending such use,said assets shall be subject to a lien and charge in favor of the
Department.
ARTICLE IV-PROJECT INFORMATION
4.01. PROJECT CHANGES.
Project changes prior to bid opening shall be made by addendum to plans and
specifications. Changes after bid opening shall be made by change order. The Local
Government shall submit all addenda and all change orders to the Department for an eligibility
determination. After execution of all construction,equipment and materials contracts,the
Project contingency may be reduced.
4.02.TITLE TO PROJECT SITE.
The Local Government shall have an interest in real property sufficient for the
construction and location of the Project free and clear of liens and encumbrances which would
impair the usefulness of such sites for the intended use.
4.03. PERMITS AND APPROVALS.
The Local Government shall have obtained,prior to the Department's authorization to
award construction contracts,all permits and approvals required for construction of the Project or
portion of the Project funded under this Agreement.
4.04. ENGINEERING SERVICES.
A professional engineer,registered in the State of Florida,shall be employed by,or under
contract with,the Local Government to oversee construction.
4.05. PROHIBITION AGAINST ENCUMBRANCES.
Other than the existing lease between the Local Government and the Florida Keys
Aqueduct Authority,the Local Government is prohibited from selling, leasing,or disposing of
any part of the Project which would materially reduce operational integrity so long as this
Agreement, including any amendment thereto, is in effect unless the written consent of the
Department is fast secured.
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4.06. COMPLETION MONEYS.
In addition to the proceeds of this Loan,the Local Government covenants that it has
obtained, or will obtain, sufficient moneys from other sources to complete construction and place
the Project in operation on,or prior to,the date specified in Article X. Failure of the Department
to approve additional financing shall not constitute a waiver of the Local Government's
covenants to complete and place the Project in operation.
4.07. CLOSE-OUT.
The Department shall conduct a final inspection of the Project and Project records.
Following the inspection,deadlines for submitting additional disbursement requests, if any,shall
be established,along with deadlines for uncompleted Loan requirements, if any. Deadlines shall
be incorporated into the Loan Agreement by amendment. The Loan principal shall be reduced
by any excess over the amount required to pay all approved costs. As a result of such
adjustment,the Semiannual Loan Payment shall be reduced accordingly,as addressed in
Section 10.05.
4.08. LOAN DISBURSEMENTS.
Disbursements shall be made only by the State Chief Financial Officer and only when the
requests for such disbursements are accompanied by a Department certification that such
withdrawals are proper expenditures. Disbursements shall be made directly to the Local
Government for allowance costs and reimbursement of the incurred construction costs and
related services. Disbursement of the allowance costs shall be made upon the Department's
receipt of a disbursement request form. Up to seventy percent of the estimated allowance shall (n
be disbursed after the Loan Agreement is signed. The remainder of the allowance shall be
disbursed after all procurement contracts are executed and shall be adjusted to reflect as-bid �~
costs. The entire estimated allowance may be disbursed after the Loan Agreement is signed if the
local government agrees to an allowance adjustment after all contracts have been bid.
Disbursements for materials,labor,or services shall be made upon receipt of the following: (n
(1) A completed disbursement request form signed by the Authorized Representative. E
Such requests must be accompanied by sufficiently itemized summaries of the materials,labor,
or services to identify the nature of the work performed;the cost or charges for such work; and
the person providing the service or performing the work.
(2) A certification signed by the Authorized Representative as to the current estimated
costs of the Project; that the materials,labor,or services represented by the invoice have been
satisfactorily purchased,performed, or received and applied to the project;that all funds received
to date have been applied toward completing the Project; and that under the terms and provisions
of the contracts,the Local Government is required to make such payments.
(3) A certification by the engineer responsible for overseeing construction stating that
equipment, materials, labor and services represented by the construction invoices have been
satisfactorily purchased,or received,and applied to the Project in accordance with construction
contract documents;stating that payment is in accordance with construction contract provisions;
stating that construction,up to the point of the requisition, is in compliance with the contract
11
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L.1.c
documents; and identifying all additions or deletions to the Project which have altered the
Projecfs performance standards, scope,or purpose since the issue of the Department
construction permit.
(4) Such other certificates or documents by engineers,attorneys,accountants,
contractors,or suppliers as may reasonably be required by the Department.
ARTICLE V-RATES AND USE OF THE PROJECT
5.01. RATE COVERAGE.
Pledged Revenues shall equal or exceed 1.15 times the sum of the Semiannual Loan
Payments due in each Fiscal Year. In addition, the Local Government shall satisfy the coverage
requirements of all Senior Revenue Obligations and parity debt obligations.
5.02. RECEIPT OF INFRASTRUCTURE SALES TAX REVENUES.
The Local Government covenants to do all things necessary or required on its part by
applicable Florida law or otherwise to maintain the levy and receipt of the Infrastructure Sales
Surtax Revenues. The Local Government shall exercise all legally available remedies to enforce
such levy,collection and receipt now or hereafter available under law. The Local Government
will not take any action,including amending or supplementing the ordinance authorizing and
allowing for the levy and collection of the Infrastructure Sales Surtax Revenues,or enter into any
agreement that shall result in reducing the level of Infrastructure Sales Surtax Revenues received
by the Local Government from that level prevailing at the time the Local Government takes such
action or enters into such agreement. (n
5.03. ENFORCEMENT OF PAYMENT OF SPECIAL ASSESSMENT PROCEEDS.
The Local Government will receive,collect and enforce the payment of Special
Assessment Proceeds in the manner prescribed by this Agreement and the Special Assessment
Legislation and all other resolutions,ordinances or laws appertaining thereunto,and will pay and
deposit the Special Assessment Proceeds into the Loan Debt Service Account in accordance with
Section 3.01 hereof. Absent a default or delinquency in the payment of any Special Assessment,
nothing herein shall require the prepayment of any installment due on a Special Assessment prior
to its due date,except as otherwise provided by the Special Assessment Legislation. Special
Assessments will be levied to the full extent permitted by law and the Special Assessment
Legislation. The Local Government shall cause the Special Assessment Proceeds to be collected
pursuant to the Uniform Assessment Collection Act(as defined in the Special Assessment
Legislation)and shall not change or allow a change in such method of collection without the
prior written consent of the Department.
5.04. NO FREE SERVICE.
The Local Government shall not permit connections to,or furnish any services afforded
by the Project without making a charge therefore based on the Local Government's uniform
schedule of rates, fees,and charges.
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5.05. MANDATORY CONNECTIONS.
The Local Government shall adopt,as necessary,and enforce requirements,consistent
with applicable laws, for the owner, tenant or occupant of each building located on a lot or parcel
of land which is served,or may reasonably be served,by the Project to connect such building to
the Project.
5.06.NO COMPETING SERVICE.
The Local Government shall not allow any person to provide any services which would
compete with the Project.
5.07. MAINTENANCE OF THE PROJECT.
The Local Government shall,or cause the Florida Keys Aqueduct Authority to,operate
and maintain the Project in a proper, sound and economical manner and shall make all necessary
repairs,renewals and replacements.
5.08. ADDITIONS AND MODIFICATIONS.
The Local Government may make any additions,modifications or improvements to the
Project which it deems desirable and which do not materially reduce the operational integrity of
any part of the Project. All such renewals,replacements,additions, modifications and
improvements shall become part of the Project.
ARTICLE VI- DEFAULTS AND REMEDIES
6.01. EVENTS OF DEFAULT.
Each of the following events is hereby declared an event of default:
(1) Failure to make any Monthly Loan Deposit or to make any installment of the (n
Semiannual Loan Payment when it is due and such failure shall continue for a period of 30 days.
(2) Except as provided in Subsections 6.01(1)and 6.01(7), failure to comply with the
provisions of this Agreement or failure in the performance or observance of any of the covenants
or actions required by this Agreement and such failure shall continue for a period of 60 days
after written notice thereof to the Local Government by the Department.
(3) Any warranty,representation or other statement by, or on behalf of,the Local
Government contained in this Agreement or in any information furnished in compliance with,or
in reference to,this Agreement,which is false or misleading.
(4) An order or decree entered,with the acquiescence of the Local Government,
appointing a receiver of any part of the Project or Pledged Revenues;or if such order or decree,
having been entered without the consent or acquiescence of the Local Government, shall not be
vacated or discharged or stayed on appeal within 60 days after the entry thereof.
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(5) Any proceeding instituted,with the acquiescence of the Local Government, for the
purpose of effecting a composition between the Local Government and its creditors or for the
purpose of adjusting the claims of such creditors,pursuant to any federal or state statute now or
hereafter enacted, if the claims of such creditors are payable from Pledged Revenues of the
Project.
(6) Any bankruptcy, insolvency or other similar proceeding instituted by,or against,the
Local Government under federal or state bankruptcy or insolvency law now or hereafter in effect
and, if instituted against the Local Government, is not dismissed within 60 days after filing.
(7) Failure of the Local Government to give immediate written notice of default to the
Department and such failure shall continue for a period of 30 days.
6.02. REMEDIES.
Upon any event of default and subject to the rights of others having prior liens on the
Pledged Revenues, the Department may enforce its rights by any of the following remedies:
(1) By mandamus or other proceeding at law or in equity,cause the collection of
Pledged Revenues, and to require the Local Government to fulfill this Agreement.
(2) By action or suit in equity, require the Local Government to account for all moneysIq
received from the Department or from the ownership of the Project and to account for the
receipt,use,application, or disposition of the Pledged Revenues.
(3) By action or suit in equity, enjoin any acts or things which may be unlawful or in
violation of the rights of the Department.
(4) By applying to a court of competent jurisdiction,cause to appoint a receiver to
manage the Project, levy and collect the Pledged Revenues,and apply the Pledged Revenues to
the reduction of the obligations under this Agreement. (n
(5) By certifying to the Auditor General and the Chief Financial Officer delinquency on
loan repayments, the Department may intercept the delinquent amount plus a penalty from any
unobligated funds due to the Local Government under any revenue or tax sharing fund
established by the State, except as otherwise provided by the State Constitution. The Department
may impose a penalty in an amount not to exceed an interest rate of 18 percent per annum on the
amount due in addition to charging the cost to handle and process the debt. Penalty interest shall
accrue on any amount due and payable beginning on the 30th day following the date upon which
payment is due.
(6) By notifying financial market credit rating agencies and potential creditors.
(7) By suing for payment of amounts due,or becoming due,with interest on overdue
payments together with all costs of collection, including attorneys'fees.
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Packet Pg. 1566
(8) By accelerating the repayment schedule or increasing the Financing Rate on the
unpaid principal of the Loan to as much as 1.667 times the Financing Rate for a default under
Subsection 6.01(1).
6.03. DELAY AND WAIVER.
No delay or omission by the Department to exercise any right or power accruing upon
event of default shall impair any such right or power or shall be construed to be a waiver of any
such default or acquiescence therein, and every such right and power may be exercised as often
as may be deemed expedient. No waiver or any default under this Agreement shall extend to or
affect any subsequent event of default,whether of the same or different provision of this
Agreement,or shall impair consequent rights or remedies.
ARTICLE VII-THE PLEDGED REVENUES
7.01. SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT.
From and after the effective date of this Agreement,the Department shall have a lien on
the Pledged Revenues,which along with any other Department State Revolving Fund liens on
the Pledged Revenues,on equal priority,will be prior and superior to any other lien,pledge or
assignment with the following exception. All obligations of the Local Government under this
Agreement shall be junior, inferior,and subordinate in all respects in right of payment and
security to the Senior Revenue Obligations defined in Section 1.01 of this Agreement and to any
additional senior obligations issued with the Department's consent pursuant to Section 7.02.
Any of the Pledged Revenues may be released from the lien on such Pledged Revenues in favor
of the Department if the Department makes a determination,based upon facts deemed sufficient
by the Department,that the remaining Pledged Revenues will, in each Fiscal Year,equal or
exceed 1.15 times the debt service coming due in each Fiscal Year under the terms of this
Agreement.
7.02. ADDITIONAL DEBT OBLIGATIONS. (n
The Local Government may issue additional debt obligations on a parity with,or senior E
to,the lien of the Department on the Pledged Revenues provided the Department's written
consent is obtained. Such consent shall be granted if the Local Government demonstrates at the
time of such issuance that the Pledged Revenues,which may take into account revenue increases,
plus revenues to be pledged to the additional proposed debt obligations will,during the period of
time Semiannual Loan Payments are to be made under this Agreement,equal or exceed 1.15
times the annual combined debt service requirements of this Agreement and the obligations
proposed to be issued by the Local Government and will satisfy the coverage requirements of all
other debt obligations secured by the Pledged Revenues. Notwithstanding the foregoing,no such
consent is required with respect to issuance of Senior Revenue Obligations as deemed in Section
1.01.
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ARTICLE VHI-GENERAL PROVISIONS
8.01. DISCHARGE OF OBLIGATIONS.
All payments required to be made under this Agreement shall be cumulative and any
deficiencies in any Fiscal Year shall be added to the payments due in the succeeding year and all
years thereafter until fully paid. Payments shall continue to be secured by this Agreement until
all of the payments required shall be fully paid to the Department. If at any time the Local
Government shall have paid,or shall have made provision for the timely payment of,the entire
principal amount of the Loan,and as applicable,Loan Service Fee, interest,and Grant Allocation
Assessment charges, the pledge of,and lien on,the Pledged Revenues to the Department shall be
no longer in effect. Deposit of sufficient cash, securities,or investments,authorized by law,
from time to time,may be made to effect defeasance of this Loan. However,the deposit shall be
made in irrevocable trust with a banking institution or trust company for the sole benefit of the
Department. There shall be no penalty imposed by the Department for early retirement of this
Loan.
8.02. PROJECT RECORDS AND STATEMENTS.
Books,records,reports,engineering documents,contract documents,and papers shall be
available to the authorized representatives of the Department for inspection at any reasonable
time after the Local Government has received a disbursement and until five years after the dateIq
that the Project-specific audit report,required under Subsection 2.03(4),is issued.
8.03. ACCESS TO PROJECT SITE.
The Local Government shall provide access to Project sites and administrative offices to
authorized representatives of the Department at any reasonable time. The Local Government
shall cause its engineers and contractors to cooperate during Project inspections, including
making available working copies of plans and specifications and supplementary materials.
8.04. ASSIGNMENT OF RIGHTS UNDER AGREEMENT.
The Department may assign any part of its rights under this Agreement after notification
to the Local Government. The Local Government shall not assign rights created by this
Agreement without the written consent of the Department.
8.05. AMENDMENT OF AGREEMENT.
This Agreement may be amended in writing,except that no amendment shall be
permitted which is inconsistent with statutes,rules,regulations,executive orders,or written
agreements between the Department and the U.S. Environmental Protection Agency. This
Agreement may be amended after all construction contracts are executed to re-establish the
Project cost,Loan amount,Project schedule,and Semiannual Loan Payment amount. A final
amendment establishing the final Project costs and the Loan Service Fee based on actual Project
costs shall be completed after the Department's final inspection of the Project records.
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8.06. ANNULMENT OF AGREEMENT.
The Department may unilaterally annul this Agreement if the Local Government has not
drawn any of the Loan proceeds within eighteen months after the effective date of this
Agreement. If the Department unilaterally annuls this Agreement,the Department will provide
written notification to the Local Government.
8.07. SEVERABILITY CLAUSE.
If any provision of this Agreement shall be held invalid or unenforceable, the remaining
provisions shall be construed and enforced as if such invalid or unenforceable provision had not
been contained herein.
8.08. USE AS MATCHING FUNDS.
The U.S. Environmental Protection Agency has provided a class deviation from the
provisions of 40 CFR 35.3125(b)(1)to allow these second tier funds to be used as local matching
requirements for most EPA grant funded treatment works projects, including special
Appropriations Act projects.
8.09. COMPLIANCE VERIFICATION.
(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. 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. 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) The Local Government shall periodically review contractors and subcontractors use
of apprentices and trainees to verify registration and certification with respect to apprenticeship
and training programs approved by either the U.S Department of Labor(DOL)or a state,as
appropriate,and that contractors and subcontractors are not using disproportionate numbers of
laborers, trainees,and apprentices. These reviews shall be conducted in accordance with the
schedules for spot checks and interviews described in items(1)and(2)above.
17
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(4) Local Governments must immediately report potential violations of the Davis-Bacon
prevailing wage requirements to the EPA Davis-Bacon contact Sheryl Parsons at
Parsons.Sherylnu,epamail&pa.gov and to the appropriate DOL Wage and Hour District Office
listed at hn:Hwww.dol.aov/whd/america2.htm.
ARTICLE IX-CONSTRUCTION CONTRACTS AND INSURANCE
9.01. AUTHORIZATION TO AWARD CONSTRUCTION CONTRACTS.
The following documentation is required to receive the Department's authorization to
award construction contracts:
(1) Proof of advertising.
(2) Award recommendation,bid proposal,and bid tabulation(certified by the
responsible engineer).
(3) Certification of compliance with the conditions of the Department's approval of
competitively or non-competitively negotiated procurement, if applicable.
(4) Certification Regarding Disbarment, Suspension, Ineligibility and Voluntary CD
Exclusion.
(5) Assurance that the Local Government or the Florida Keys Aqueduct Authority and
contractors are in compliance with Section 1606 with labor standards, including prevailing wage
rates established for its locality by the U.S. Department of Labor under the Davis-Bacon Act for
Project construction.
9.02. SUBMITTAL OF CONSTRUCTION CONTRACT DOCUMENTS.
After the Department's authorization to award construction contracts has been received,
the Local Government shall submit,or cause the Florida Keys Aqueduct Authority to submit: (n
(1) Contractor insurance certifications.
(2) Executed Contract(s).
(3) Notices to proceed with construction.
9.03. INSURANCE REQUIRED.
The Local Government,or the Florida Keys Aqueduct Authority,shall cause the Project,
as each part thereof is certified by the engineer responsible for overseeing construction as
completed, and the Project(hereafter referred to as"Revenue Producing Facilities")to be insured
by an insurance company or companies licensed to do business in the State of Florida against
such damage and destruction risks as are customary for the operation of Revenue Producing
Facilities of like size,type and location to the extent such insurance is obtainable from time to
time against any one or more of such risks.
18
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The proceeds of insurance policies received as a result of damage to,or destruction of,
the Project or the other Revenue Producing Facilities, shall be used to restore or replace damaged
portions of the facilities. If such proceeds are insufficient,the Local Government shall provide
additional funds to restore or replace the damaged portions of the facilities. Repair,construction
or replacement shall be promptly completed.
ARTICLE X-DETAILS OF FINANCING
10.01. PRINCIPAL AMOUNT OF LOAN.
The estimated principal amount of the Loan is$41,324,000,which consists of
$40,000,000 to be disbursed to the Local Government and$1,324,000 of Capitalized Interest.
Capitalized Interest is not disbursed to the Local Government,but is amortized via
periodic Loan repayments to the Department as if it were actually disbursed. Capitalized Interest
is computed at the Financing Rate,or rates,set for the Loan. It accrues and is compounded
annually from the time when disbursements are made until six months before the first
Semiannual Loan Payment is due. Capitalized Interest is estimated prior to establishing the
schedule of actual disbursements.
This project is a Segmented Project. Additional State Revolving Fund financing for the
Project is dependent upon the availability of additional funds. The current funding limitations
and future funding priority entitlement for Segmented Projects are set forth in the Chapter
62-503 of the Florida Administrative Code.
10.02. LOAN SERVICE FEE. (n
The Loan Service Fee is estimated as$800,000 for the Loan amount authorized to date.
The fee represents two percent of the Loan amount excluding Capitalized Interest amount; that
is,two percent of$40,000,000. The Loan Service Fee is estimated at the time of execution of the
loan agreement and shall be revised with any increase or decrease amendment. The Loan
Service Fee is based on actual Project costs and assessed in the final loan amendment.The Local
Government shall pay the Loan Service Fee from the first available repayment(s) following the
final amendment.
Capitalized Interest is computed on the assessed Loan Service Fee at the Financing Rate,
or rates and included in the final amendment. It accrues and is compounded annually from the
final amendment date until six months before the first Semiannual Loan Payment is due.
10.03. FINANCING RATE.
The Financing Rate on the unpaid principal of the Loan amount specified in
Section 10.01 is 2.39 percent per annum. The Financing Rate equals the sum of the interest rate
and the Grant Allocation Assessment Rate. The interest rate is 1.195 percent per annum and the
Grant Allocation Assessment rate is 1.195 percent per annum. However, if this Agreement is not
executed by the Local Government and returned to the Department before July 1,2013 the
Financing Rate may be adjusted. A new Financing Rate shall be established for any funds
provided by amendment to this Agreement.
19
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10.04. LOAN TERM.
The Loan shall be repaid in 40 Semiannual Loan Payments.
10.05.REPAYMENT SCHEDULE.
The Semiannual Loan Payment shall be computed based upon the principal amount of the
Loan plus the estimated Loan Service Fee and the principle of level debt service. The
Semiannual Loan Payment amount may be adjusted,by amendment of this Agreement,based
upon revised information. After the final disbursement of Loan proceeds,the Semiannual Loan
Payment shall be based upon the actual Project costs,the actual Loan Service Fee and Loan
Service Fee capitalized interest, if any,and actual dates and amounts of disbursements,taking
into consideration any previous payments. Actual Project costs shall be established after the
Department's inspection of the completed Project and associated records. The Department will
deduct the Loan Service Fee and any associated interest from the first available repayments E
following the final amendment.
Each Semiannual Loan Payment shall be in the amount of$1,330,929 until the payment
amount is adjusted by amendment. The interest and Grant Allocation Assessment portions of
each Semiannual Loan Payment shall be computed,using their respective rates,on the unpaid
balance of the principal amount of the Loan,which includes Capitalized Interest. Interest(at the
Financing Rate)also shall be computed on the estimated Loan Service Fee. The interest and
Grant Allocation Assessment on the unpaid balance shall be computed as of the due date of each
Semiannual Loan Payment.
Semiannual Loan Payments shall be received by the Department beginning on �s
August 15, 2016 and semiannually thereafter on February 15 and August 15 of each year until all
amounts due hereunder have been fully paid. Funds.transfer shall be made by electronic means.
The Semiannual Loan Payment amount is based on the total amount owed of
$42,124,000, which consists of the Loan principal and the estimated Loan Service Fee. �s
10.06. PROJECT COSTS.
The Local Government and the Department acknowledge that the actual Project costs
have not been determined as of the effective date of this Agreement. Project cost adjustments
may be made as a result of mutually agreed upon Project changes. Capitalized Interest will be
recalculated based on actual dates and amounts of Loan disbursements. If the Local Government
receives other governmental financial assistance for this Project,the costs funded by such other
governmental assistance will not be financed by this Loan. The Department shall establish the
final Project costs after its final inspection of the Project records. Changes in Project costs may
also occur as a result of the Local Government's Project audit or a Department audit. The Local
Government agrees to the following estimates of Project costs:
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
20
Packet Pg. 1572
L.1.c
PROJECT COSTS
AUTHORIZED LOAN
CATEGORY COST($) 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 40,000,000
Capitalized Interest 1,324,000 1,324,000
TOTAL (Loan Principal Amount) 91,324,000 41,324,000
10.07. SCHEDULE.
The Local Government agrees by execution hereof:
(1) Completion of Project construction is scheduled for February 15,2016.
(2) The Loan Debt Service Account shall be established and Monthly Loan Deposits
shall begin no later than February 15, 2016.
(3) The initial annual certification required under Subsection 2.01(10)of this Agreement
shall be due May 15, 2016. Thereafter the certification shall be submitted no later thanIq
Iq
September 30 of each year until the final Semiannual Loan Payment is made.
(4) The first Semiannual Loan Payment in the amount of$1,330,929 shall be due
August 15, 2016.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
21
Packet Pg. 1573
ARTICLE XI-EXECUTION OF AGREEMENT
This 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
Mayor,Board of County Commissioners
(SEAL)
L) ,,,
,FifAVi CLERIC
Ry, I attest to the opinion expressed in Section U®
EP CLERK 6 iS/z-,3 2.02, entitled Legal Authorization.
Attest
Clerk County Attorney W
SEAL
mONROE COUNTY ATTORNEY
APPR � �
T B.SFNLLNrOER.JR. (n
A
—/ ! E
for
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
PA4-I we�± MAY 2 8 2013
Program Administrator Date
State Revolving Fund
Attachment included as part of this Agreement:
Attachment A -Certification of ApRlicabift to Single Audit Act Reporting
22
Packet Pg. 1574
ATTACEMIENT A
CERTIFICATION OF APPLICABILITY TO SINGLE AUDIT ACT REPORTING
Grantee's Name:
Grantee Fiscal Year Period: FROM: TO:
Total State Financial Assistance Expended during Grantee's most recently completed Fiscal Year:
It-
Total Federal Financial Assistance Expended during Grantee's most recently completed Fiscal Year:
CERTIFICATION STATEMENT:
I hereby certify that the above information is correct.
Signature Date
Print Name and Position Title
DEP Agreement No.W W440710,Attachment A,Page 1 of 3
Packet Pg. 1575
y ,
INSTRUCTIONS FOR COMPLETING THE ATTACHMENT
Grantee Fiscal Year Period: FROM: Month/Year TO: Month/Year
NOTE: THIS SHOULD BE THE GRANTEE'S FISCAL YEAR FROM (MONTH/YEAR) TO
(MONTHIYEAR).
Total State Financial Assistance Expended during Grantee's most recently completed Fiscal Year:
NOTE: THIS AMOUNT SHOULD BE THE TOTAL STATE FINANCIAL ASSISTANCE
EXPENDED FROM ALL STATE AGENCIES,NOT JUST DEP. E
Total Federal Financial Assistance Expended during Grantee's most recently completed Fiscal Year:
NOTE: THIS AMOUNT SHOULD BE THE TOTAL FEDERAL FINANCIAL ASSISTANCE
EXPENDED FROM ALL FEDERAL AGENCIES,NOT JUST THROUGH DEP. �s
The Certification should be signed by your Chief Financial Officer.
Please print the name and include the title and date of the signature.
DEP Agreement No.WW440710,Attachment A,Page 2 of 3
Packet Pg. 1576
�' y- •• L.1.c
i o
CERTIFICATION OF APPLICABILITY TO SINGLE AUDIT ACT REPORTING
FREQUENTLY ASKED QUESTIONS
1. Question: Do I complete and return this form when I return my signed
Agreement/Amendment?
Answer: No, this form is to be completed and signed by your Chief Financial Officer
and returned 4 months after the end of your fiscal year.
2. Question: Can I fax the form to you?
Answer: Yes,you can fax the Certification form,the fax number is 850/245-2411. E
3. Question: How can I submit the form if our audit is not completed by the due date of E
this letter?
Answer: You should be able to complete the form from the information in your
CD
accounting system. This is just to let our Office of the Inspector General know which �
CD
entities they should be getting an audit from. If you are under the threshold you do not Iq
have to submit a copy of your audit,only the Certification form.
4. Question: Do you only want what we received from DEP?
(n
Answer: No, the Single Audit is the TOTAL AMOUNT of funds that you expendedCD
towards all state or federal grants that you receive. You should list those that are specific
Iq
to DEP on the form. Iq
5. Question: Do I have to submit the completed form and a copy of my audit?
Answer: No, you do not have to submit your audit unless you are over the threshold of
$500,000. If you would prefer to submit your audit (CAFR) instead of the form, that is
fine.
6. Question: Our CAFR will not be ready before your due date and we don't have the
information necessary to complete the certification. Can we get an extension?
Answer: Yes,just send us an Email letting us know when you will have your CAFR
completed and we will place the Email with your letter in our file so that you don't get a
2nd notice.
7. Question: Can I submit my Certification Form or CAFR electronically?
Answer: Yes,you can submit them by Email to Debbie.skelton(a a.state.fl.us
DEP Agreement No.W W440710,Attachment A,Page 3 of 3
i
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L.1.c
Clean Water SRF Encumbrance Information
Project Sponsor: Monroe County
Project Funding Number: 440710 Amendment#: 0
Award Date: 05/28/2013
Principal Forgiveness $0.00
Amount:
Loan Amount: $40,000,000.00
------------------------------
Total Amount: $40,000,000.00-----------------------------
Principal Forgiveness Portion
Organization EO Object I Fund Category Grant FY Amount
37352010000 WB 790044 1661001 1140131 1 SRF I 1 ,I- J $0.00 �-
Loan Portion
Organization EO Object I Fund Category Grant FY Amount
37352010000 WB 790042 1661001 1140131 1 SRF 1 1 $40 000 000.00
FEIN: 596000749 Seq No:
® Mail ❑ EFT
DisbTo: Monroe County Board of County Commissioners
1100 Simonton Street
Key West,FL 33040
Packet Pg. 1578
L.1.d
AMENDMENT 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: E
The Local Government agrees to the following audit requirements. E
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
1
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L.1.d
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 E
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).
2
Packet Pg. 1580
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
$68,443,600, which consists of the Loan principal plus the estimated Loan Service Fee.
8. The Local Government and the Department acknowledge that the actual Project costs E
have not been determined as of the effective date of this agreement. Project cost adjustments
may be made as a result of Project changes agreed upon by the Department. Capitalized Interest
will be recalculated based on actual dates and amounts of Loan disbursements. If the Local
Government receives other governmental financial assistance for this Project,the costs funded by �-
such other governmental assistance will not be financed by this Loan. The Department shall
establish the final Project costs after its final inspection of the Project records. Changes in
Project costs may also occur as a result of the Local Government's Project audit or a Department
audit.
Funds disbursed in accordance with Section 4.08 of this Agreement shall be disbursed in �-
the order in which they have been obligated without respect to budgetary line item estimates. All
disbursements shall be made from the original Loan amount until that amount has been
disbursed; the Financing Rate established for the original Loan amount shall apply to such
disbursements for the purpose of determining the associated Capitalized Interest and repayment
amount. The Financing Rate established for any additional increment of Loan financing shall be
used to determine the Capitalized Interest and repayment amount associated with the funds
disbursed from that increment.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
3
Packet Pg. 1581
The estimated Project costs are revised as follows:
AUTHORIZED LOAN
CATEGORY COST($) 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. E
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
4
Packet Pg. 1582
This Amendment 1 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
County Admi strator
CD
I attest that this amendment complies with �
CD
Iq
Attest Section 2.02 of the Agreement.
Co erk County Attorney
APPROVED AND ACCEPTED BY THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION.
DEC 16 2013
Program Administrator Date
State Revolving Fund
5
Packet Pg. 1583
L.1.d
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
-----------------------------
Principal For iveness Portion
Organization EO Object I Fund Category Grant FY Amount
37352010000 1 WB 1790044 1661001 1140131 1 SRF 1 $0.00
Loan Portion
Organization I EO I Object I Fund Category Grant FY Amount
37352010000 1 WB 1790042 1661001 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
Packet Pg. 1584
L.1.e
a. V
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:
N
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 State
Program CSFA CSFA Title or Fund Funding Appropriation
--Number--- Funding-Source- —Number--Source Description- --Amount --- --Cate o
Original Wastewater 37.077 Statewide Surface Water 140131
Agreement Treatment and Water Restoration
Stormwater and Wastewater
Management TF Projects
1
Packet Pg. 1585
. L.1.e
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 1, 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 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$6,161,800, 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
$74,713,800,which consists of the Loan principal plus the estimated Loan Service Fee.
7. The Local Government and the Department acknowledge that the actual Project costs
have not been determined as of the effective date of this agreement. Project cost adjustments
may be made as a result of Project changes agreed upon by the Department. Capitalized Interest
will be recalculated based on actual dates and amounts of Loan disbursements. If the Local
Government receives other governmental financial assistance for this Project,the costs funded
by such other governmental assistance will not be financed by this Loan. The Department shall
establish the final Project costs after its final inspection of the Project records. Changes in
2
Packet Pg. 1586
L.1.e
Project costs may also occur as a result of the Local Government's Project audit or a Department
audit.
Funds disbursed in accordance with Section 4.08 of this Agreement shall be disbursed in
the order in which they have been obligated without respect to budgetary line item estimates. All
disbursements shall be made from the original Loan amount until that amount has been
disbursed; the Financing Rate established for the original Loan amount shall apply to such
disbursements for the purpose of determining the associated Capitalized Interest and repayment
amount. The Financing Rate established for any additional increment of Loan financing shall be
used to determine the Capitalized Interest and repayment amount associated with the funds
disbursed from that increment.
The estimated Project costs are revised as follows:
AUTHORIZED LOAN
CATEGORY AMOUNT($)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 (n
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 E
ca
Packet Pg. 1587
L.1.e
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
9ONRqt COUNTY
ounty Administrator E
i Sa Approved as to form and legal sufficiency:
Attest
_t Q,
County Clerk County Attorney
r
APPROVED AND ACCEPTED BY THE STATE OF FLORIDA DEPARTMENT OF (n
ENVIRONMEN AL TE TION._4 APR 14 2014
ogram Administrator Date
LL
Rate Revolving Fund
4
- 1
1
- CY
1 1`
RSCWV �
1 A
.1
Packet Pg. 1588
L.1.e
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
-----------------------------
Principal Forgiveness Portion
Organization I EO Object Fund Category Grant FY. Amount
37352010000 1 WB 1790044 1661001 1140131 1 CWSRF 1 J $0.00
Loan Portion
Organization I EO 10 ect Fund Category Grant FY Amount
37352010000 1 WB 1790042 1661001 1140131 1 CWSRF 12014 1 $6,000,000.00
FEIN; 596000749 Seq No:
® Mail ❑ EFT
DisbTo: -Monroe County Board of County Commissioners
1100 Simonton Street
Key West, FL 33040
Packet Pg. 1589
L.1.f
Clean 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 $0.00
Amount:
Loan Amount: $30,000,000.00
Total Amount: $30,000,000.00
-----------------------------
Principal Forgiveness Portion
Organization I EO Object I Fund Category Grant FY Amount
37352010000 1 WB 1790044 1661001 1140131 1 CWSRF 12015 1 $0.00
Loan Portion
Organization I EO I Object I Fund Category Grant FY Amount �-
37352010000 1 WB 1790042 1661001 1140131 1 CWSRF 12015 1 $30,000,000.00
U-
FEIN: 596000749 Seq No:
® Mail ❑ EFT
DisbTo: Monroe County Board of County Commissioners
1100 Simonton Street
Key West, FL 33040
Packet Pg. 1590
L.1.f
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.
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$71,000,000, excluding Capitalized Interest; and
WHEREAS,the Local Government 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 (n
Ir-
WHEREAS,the Semiannual Loan Payment amount needs revision to reflect an adjustment in the
Loan amount.
NOW, THEREFORE,the parties hereto agree as follows: (n
1. Subsection 2.03(l) 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 Funding 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
9
Packet Pg. 1591
L.1.f
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 rate 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: E
(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$25,831,600, including $25,000,000 authorized for disbursement to
Iq
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 a
per annum (the interest rate is 1.36 percent per annum and the Grant Allocation Assessment rate
is 1.36 percent per annum). a
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 a
Interest,that is,two percent of$101,000,000.
e
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
$105,829,700, which consists of the Loan principal plus the estimated Loan Service Fee.
7. The Local Government and the Department acknowledge that the actual Project costs
have not been determined as of the effective date of this agreement. Project cost adjustments
2
Packet Pg. 1592
L.1.f
may be made as a result of Project changes agreed upon by the Department. Capitalized Interest
will be recalculated based on actual dates and amounts of Loan disbursements. If the Local
Government receives other governmental financial assistance for this Project,the costs funded
by such other governmental assistance will not be financed by this Loan. The Department shall
establish the final Project costs after its final inspection of the Project records. Changes in
Project costs may also occur as a result of the Local Government's Project audit or a Department
audit.
Funds disbursed in accordance with Section 4.08 of this Agreement shall be disbursed in
the order in which they have been obligated without respect to budgetary line item estimates. All
disbursements shall be made from the original Loan amount until that amount has been
disbursed;the Financing Rate established for the original Loan amount shall apply to such E
disbursements for the purpose of determining the associated Capitalized Interest and repayment
amount. The Financing Rate established for any additional increment of Loan financing shall be E
used to determine the Capitalized Interest and repayment amount associated with the funds
disbursed from that increment.
The estimated Project costs are revised as follows:
AUTHORIZED LOAN
AMOUNT($) 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 (30,000,000)
Less Local Funds (33,493,311)
SUBTOTAL (Disbursable Amount) 120,000,000 101,000,000
Capitalized Interest 2,809,700 2,809,700
TOTAL (Loan Principal Amount) 122,809,700 103,809,700
8. All other terms and provisions of the Loan Agreement shall remain in effect. a
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
3
Packet Pg. 1593
L.1.f
This Amendment 2 to Loan Agreement WW440710 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
11 3~
p / Co my Admilfistrator
5.
` Attest: ® Approas to fo and legal suff�cieny:
ro
County Clerk Co my Attorney
SEAL �-
APPROVED AND ACCEPTED BY THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONME ° 4L,PROTECTIONM (n
OCT 212014
.s Program Administrator Date
State Revolving Fund LL
4
Packet Pg. 1594
AME1 1:)MENT4 TO LOAN AGREEMENI�' WW440710
MONROE COUNTY
This amendment is executed by the STA-11 OF F LORJDA DEPARTMF`NTOF
ENVIRONMENTAL PI OTEC"HON (Department) and MONROE (.70LINTY, FLORIDA, (tithe
"L,r cal Government") existing as a local governmental agency under the laws of the State of
Horida.
WITNFSSEFFI:
WHEREAS, the Department and the Local Govemn.rent entered into a Clean Water State E
Revolvin Ftitidt.oanAgreei"nerit, NLiniberW440 W71(), asa,iiiietidedautliorizitigat.,oariainOLillt
9
of$10 1',0100,000, excluding Capitalized I riterest, and E
WHEREAS, the Local Goven,irrient is entitled to additional f-mancing of$19,0010,000, excluding
Capitalized Interest; and
WHEREAS, revised provisions for audit and Monitoring are needed; and
WHEREAS, a l'inancing Rate must be established lor,the additional financing arnount awarded
in this amendment; and
WHEREAS,, a Loan Service Fee must be estimated l"or the additional financing,. and
WHEREAS, the Semiannual Loan Payment amOUIlit needs revision to reflect an adjustment in the
Loan an'101.111t.
NO W
1. Section 2,03 of the Agreement is deleted and replaced in its entirety and replaced as E
follows:
E
The Local Government agrees to the following aUdit,and monitoring requirements.
I'Linds provided under this A9m reeent have been identified as second-tier morries under E
the Federal Clean Water Act which are identified as state funds whose use is Federally protected.
REMAINDER OF PAGE INTENTIONALLY LFF"FBLANK
Packet Pg. 1595
(I) 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
f odlowvin resources Subject to Section 215.97, F,S.:
State State
Program CSFA CSI�,A Title or Fund Funding Appropriation
Nurnber unding Source Number Source Description Amount: "ate
Wastewater Wastewater
Original Treatment and 0
3 7,0�77 1'reatment Facility $120,004,000 140131 C
Agreement Stormwater E
Construction 'a
Management Tl` C
E
(2) Audits,
U-
(a) In the event that the Local Government expends a total arnount of state financial
assistance equal to or in excess of$500,000 in any fiscal year of such Local Government,the
Local Government must have as State single or project-specific audit for such fiscal year in
accordance with Section 215.97, I'loricla Statutes; applicable rules of the Department offinancial
Services; and Chapters 10.550 (local governmental entities) or 10.650 (nonprofit and for-profit
organizations), Rules of the Auditor General. In determining the state financial assistance (n
expended in its fiscal year, the Local Government shall consider all sources of state financial CD
assistance, including state financial assistance received from the Department of Environmental
Protection, other state agencies, and other nonstate entities. State financial assistance does not
U-
include Federal direct or pass-through awards and resources received by a nonstate entity for
Federal program matching requirements.
C
(b) In connection with the audit requirements addressed in the preceding paragraph (a); 0
E
tile local Government shall ensure that the audit complies with the requirements of Section 'a
C
215,97(7), Florida Statutes. ThiS includes submission ofa financial0 reporting package as defined E
by Section 2 15.97(2), Florida Statutes, and Chapters 10.5,50 (local governmental entities)or <
4j
10.650 (nonprofit and lor-profit organizations), Rules of the AUditor 0
General, C
E
(c) Ifthe Local Government expends less than S500,000 in state financial assistance in its cr
fiscal, year, an audit conducted in accordance Nvith the provisions of Section 215.97, Florida
Statutes, is not, required. The L,ocat Government shall inform the Department offindings and
recommendations pertaining to the State Revolving Fund in audits conducted by the Local
Goverriment in which the S500,000 threshold has not been met. In the event that the Local
Government expends less,that) $500,000 in state financial assistance in its fiscal year, and elects
to have ail audit conducted in accordance with the provisions of Section 215.97, Florida Steatites,
the cost of the audit must be paid from the non-state entity's resources (i.e,, the cost ref such ail
audit must be paid from the Locai (".3overriment's resources obtained frotri other than State
entities).
(d) The Local Government is hereby advised that the Florida Single Audit Act
requirements may further apply to lower tier transactions that may be a result of this Agreement.
2
1 Packet Pg. 1596
For information regarding the Florida Catalog of State Financial Assistance (CSFA), a Loca I
Government should access the Florida Single Audit Act website located at
htti)s://ar)t),s.fldf,s.com/'fsaaf'c)ras,si,,,tance, In addition to the above websites, the fallowing
websites may be accessed for information: Legislature's Website at.
ll[tD://www.leg.state..n.,us/Welcotii,e/iiidex.cfiii, State of Florida*s website at
httr)-//www.mvfloridq.cc)m/, Department cif` inancial Services' Website at littp://www.fldf's.cor,n/
and the Auditor General's Website at 11ttp://www State.f7.us/aurdrten.
(e) The Local Government should confcr with its chief financial officer, audit director or
contact the Department for assistance with questions pertaining to the applicabilit F ofthese
requirements.
E
(3) Report Submission.
E
(a) Copies of Financial reporting packages shall be submitted by or on behalf ofthe
Local Government directly to cacti of the following: S
U_
Q
(i) The Department at the following address:
Valerie Peacock, Audit Director
Office of the Inspector General
Florida Department of Env iron menta I Protection
3900 Commonwealth Boulevard, MS 41
'Tallahassee, Florida 32399-3 123
(ii) The Auditor General's Office at the following address:
U_
State of Florida Auditor General
Roorn 401, Claude Pepper Building,
111 West Madison Street E
Tallahassee, Florida 32399-1450
E
(iii) Copies of reports or management letters shall be submitted by or oil behalf of the <
4j
Local Government directly to the Department of`Environmental Protection at the
following address: E
Valerie Peacock, audit Director
Office of the Inspector General
Florida Department ot"Environmental Protection
3900 Commonwealth Boulevard, MS 41
Tallahassee, Florida 32399-3123
(b) Any reports, management letters, or other information required to be submitted to the
Depatiment pursuant to this Agreement shall be submitted timely in accordance with Fk)Hda
Statutes, or Chapters 10,550 (local governmental entities) or 10,650 (nonprofit and fim-profilt
organizations), Rules of the Auditor General, as applicable.
3
Packet Pg. 1597
(c) Local Governments, when submitting financial reporting packages to the Department
for audits done in accordance with Chapters 10.550 (local governmental entities) or 1 O.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.
(4) Record Retention.
The Local Governir-nent shall retain sufficient records demonstrating its compliance with
the terms of this Agreement for a period of five years from the date of the final amendment, and
shall allow the Department. or its designee, Chief Financial Officer, or Auditor Genera] access to
E
such records upon request. The Local Government shall ensure, that audit working papers are
made available to the Departnient, or its designee, Chief Financial Officer, or Auditor General
E
Upon request for a period of five years from the date, of the final amendment, unless extended in
writing by the Department.
U_
(5) Monitoring, Q
In addition to reviews of audits conducted in accordance with Section 2 15.97, F.S., as
revised monitoring procedures may include, but not be limited to, on-site visits by Department
staff and/or other procedures. By entering into this Agreement, the Local Government agrees to
comply and cooperate with any monitoring procedures/processes deerned appropriate by the (n
Department of Environmental Protection, In the event the Department of Environmental Q
Protection determines that a limited scope audit of the Local Government is appropriate. the
Local Government agrees to comply with any additional instructions provided by the Department
to the Local Government regarding such audit. The Local, Government further agrees to comply U_
W
and cooperate with any inspections, reviews, investigations, or audits deemed necessary by the (n
Chief Financial Officer or Auditor General,
E
2. Section 8.02 of the Agreement is deleted and replaced as follows:
E
Books, records, reports, engineering documents, contract documents, and papers shall be <
available to the authorized representatives of the Department for inspection at any reasonable
time after the Local Government has received a disbursement and until five years after the filial
E
amendment date,
3. Additional financing in the amount of$19,000,000, excltiditigCapitalized Interest,, is
hereby awarded to the Local Government.
4 A Financing Rate of 2.35 percent per annUm is established for the additional
financing arnount awarded in this amendment. Individually, the interest rate is I.175 percent per
annurn and the Grant Allocation Assessment rate is 1.175 percent per annurn. However, if this
amendment is not executed by the Local Government and returned to the Department before
October 1, 2015, the Financing Rate may be adjusted,
4
Packet Pg. 1598
5. The estimated principal amount ofthe Loan is hereby revised to $122,506,200. which
consists of$120,000,000 authorized for disbursement to the Local Govenirrient and $2,506,,200
ofCapitalized Interest. This total consists ofthe rollowing�
(a) Original Agreement of$41,300,400, including $40,000,000 authorized f'or
disbursement to the Local Government and $1,300,400 of Capitalized Interest, at.a Financing
Rate of'2.39 percent per annurn (the interest rate is 1.195 percent per arim.1111 and the Grant
Allocation Assessment rate is I.195 percent per annUrn'); and
(b) Aniench-rient I of$25,83 1,600, including $25,000,000 authorized lor disbursement to
the Local Governi-rient and $83 1,600 of Capitalized Interest, at a Financing Rate of 3,07 percent
per annurn (the interest rate is 1.535 percent per annuni and the Grant Allocation Assessment rate E
is 1,535 percent per annum); and
E
(c) Arriendment,2 of$6.165,700, including $6,000,000 authorized for disbursement to
the Local Government and $165,700 ol'Capitalized Interest, at a Financing Rate of'3.00 percent
u-
per annunt (tlie interest rate is 1.50 percent per annUrn and the Grant Allocation Assessment rate
is 1.50 percent per annuin); arid
(d) Amendment 3 of'$30,124,I OO, including $30,000,0OO aUtI101"ized for disbursement to
the Local Government and S 124,100 ofCapitalized Interest, at a Financing Rate of 2.72 percent
per annurn ('the interest rate is 1 .36 percent per annurn and the Grant Allocation Assessment rate
cas
is 1.36 percent per an,num); and
(e) Amendment 4 of$19,084,400, including$19,000,000 authorized for disbursement to
the I,ocal Government and $84,400 of(apitalized Interest, at a Financing Rate of'2.35 percent u-
per annurn (the interest rate is 1.175 percent per annum and the Grant Allocation Assessment rate
is 1.175 percent, per annUM).
6. An additional Loan, Service Fee it) the anIOUnt of$380,000, for a total of'$,2,400,000, E
'a
is hereby estimated. The fee, represents two percent of the Loan amount eXClUding Capitalized
Interest, that is, two percent of'$120,000,000, E
7. 1"he Semiannual Loan Payment amount is hereby revised and shall be in the amount
ol'$4,039,771. Such payments shall be paid to, and must be received by the Departi-nent E
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"
$124,906,200, which consists of the Loan principal plus the estimated Loan Service Fee.
8. The Local Government and the Department,acknoNvIedge that the actual Project costs
have not been determined as of the effective date of this agreement. Project cost adjUStulentS
may be made as a result of'ProJect changes agreed upon by the Department. Capitalized Interest
will be recalculated based on actual dates and amounts of Loan disbursernents,, If the Local
Government receives other governmental I mancial assistance for this Project„ the costs Funded by
Packet Pg. 1599
such other governmental assistance will not be financed by this Loan. The Department shall
establish the final ProMleet costs after its final inspection ofthe Project records, Changes in
Project costs may also OCCUr as as result ofan audit,
Funds disbursed in accordance with Section 4.08 ofthis Agreenient shall be disbursed in
the order in which they have been obligated without respect to budgetary line item estimates. All
disbursements shall be made frorn the original Loan amount until that amount has been
disbursed; the Financing Rate established for the original Loan amount shall apply to such
disbUrsernents for the purpose of determining the associated Capitalized Interest and repaJyjrncut
arnount. The Financing Rate established for any additional increment of 11.,oan 11riancing shall be
used to determine the Capitalized Interest and repayment an,iount associated with the funds
disbursed from that increment. E
The estimated Project costs are revised as follows: E
CATEGORY C(,)S'F($)
U_
A I I owance costs 5,434,65°
Construction and Demolition 162,943,725
Contingencies 6,297,889
Technical Set-vices After Bid ()pening 8,817,045
SUB"WTAIr" 183,493,3 11 U_
Less Legislative Appropriation (30,000,000)
Less Iocal Funds 3.±)3,-3 L
SUBTOTAL (Disbursable Amount) 120,000,000
Capitalized Interest 2,506,200
U_
TOTAL (Loan Principal Amount) 122,506,200
9, All other terms and provisions of the Loan Agreement shall remain in effiect.
E
'a
REMAINDER OF PAGE fly TENTJON ALL Y LEFTBLANK
E
E
6
Packet Pg. 1600
'This Amendment 4 to Loan Agreement WW44071 0 shall be executed in two or more
counterparts, any f'which shall be regarded as an original and all f"which constitute but one
and the sane instrument..
IN Wl'"I'NESS WHEREOF, the l3epartnient has caused this Agreement to be executed on fits
behalf by the Secretary or Designee 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 Department.
for
NJ�'�ROF, COUNTY E
E
.....................
County Adn-i—ikls-ira—to i-
LL
Attest: Approved as to form sand Ngal SLIMCteney:
J
County Clerk County A40ney
Vd
-
E
E
E
for
STATE OF FLORIDA
DEPARTMENT ttF ENVIRONMENTAL PROTECTION
Secretary or Designee Date
7
Packet Pg. 1601
STATE 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:
1. 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: LO
(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:
FDEPSing;leAuditndep.state.fl.us
(ii) The Auditor General's Office at the following address:
State of Florida Auditor General
Room 401, Claude Pepper Building
i
L.1.h
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:
FDEPSingleAudit e,den.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 (n
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 (n
LO
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
2
L.1.h
(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. E
4. The items scheduled under Subsections 10.07 of the Agreement are rescheduled as E
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
Iq
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. (n
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. (n
LO
5. All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
3
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:
s
County Clerk C� County tt rney �
o«
LO
for
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
Secretary or Designee Date
4
1 L.1.i
STATE REVOLVING FUND AMENDMENT 6 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. Collectively,the Department and the Local Government shall be referred to as "Parties"
or individually as a"Party".
The Department and the Local Government entered into a State Revolving Fund Loan
Agreement,Number WW440710,as amended; and
Loan repayment activities need rescheduling to give the Local Government additional time to
complete construction; and
Certain provisions of the Agreement need revision and several provisions need to be added to the
Iq
Agreement.
The Parties hereto agree as follows:
1. Subsection 2.03(2)of the Agreement is deleted and.replaced as follows:
(2) Audits.
(a) In the event that the Local Government expends$750,000 or more in Federal awards
in its fiscal year,the Local Government must have a Federal single audit conducted in
accordance with the provisions of 2 CFR Part 200, Subpart F. In determining the Federal awards
expended in its fiscal year,the Local Government shall consider all sources of Federal awards,
including Federal resources received from the Department. The determination of amounts of
Federal awards expended should be in accordance with the guidelines established by 2 CFR Part
200, Subpart F. An audit of the Local Government conducted by the Auditor General in
accordance with the provisions of 2 CFR Part 206, Subpart F, will meet the requirements of this
part.
(b) In connection with the audit requirements addressed in the preceding paragraph(a),
the Local Government shall fulfill the requirements relative to auditee responsibilities as
provided in 2 CFR Part 200, Subpart F.
(c) If the Local Government expends less than$750,000 in Federal awards in its fiscal
year, an audit conducted in accordance with the provisions of 2 CFR Part 200, Subpart F, is not
required. The Local Government shall inform the Department of findings and recommendations
pertaining to the State Revolving Fund in audits conducted by the Local Government. In the
event that the Local Government expends less than$750,000 in Federal awards in its fiscal year
and elects to have an audit conducted in accordance with the provisions of 2 CFR Part 200,
1
Packet Pg. 1606
Subpart F, the cost of the audit must be paid from non-Federal resources(i.e., the cost of such an
audit must be paid from Local Government resources obtained from other than Federal entities).
(d) The Local Government may access information regarding the Catalog of Federal
Domestic Assistance(CFDA)via the internet at www.cfda.gov/index?cck=1&au=&ck=.
2 Three sections are added to the Agreement as follows:
8.10. PUBLIC RECORDS ACCESS.
(1) The Local Government shall comply with Florida Public Records law under Chapter
119, F.S. Records made or received in conjunction with this Agreement are public records under E
Florida law, as defined in Section 119.011(12),F.S. The Local Government shall keep and
maintain public records required by the Department to perform the services under this Agreement. E
(2) This Agreement may be unilaterally canceled by the Department for refusal by the
Local Government to either provide to the Department upon request, or to allow inspection and
copying of all public records made or received by the Local Government in conjunction with this
Agreement and subject to disclosure under Chapter 119, F.S., and Section 24(a),Article I,
Florida Constitution.
(3) IF THE LOCAL GOVERNMENT HAS QUESTIONS
REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA
STATUTES, TO THE LOCAL GOVERNMENT'S DUTY TO PROVIDE
PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT
THE DEPARTMENT'S CUSTODIAN OF PUBLIC RECORDS AT
(850) 245-2118, by email at public.services(a�dep.state.fl.us, or at the mailing
address below:
Department of Environmental Protection
ATTN: Office of Ombudsman and Public Services
Public Records Request
3900 Commonwealth Blvd, MS 49
Tallahassee,FL 32399
8.11. SCRUTINIZED COMPANIES.
The Local Government certifies that it and any of its affiliates are not scrutinized
companies as identified in Section 287.135,F.S. In addition,the Local Government agrees to
observe the requirements of Section 287.135,F.S., for applicable sub-agreements entered into for
the performance of work under this Agreement. Pursuant to Section 287.135,F.S.,the
Department may immediately terminate this Agreement for cause if the Local Government,its
affiliates,or its subcontractors are found to have submitted a false certification;or if the Local
Government,its affiliates, or its subcontractors are placed on any applicable scrutinized
2
Packet Pg. 1607
t L.1.i
companies list or engaged in prohibited contracting activity during the term of the agreement.
As provided in Subsection 287.135(8),F.S., if federal law ceases to authorize these contracting
prohibitions then they shall become inoperative.
8.12. SUSPENSION.
The Department may suspend any or all of its obligations to Loan or provide financial
accommodation to the Local Government under this Agreement in the following events, as
determined by the Department:
(1) The Local Government abandons or discontinues the Project before its completion,
(2) The commencement,prosecution,or timely completion of the Project by the Local
Government is rendered improbable or the Department has reasonable grounds to be insecure in
Local Government's ability to perform, or
(3) The implementation of the Project is determined to be illegal, or one or more CD
officials of the Local Government in responsible charge of, or influence over,the Project is I-
CD
charged with violating any criminal law in the implementation of the Project or the Iq
administration of the proceeds from this Loan.
The Department shall notify the Local Government of any suspension by the Department
of its obligations under this Agreement,which suspension shall continue until such time as the
event or condition causing such suspension has ceased or been corrected,or the Department has
re-instated the Agreement.
Local Government shall have no more than 30 days following notice of suspension
hereunder to remove or correct the condition causing suspension.Failure to.do so shall constitute
a default under this Agreement. 0
Following suspension of disbursements under this Agreement,the Department may 0
require reasonable assurance of future performance from Local Government prior to re-instating
the Loan. Such reasonable assurance may include,but not be limited to, a payment mechanism
using two party checks, escrow or obtaining a Performance Bond for the work remaining. 0
Following suspension,upon failure to cure, correct or provide reasonable assurance of
future performance by Local Government,the Department may exercise any remedy available to
it by this Agreement or otherwise and shall have no obligation to fund any remaining Loan
balance under this Agreement.
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, 2019, 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 (1), (2), (3), and(4) of the Agreement
are rescheduled as follows:
3
Packet Pg. 1608
(1) Completion of Project construction is scheduled for December 15, 2018.
(2) Establish the Loan Debt Service Account and begin Monthly Loan Deposits no later
than December 15, 2018.
(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, 2019.
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, 2019.
5. All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
cas
4
Packet Pg. 1609
This Amendment 6 to Loan Agreement WW440710 maybe 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
Mayor D vid Rice
g
Attest: Approved as to form and legal sufficiency:
r
Ke-v;n Mi .J.y-County Clerk Assista County Attorney
SEAL
for
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
3a[ [ g
Secretary or Designee Date
5
Packet Pg. 1610
L.1.j
STATE REVOLVING FUND
AMENDMENT 7 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 entity under the laws of the State of
Florida. Collectively, the Department and the Local Government shall be referred to as"Parties"
or individually as a"Party".
The Department and the Local Government entered into a Clean Water State Revolving Fund E
Loan Agreement,Number WW440710, as amended, authorizing a Loan amount of
$120,000,000, excluding Capitalized Interest; and E
The Local Government is entitled to additional financing of$7,200,000, excluding Capitalized
Interest; and
Certain provisions of the Agreement need revision and several provisions need to be added to the
Iq
Agreement.
The Parties hereto agree as follows:
1. Section 2.03 of the Agreement is deleted and replaced as follows:
(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.:
CSFA Title or State
State Program CSFA Fund Source Funding Appropriation
Number Funding Source Number Description Amount Category
Wastewater Wastewater
Original Treatment and Treatment E
Agreement Stormwater 37.077 Facility $127,200,000 140131
Management TF Construction
(2) Audits.
(a) In the event that the Local Government expends a total amount of state financial
assistance equal to or in excess of$750,000 in any fiscal year of such Local Government,the
Local Government must have a State single audit for such fiscal year in accordance with Section
215.97,Florida Statutes; applicable rules of the Department of Financial Services; and Chapters
10.550 (local governmental entities) or 10.650 (nonprofit and for-profit organizations),Rules of
the Auditor General. In determining the state financial assistance expended in its fiscal year,the
1
Packet Pg. 1611
L.1.j
Local Government shall consider all sources of state financial assistance, including state
financial assistance received from the Department of Environmental Protection, other state
agencies, and other nonstate entities. State financial assistance does not include Federal direct or
pass-through awards and resources received by a nonstate entity for Federal program matching
requirements.
(b) In connection with the audit requirements addressed in the preceding paragraph(a);
the Local Government shall ensure that the audit complies with the requirements of Section
215.97(7), Florida Statutes. This includes submission of a financial reporting package as defined
by Section 215.97(2),Florida Statutes, and Chapters 10.550 (local governmental entities) or
10.650 (nonprofit and for-profit organizations), Rules of the Auditor General.
(c) If the Local Government expends less than$750,000 in state financial assistance in
its fiscal year, an audit conducted in accordance with the provisions of Section 215.97, Florida
Statutes, is not required. The Local Government shall inform the Department of findings and
recommendations pertaining to the State Revolving Fund in audits conducted by the Local
Government in which the$750,000 threshold has not been met. In the event that the Local
Government expends less than$750,000 in state financial assistance in its fiscal year, and elects
to have an audit conducted in accordance with the provisions of Section 215.97, Florida Statutes,
the cost of the audit must be paid from the non-state entity's resources(i.e., the cost of such an
audit must be paid from the Local Government's resources obtained from other than State
entities).
(d) The Local Government is hereby advised that the Florida Single Audit Act
Requirements may further apply to lower tier transactions that may be a result of this Agreement.
For information regarding the Florida Catalog of State Financial Assistance(CSFA), a Local
Government should access the Florida Single Audit Act website located at
https://apps.fldfs.com/fsaa for assistance.
(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 at one of the following addresses:
By Mail: E
Audit Director
Florida Department of Environmental Protection
Office of the Inspector General
3900 Commonwealth Boulevard,MS40
Tallahassee, Florida 32399-30000
Electronically:
FDEPSingleAudit(c�dgp.state.fl.us
(ii) The Auditor General's Office at the following address:
State of Florida Auditor General
2
Packet Pg. 1612
L.1.j
r
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 at 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: E
FDEPSingleAudit0,,dep.state.fl.us
(b) Any reports,management letters, or other information required to be submitted to LL
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.
(4) Record Retention.
The Local Government shall retain sufficient records demonstrating its compliance with
the terms of this Agreement for a period of five years from the date of the Final Amendment, and
shall allow the Department, or its designee, Chief Financial Officer, or Auditor General access to
such records upon request. The Local Government shall ensure that working papers are made
available to the Department, or its designee, Chief Financial Officer, or Auditor General upon
request for a period of five years from the date of the Final Amendment, unless extended in
writing by the Department.
(5) Monitoring.
In addition to reviews of audits conducted in accordance with Section 215.97,F.S., as
revised monitoring procedures may include,but not be limited to, on-site visits by Department
staff and/or other procedures. By entering into this Agreement,the Local Government agrees to
comply and cooperate with any monitoring procedures/processes deemed appropriate by the
Department. In the event the Department determines that a limited scope audit of the Local
Government is appropriate, the Local Government agrees to comply with any additional
instructions provided by the Department to the Local Government regarding such audit. The
3
Packet Pg. 1613
• L.1.j
Local Government understands its duty,pursuant to Section 20.055(5), F.S.,to cooperate with
the Inspector General in any investigation, audit, inspection, review, or hearing.
2. ARTICLE VI of the Agreement is deleted and replaced as follows:
6.01.EVENTS OF DEFAULT.
Upon the occurrence of any of the following events(the Events of Default) all obligations
on the part of Department to make any further disbursements hereunder shall, if Department
elects,terminate. The Department may, at its option, exercise any of its remedies set forth in this
Agreement,but Department may make any disbursements or parts of disbursements after the
happening of any Event of Default without thereby waiving the right to exercise such remedies
and without becoming liable to make any further disbursement:
(1) Failure to make any Monthly Loan Deposit or to make any installment of the E
Semiannual Loan Payment when it is due and such failure shall continue for a period of 15 days.
(2) Except as provided in Subsection 6.01(1), failure to comply with the provisions of
this Agreement, failure in the performance or observance of any of the covenants or actions
required by this Agreement or the Suspension of this Agreement by the Department pursuant to
Section 8.14 below, and such failure shall continue for a period of 30 days after written notice
thereof to the Local Government by the Department.
(3) Any warranty,representation or other statement by, or on behalf of,the Local cn
Government contained in this Agreement or in any information furnished in compliance with, or
in reference to, this Agreement,which is false or misleading, or if Local Government shall fail to
keep, observe or perform any of the terms, covenants,representations or warranties contained in
this Agreement, the Note,or any other document given in connection with the Loan(provided,
that with respect to non-monetary defaults,Department shall give written notice to Local
Government,which shall have 30 days to cure any such default), or is unable or unwilling to
meet its obligations thereunder.
(4) An order or decree entered,with the acquiescence of the Local Government,
appointing a receiver of any part of the Project or Pledged Revenues thereof, or if such order or
decree,having been entered without the consent or acquiescence of the Local Government, shall
not be vacated or discharged or stayed on appeal within 60 days after the entry thereof.
(5) Any proceeding instituted,with the acquiescence of the Local Government, for the
purpose of effecting a composition between the Local Government and its creditors or for the
purpose of adjusting the claims of such creditors,pursuant to any federal or state statute now or
hereafter enacted, if the claims of such creditors are payable from Pledged Revenues of the
Project.
(6) Any bankruptcy, insolvency or other similar proceeding instituted by, or against, the
Local Government under federal or state bankruptcy or insolvency law now or hereafter in effect
and, if instituted against the Local Government, is not dismissed within 60 days after filing.
(7) Any charge is brought alleging violations of any criminal law in the implementation
of the Project or the administration of the proceeds from this Loan against one or more officials
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of the Local Government by a State or Federal law enforcement authority,which charges are not
withdrawn or dismissed within 60 days following the filing thereof.
(8) Failure of the Local Government to give immediate written notice of its knowledge
of a potential default or an event of default to the Department and such failure shall continue for
a period of 30 days.
6.02. REMEDIES.
All rights, remedies, and powers conferred in this Agreement and the transaction
documents are cumulative and are not exclusive of any other rights or remedies, and they shall
be in addition to every other right,power, and remedy that Department may have,whether
specifically granted in this Agreement or any other transaction document, or existing at law,in E
equity, or by statute. Any and all such rights and remedies may be exercised from time to time
and as often and in such order as Department may deem expedient. Upon any of the Events of E
Default and subject to the rights of others having prior liens on the Pledged Revenues, the
Department may enforce its rights by, inter alia, any of the following remedies:
(1) By mandamus or other proceeding at law or in equity, cause the collection of
Pledged Revenues, and to require the Local Government to fulfill this Agreement.
(2) By action or suit in equity, require the Local Government to account for all moneys
received from the Department or from the ownership of the Project and to account for the
receipt,use, application, or disposition of the Pledged Revenues. cn
(3) By action or suit in equity, enjoin any acts or things which may be unlawful or in
violation of the rights of the Department.
(4) By applying to a court of competent jurisdiction, cause to appoint a receiver to
manage the Project, levy and collect the Pledged Revenues,and apply the Pledged Revenues to
the reduction of the obligations under this Agreement.
(5) By certifying to the Auditor General and the Chief Financial Officer delinquency on
loan repayments,the Department may intercept the delinquent amount plus a penalty from any
unobligated funds due to the Local Government under any revenue or tax sharing fund
established by the State, except as otherwise provided by the State Constitution. The Department
may impose a penalty in an amount not to exceed an interest rate of 18 percent per annum on the
amount due in addition to charging the cost to handle and process the debt. Penalty interest shall
accrue on any amount due and payable beginning on the 30th day following the date upon which
payment is due.
(6) By notifying financial market credit rating agencies and potential creditors.
(7) By suing for payment of amounts due, or becoming due, with interest on overdue
payments together with all costs of collection, including attorneys' fees.
(8) By accelerating the repayment schedule or increasing the Financing Rate on the
unpaid principal of the Loan to as much as 1.667 times the Financing Rate.
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6.03. DELAY AND WAIVER.
No course of dealing between Department and Local Government, or any failure or delay
on the part of Department in exercising any rights or remedies hereunder, shall operate as a
waiver of any rights or remedies of Department,and no single or partial exercise of any rights or
remedies hereunder shall operate as a waiver or preclude the exercise of any other rights or
remedies hereunder. No delay or omission by the Department to exercise any right or power
accruing upon Events of Default shall impair any such right or power or shall be construed to be
a waiver of any such default or acquiescence therein, and every such right and power may be
exercised as often as may be deemed expedient. No waiver or any default under this Agreement
shall extend to or affect any subsequent Events of Default,whether of the same or different
provision of this Agreement, or shall impair consequent rights or remedies.
3. Section 8.11 of the Agreement is deleted and replaced as follows:
8.11. SCRUTINIZED COMPANIES.
(1) The Local Government certifies that it and its subcontractors are not on the a®
Scrutinized Companies that Boycott Israel List. Pursuant to Section 287.135, F.S., the
Department may immediately terminate this Agreement at its sole option if the Local
Government or its subcontractors are found to have submitted a false certification; or if the Local
Government, or its subcontractors are placed on the Scrutinized Companies that Boycott Israel
List or is engaged in the boycott of Israel during the term of the Agreement.
(2) If this Agreement is for more than one million dollars,the Local Government
certifies that it and its subcontractors are also not on the Scrutinized Companies with Activities
in Sudan, Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List, or
engaged with business operations in Cuba or Syria as identified in Section 287.135,F.S.
Pursuant to Section 287.135,F.S.,the Department may immediately terminate this Agreement at
its sole option if the Local Government, its affiliates, or its subcontractors are found to have
submitted a false certification; or if the Local Government, its affiliates, or its subcontractors are
placed on the Scrutinized Companies that Boycott the Scrutinized Companies with Activities in
Sudan List, or Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List,
or engaged with business operations in Cuba or Syria during the term of the Agreement.
(3) The Local Government agrees to observe the above requirements for applicable E
subcontracts entered into for the performance of work under this Agreement.
(4) As provided in Subsection 287.135(8), F.S., if federal law ceases to authorize these
contracting prohibitions then they shall become inoperative.
4. Additional financing in the amount of$7,200,000, excluding Capitalized Interest, is
hereby awarded to the Local Government.
5. A Financing Rate of 2.48 percent per annum is established for the additional
financing amount awarded in this amendment. Individually, the interest rate is 1.24 percent per
annum and the Grant Allocation Assessment rate is 1.24 percent per annum. However, if this
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amendment is not executed by the Local Government and returned to the Department before
October 1,2018,the Financing Rate may be adjusted.
6. The estimated principal amount of the Loan is hereby revised to $134,617,600,which
consists of$127,200,000 authorized for disbursement to the Local Government and$7,417,600
of Capitalized Interest. This total consists of the following:
(a) Original Agreement of$42,654,500, including$40,000,000 authorized for
disbursement to the Local Government and$2,654,500 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$26,918,800,including$25,000,000 authorized for disbursement to E
the Local Government and$1,918,800 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 E
Assessment rate is 1.535 percent per annum); and
(c) Amendment 2 of$6,420,700, including$6,000,000 authorized for disbursement to
the Local Government and$420,700 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
Iq
is 1.50 percent per annum); and
(d) Amendment 3 of$31,687,900, including$30,000,000 authorized for disbursement to
the Local Government and$1,687,900 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$19,709,500, including$19,000,000 authorized for disbursement to
the Local Government and$709,500 of Capitalized Interest, at a Financing Rate of 2.35 percent cn
per annum(the interest rate is 1.175 percent per annum and the Grant Allocation Assessment rate
is 1.175 percent per annum); and
(f) Amendment 7 of$7,226,200, including$7,200,000 authorized for disbursement to
the Local Government and$26,200 of Capitalized Interest, at a Financing Rate of 2.48 percent
per annum(the interest rate is 1.24 percent per annum and the Grant Allocation Assessment rate
is 1.24 percent per annum).
7. An additional Loan Service Fee in the amount of$144,000, for a total of$2,544,000,
is hereby estimated. The fee represents two percent of the Loan amount excluding Capitalized
Interest,that is,two percent of$127,200,000.
8. The Semiannual Loan Payment amount is hereby revised and shall be in the amount
of$4,433,104. Such payments shall be paid to, and must be received by,the Department
beginning on June 15,2019 and semiannually thereafter on December 15 and June 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.
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The Semiannual Loan Payment amount is based on the total amount owed of
$137,161,600,which consists of the Loan principal plus the estimated Loan Service Fee.
9. The Local Government and the Department acknowledge that the actual Project
costs have not been determined as of the effective date of this agreement. Project cost
adjustments may be made as a result of Project changes agreed upon by the Department.
Capitalized Interest will be recalculated based on actual dates and amounts of Loan
disbursements. If the Local Government receives other governmental financial assistance for
this Project, the costs funded by such other governmental assistance will not be financed by this
Loan. The Department shall establish the final Project costs after its final inspection of the
Project records. Changes in Project costs may also occur as a result of an audit.
Funds disbursed in accordance with Section 4.08 of this Agreement shall be disbursed in
the order in which they have been obligated without respect to budgetary line item estimates. All
disbursements shall be made from the original Loan amount until that amount has been
disbursed; the Financing Rate established for the original Loan amount shall apply to such
disbursements for the purpose of determining the associated Capitalized Interest and repayment
amount. The Financing Rate established for any additional increment of Loan financing shall be CD
used to determine the Capitalized Interest and repayment amount associated with the funds �
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disbursed from that increment. Iq
The estimated Project costs are revised as follows:
CATEGORY PROJECT COSTS ($)
Allowance costs 5,434,652
Construction and Demolition 183,121,402
Contingencies 6,297,889
Technical Services After Bid Opening 8,817,045
SUBTOTAL(Disbursable Amount) 203,670,988
Less Legislative Appropriation (48,250,000)
Less Local Funds (28,220,988) E
SUBTOTAL(Loan Amount) 127,200,000
Capitalized Interest 7,417,600
TOTAL(Loan Principal Amount) 134,617,600
10. Subsection 10.07(5) of the Agreement is revised as follows:
(5) The first Semiannual Loan Payment in the amount of$4,433,104 shall be due
June 15,2019.
11. All other terms and provisions of the Loan Agreement shall remain in effect.
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This Amendment 7 to Loan Agreement WW440710 may 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 Secretary or Designee 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 Department.
for
MONROE COUNTY E
VIi MADOK, CPA, Clerk ayor
Attest: Approved as to form and legal sufficiency:
ounty Clerk -456i6t7K41 County Attorney
S
q
hy�9i COUNTY
for :< --�. -:►+t ,;;
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION E
Secretary or Designee Date
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