HomeMy WebLinkAbout2014 03 24 Consent 304 SRF Loan AmendmentCOMMISSION AGENDA
ITEM 304
REQUEST:
Informational
Consent
X
Public Hearings
Regular
March 24, 2014 KS SB
Regular Meeting City Manager Department
The Finance and Administrative Services Department is Requesting that the City
Commission Approve Amendment 1 to the State Revolving Loan amount (WW590600),
reducing the loan amount used for Construction of the Lake Jesup Reclaim Plant.
SYNOPSIS:
In May of 2011 (Resolution 2011 -18) the City Commission accepted a loan in the amount
of $2.8 million from the State Revolving Loan Fund to partially finance the Lake Jesup
Reclaim Plant. The City was able to reduce the needed loan amount to complete the
project by approximately $1 million. Amendment 1 to the original loan agreement is
needed to reflect that reduction.
CONSIDERATIONS:
In May of 2011 (Resolution 2011 -18) the City Commission approved an application for a
loan in the amount of $2.8 million from the State Revolving Loan Fund to partially fund the
Oak Forest Water Pumping Storage Facility and the Lake Jesup Reclaim Plant projects.
The balance of the project funding came from a grant from the St. John's River Water
Management District ($1.2 million).
Subsequently, the availability of Water and Sewer Reserves (above the 25% cash reserve
policy minimums) and other prudent fiscal factors, created an opportunity to utilize an
internal funding approach for a portion of the project costs, thus reducing the necessitated
borrowing. This internal funding commitment along with project cost savings resulted in a
large reduction in the requisite financing to complete the projects.
Consent 304 PAGE 1 OF 2 - March 24, 2014
FISCAL IMPACT:
As shown below, the decision to internally fund part of the project costs resulted in savings
in borrowing costs in excess of$600,000.
Existing Loan New Loan (Amendment 1)
:Rate of Interest_______________________________ 2.77%___________________________ 2.77%
.....................................................................................................................................................................................................................................................................................................................r
Principal $2,831,985
$1,794,923
Total Interest over life of loan �________________________________________� _____________________________________;
$875,601 $259,957
Fees $56,640 $35,898
Payment frequency Semi-Annual Semi-Annual
.Payment Amount $95,244
$56,853
.................................. ............... ........................t.....................................,
COMMUNICATION EFFORTS:
This Agenda Item has been electronically forwarded to the Mayor and City Commission,
City Manager, City Attorney/Staff, and is available on the City's Website, LaserFiche, and
the City's Server. Additionally, portions of this Agenda Item are typed verbatim on the
respective Meeting Agenda which has also been electronically forwarded to the individuals
noted above, and which is also available on the City's Website, LaserFiche, and the City's
Server; has been sent to applicable City Staff, Media/Press Representatives who have
requested Agendas/Agenda Item information, Homeowner's Associations/Representatives
on file with the City, and all individuals who have requested such information. This
information has also been posted outside City Hall, posted inside City Hall with additional
copies available for the General Public, and posted at five (5) different locations around the
City. Furthermore, this information is also available to any individual requestors. City Staff
is always willing to discuss this Agenda Item or any Agenda Item with any interested
individuals.
RECOMMENDATION:
The City Manager and the Finance and Administrative Services Director recommend the
Commission approve Amendment 1 to Loan Agreement Number WW490600 (Florida
Department of Environmental Protection) and that the City Manager and City Attorney be
authorized to prepare and execute any and all necessary documents to effect the loan
amendment.
ATTACHMENTS:
Amendment 1 of Loan Agreement WW590600 (10 pages)
Consent 304 PAGE 2 OF 2- March 24,2014
AMENDMENT I TO LOAN AGREEMENT WW590600
CITY OF WINTER SPRINGS
This amendment is executed by the FLORIDA WATER POLLUTION CONTROL FINANCING
CORPORATION (the "Corporation ") and the CITY OF WINTER SPRINGS, FLORIDA, (the
"Local Borrower ") existing as a local governmental agency under the laws of the State of Florida.
WITNESSETH:
WHEREAS, the Corporation and the Local Borrower entered into a Clean Water State Revolving
Fund Loan Agreement, Number WW590600, authorizing a Loan amount of $2,831,985, excluding
Capitalized Interest; and
WHEREAS, the Loan Amount, Loan Service Fee, and Project costs need adjustment to reflect
actual costs; and
WHEREAS, the Semiannual Loan Payment amount needs revision to reflect adjustment of project
costs and the two Semiannual Loan Payments received by the Department from the Local
Borrower; and
WHEREAS, revised provisions for audit and monitoring are needed.
NOW, THEREFORE, the parties hereto agree as follows:
1. The Loan amount is hereby reduced by $1,037,062, and the adjusted total disbursed
amount for this loan is $1,794,923.
2. The Loan Service Fee is reduced by $20,742, and the adjusted total service fee for this
Loan is $35,898. This fee represents two percent of the Loan amount excluding Capitalized
Interest; that is, two percent of $1,794,923. The Loan Service Fee of $35,898 was assessed on
March 5, 2014 and will be paid in the April 15, 2014 and October 15, 2014 payments.
3. The total amount to repay by the Local Borrower is $1,830,821, which consists of
$1,794,923 disbursed to the Local Borrower and $35,898 of service fee charges.
4. The total amount remaining to repay, which amount accounts for the Department's
receipt of two Semiannual Loan Payments, is $1,671,396.28, consisting of unpaid principal of the
Loan of $1,635,498.28 and an unpaid service fee charge of $35,898.00, both at a Financing Rate
of 2.77 percent per annum (the interest rate is 1.385 percent per annum, and the Grant Allocation
Assessment rate is 1.385 percent per annum).
5. The Semiannual Loan Payment amount, adjusted to account for repayments received
to date, is hereby revised and shall be in the amount of $56,853.23. Such payments shall be
received by the Department on April 15, 2014 and semiannually thereafter on October 15 and April
15 of each year until all amounts due hereunder have been fully paid.
6. Subsection 2.04(1) is hereby 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 Borrower Pursuant to this Agreement Consist of the
Following Resources Subject to Section 215.97, F.S.:
State
State
Program
Funding
C SFA
C SFA Title or Fund
Funding
Appropriation
Number
Source
Number
Source Description
Amount
Category
Original
Ori g i
Wastewater
3 7.077
Statewide Surface
$1 �
794 923
140131
Agreement
g
Treatment and
Water Restoration
Stormwater
and Wastewater
Management
Proj ects
TF
7. Project Costs are revised as follows:
The Local Borrower, the Corporation, and the Department acknowledge that changes in
Project costs may occur as a result of the Local Borrower's Project audit or a Department audit
pursuant to Chapter 62-503 of the Florida Administrative Code. Unless this Agreement is amended
subsequent to an audit, the following Project disbursements shall be final.
CATEGORY PROJECT
COST ($)
Construction and Demolition 1,794,923.00
Capitalized Interest 0.00
TOTAL (Loan Principal Amount) 1,794,923.00
8. The Project - specific audit required under Subsection 2.04(4) of the Agreement shall be
submitted within twelve months after the effective date of this amendment.
9. All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
2
This Amendment I to Loan Agreement WW590600 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 Corporation has caused this amendment to the Loan Agreement to
be executed on its behalf by its Chief Executive Officer and the Local Borrower 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 Chief Executive Officer of
the Corporation.
for
FLORIDA WATER POLLUTION CONTROL FINANCING CORPORATION
Chief Executive Officer Date
Reviewed and approved by the Corporate Secretary
for
CITY OF WINTER SPRINGS
Mayor
Attest: Approved as to form and legal sufficiency:
City Clerk
SEAL
City Attorney
APPROVED AND ACCEPTED BY THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION.
Program Administrator
State Revolving Fund
3
Calculation of Semiannual Payment for Remaining Years
Sponsor: winter Springs Funding Number: 590600
Beginning of Repayment Period: 10/15/2012 Payments Remaining:
Original Loan
Combined Rate. 2.77
Date
Balance
Disbursement
Comb. Int
Total Owed
Present
Payment
Forward
Or Sere. Fee
At
At
Value* At
Amount
04/15/2014
04/15/2014
1 1 2 1
10/15/2013
1,63 5,498.28
0.00
22,65 1.65
1,658,1 49.93
0310512014
0.00
35,898.00
111.70
365009.70
Totals:
1,694,1 59.63
1,67 1, 16.06
56,853.2
Totals:
1,6345159.63
1 67 1,016.06
56,853.2
*Present ,value i s the total owed divided by I +(Combined interest rate)/2)
The Payment Amount is mputed using the present value.
Wed, 5 Mar 2014 15:40 Page I of
State Revolving lving Fund Loan
Amortized Repayment Schedule
Sponsor: winter Springs
Funding Number: 590600
Original Loan
Interest: 1.385
GAA Rate: 1.385
Pint.
Serv. Fee
SF
Date
Ida.
Payment
Paid
Interest
Interest
Grt. All. Assm .
-Principal Paid
Total to Pa
10/15/2012
0.00
0.00
0.00
0.00
0.00
0.00
1,433,522.00
04/15/2013
1
95,224.00
0.00
0.00
55874.69
5,874.69
83,74.62
1,350,047.35
10/15/2013
2
95,224.22
0.00
0.00
9,637.06
9,637.06
75,950,10
1,635,498.28
04/15/2014
3
56,853.23
345089.87
111.70
11,325.83
11,325.53
0.00
1,637,306.41
10/15/2014
56,853-23
11808.13
25.04
11,325.83
11 ,325.83
32,368.40
1,603,129.88
04/15/2015
5
56,853.23
0.00
0.00
11,1 1.67
11 , 10 1.67
34,649.89
1,568,479.99
10/15/2015
6
56,853.23
0.00
0.00
10,861.72
107861.72
35,129.79
19533,350.20
04/15/2016
7
561853.23
0.00
0.00
1 0,61 8.45
1 0,61 8.45
35,616.33
1,97,733.87
10/15/2016
8
56,853.23
0.00
0.00
1 O,3 71.81
1073 71.81
36,1 09.61
1,46 1 lfi24.26
04/15/2017
56,853.23
0.00
0.00
1 0,121.75
1 0,121.75
367609.73
1,2510 1 4.53
1 0/15/2017
10
56,853.23
0.00
0.00
9,868.23
9,868.23
37,116.77
1,387,897.76
04115/2018
11
56,853.23
0.00
0,00
9,611,19
9,611.19
37,630.85
11)350,266.91
10/15/2018
12
56,853.23
0.00
0.00
9,3 50.60
9,350.60
38,152.03
1,312,11 4.88
04/15/2019
13
56j53.23
0.00
0.00
9,086.40
9,086.40
38,680-43
1,273,434.45
10/15/2019
1
56,153.23
0.00
0.00
8.5818-53
8.,818.53
39,216.17
L234,218.28
Wed, 5 Mar 2014 15:40 Page 2 of 7
State Revolving •.
Amortized Repayment Schedule
Sponsor: Winter Springs Funding Number} 590600
Original Loan
Interest: 1.385
GAA Rate. 1.385
Pmt.
Sere. Fee
SF
Date
N.
Payment
Paid
Interest
Interest
Gr. All. ass t
Prni
t t Pay*
04/15/2020
15
56,85.23
0.00
_0.00
8546.96
8�,546.96
7 5 9 __33 1
17194,45.
10/15/2020
56.
,853 .23
0.00
0.00
87271.3
8 ., 271 -6
54,51.
04/15/2021
17
5 6, 2 3
0.00
0.00
715992.48
.,992.48
40,868.27
lip i 13280.73
10/15/2021
8
56j53.23
0;00
0.00
7709.47
7709.47
41434.29
1 X07 1,846.44
04/15/2022
19
56j85123'
0.00
0.00
7A2154
71A22.54 -
427008.5
11502%8_318.29
10/15/2022
20
561853.23
0.00
0.00
7,131.6-3)
77 3 .63
421,589.9
978.2
04/15/2023)
21
5 6 85 .2 3
0.00
0.00
6,j836-69
6186.69
43J79_85
944 ,5068.47
10/15/2023
22
56,85,2
0.00
0.00
6.537.67
1) 5i67
433777.89
900,290.58
04/15/2024
23
56,853.23
o_o
0.00
6132.""34-51
64.5 1
44,384.2
855 -1906.37
10/15/2024
24
56,853.2-3
0.00
_ 0-00
5,927.15
51927.15
44,998.93
8 10,907.44
04/15/2025
25
561)853.23
0.00
0.00
5,61 5,53
5,615.53
45. �;
25.2
10/15/2025
26
56185 .23
0.00
0.00
5j299.60
57299.60
46
�, .2
04/15/2026
27
56i853.23
0.00
0.00
413979.29
41)979.29
46,894.65
672716.59
10/15/2026
28
56,853.23
0.00
0-00
4,654.55
4,654.55
47i544.13
6247592.46
04/15/2027
2
_ 56,853.2
0.00
0.00
4325.30
4,325 -30
487202..63)
_57611,89.83
Wed, 5 Mar 2014 15:40
Page 3 of 7
State
Amortized Repayment Schedule
Sponsor: Winter Springs
Funding Number: 590600
Original Loan
Interest: 1.3 85
GAA Rate: 1 .3 8
Pt.
SrvF Fee
SF
Date
No.
Pa-ment
Paid
Interest
Interest----
Gr . All. Assmt.
Principal Paid
Total to Pay*
1 15/2027
3
56,
0:00
3,991.5
,x,99 .5
48,870.2-)
527,519.60
04/15/2028
I
56,853.2_3
0.00
0.00
3653.0
-1,653.07
49, 547.09
4771972-51
10/15/2028
3
561,853,13
0.00
0.00
3,309.96
3,309.96
5 ,52
42,_
04/1 5/2029
13
56,853.23
_
0.00
1962.09
2,962-
501092-9.05
376j81 a 1
10/15/2029
34
56,853.23
0.00
0.00
211609.41
21P609.41
511634.41
325,5175-74
04/15/20`3 0
5
56,853-23
0.00
0,00
2.1251.84
21251.84
52 ),349,55
272826-19
10/15/20-30
36
56,853.2-
0.00
0.00
1 889.32
1,889.32
50 7 4 59
219,75 .60
04/15/2031
37
56 853.23
0.00
0.00
1 ,521.78
17521.78
5309.67
165,941.93
10/15/2031
8
56,853.2
0.00
0.00
1 3 .
.
541554.9
1 98. 0 0
04/15/2032
39
56,853-23
0.00
0.00
771,35
771.
55,310..53
56,076.47
10/15/20 2
56,853.1
0.00
0.00
388
-3 88.33
56,076.47
0.00
Subtotals:
2,350,870.86
35,3898aOO
136.74
25%956.56
25%956.56
, 923.00
*Total to v m
reflect Burin
r term
Wed, 5 Mar 2014 15:40 Page 4 of
State Revolving Pond Lary
" Amortized Repayment Schedule '*
Sponsor: 'Winter Springs
All Increments Combined
Funding Number: 590600
Wed., 5 Mar 2014 15 :40 Page o 7
Pmt.
Sere. Fee
SP
Date
N.
Payment
Paid
Interest
Interest
rt. All. Amt.
Principal Paid
Total to Pa
10/15/2012
0.00
0.00
0.00
0.00
0.00
0.00
1,433,522.00
04/15/2013
1
95,224.00
0.00
0.00
5,874.69
5,874.69
83,474.62
1,350,047.38
10/15/2013
2
95,224.22
0.00
0.00
97637.06
9,637.06
75,950.10
1,635749828
04/15/2014
3
567)853.23
34,089.7
111.70
11,325.83
11,325.83
0.00
1,637,306.41
10/15/2014
4
56,853.23
1,808.13
25.04
11,325.83
11,325.83
32,36.40
1,603,129.88
04/15/2015
5
56,853.23
0.00
0.00
11,101.67
11,101.67
34,649.89
1,568,479.99
10/15/2015
6
56385323
0.00
0.00
10,861.72
10,861.72
35,129.79
1,533,350.20
04/15/2016
7
56,853.23
0.00
0.00
10,61 8.45
10,618m45
357616.33
110497,733.87
10/1512016
8
56,853.23
0.00
0.00
10,371.81
10,371.81
36,109.61
1,461,624.26
04/1512017
9
56,853.23
0.00
0.00
10,121.75
10,121.75
36,609.73
1,425,014.53
1011512017
10
56,853.23
0.00
0.00
93868.23
93868.23
37,116.77
11)387,897.76
04/15/2018
11
561853.23
0.00
0.00
92611.19
915611.19
37,630.85
1,350,266.91
1011512018
12
567853.23
0.00
0.00
913350.60
9,350.60
38,152.03
114.8 8
04115/2019
13
563853.23
0.00
0,00
9,086.40
91)016.40
38,680.43
11)273,434.45
1011512019
14
56,853.23
0.00
0.00
8IP818.53
8,818.53
39,216,17
1,234,21 8.28
Wed., 5 Mar 2014 15 :40 Page o 7
State Revolving Fund Loan,
Amortized Repayment Schedule
Sponsor. Winter Springs
Fundincy Number: 590600
All Increments Combined
Wed., 5 Mar 2014 15:40
Page 6 of 7
Pmt.
Serv- Fee
SF
Date
No.
Payment
Paid
Interest
Interest
Grt. -All. Assort.
Principal Paid
Total to Pay*
04/15/2020
15
5653.2
0.00
0.00
811546.96
8t,546.96
39j759.31
113194!p458.97
10/15/2020
16
56,85_.2 __3
0.00
0.00
8271.63
8,3271.63
-5
40 1 309-97
1 154J49.00
i
04/15/2021
17
56853.233
0.00
0.00
71,992.48
713992.48
401868-27
11 111"1
7 �7280.731
10/15/2021
18
56853_23
0.00
0.00
7709.47
71709.47
411434.29
I, 07 1 846.44
0 4/15 /202 2
19
5 61,8 53. 23
0.00
0.00
71. 422.54
7422-54
42'��.008.15
1,029,8 '38.29
10/15/2022
20
56.
,853-23
0.00
0.00
77131.63
71 131-633
42589.97
987,248.32
04/15/2023
21
561853-23
0.00
0.00
6,836.69
_6t,8_316.69
43,5179.85
9441A8.47
10/15/2023
22
5 61) 8 5 3.2 _3'
0-00
0.00
615_337-67
615-:)7.67
43777.89
9007290.58
04/15/2024
23
56,3853.21
0.00
0.00
67234.51
6 j 2_31 4. 5 1
4441
J
8551 37
9 0 6. 3
10/15/2024
24
56114853.23
0.00
0.00
51,927.15
51927.15
44j998-93
8 1 O907.44
04/15/2025
25
567853.23
0.00
0.00
58 5-53
5.615.53
45j622.17
765.285.27
10/15/2025
26
56,8533.2 '_3
0.00
0.00
5,299.60
511299.60
46J254.03
719. 02" 1.24
04/15/2026
27
56,3853.23
0.00
0-00
4,979.29
47979.29
46,894-65
672,136-59
10/15/2026
28
56,5853.23
0.00
0.00
4654.55
----4,654.55
471544. 13)
624,592.46
04/15/2027
29
56853.23
0.00
0-00--
4325-30
4,325-30
48,202.6.311
576!389.8331
Wed., 5 Mar 2014 15:40
Page 6 of 7
State Revolving Fund Loan
Amortized Repayment Schedule
Sponsor: Winter Springs Funding Number: 590600
All Increments Combined
Wed, 5 Mar 2014 15:40 Page 7 of 7
Pmt.
Sere. Fee
SF
Date
No-
yrnent
Paid
Interest
Interest
Grt. All. Assmt.
Principal Paid
Total to Pay*
10/15/2027
-330
56.853.23
0.00
0.00
313991.50
3,991-50
48,870.2_
5271519.60_
04/15/2028
31
56,853.23
0.00
0.00
,-I
.3 653.07
_3,65` .07
49.547.09
4777972_51
10/15/2028
32
56,853 423)
.0.00
0.00
3,309_96
x,309.96
501)233.31
4271739.20
04/15/2029
56,853.23
0.00
0.00
2,962-09
21962.09
50)929.05
376,810.15
10/15/2029
"34
561,853.23
0.00
0.00
2609.41
21609.41
5 1 J634.41
325, 175.74
04/15/2030
35
56,85 .2 3
0.00
---0300
21251_84
2725 1 f84
5271-349.55
272.826.1 9
10/15/2030
36
56,
0.00
0.00
11 889.32
L 889.32
5 3J074.59
2191) 751-60
04 1 5/203 1
37
5 6,853.2 --3k
0.00
0.00
1,52 .78
1,521.78
53,809.67
1651941.93
10/ 15/20' 3 1
38
56,853.23
0.00
0.00
1 1P 149.15
1,1491 5
54,554.93
04/15/2032
39
56,853.23
0.00
0.00
771.35
771.235
55,310.53
561,076.47
10/15/2032
40
56,85 . 1 .3'
0.00
0.00
3 8 8.3 _3
388 3.1
56,076.47
0.00
Totals:
21,3507870.86
Sly 89 8. 0 0
136.74
259,956-56
2591956.56
17947923.00
*Total to pa
may
reflect activity Burr g,reparnent term
Wed, 5 Mar 2014 15:40 Page 7 of 7