HomeMy WebLinkAboutFlorida Water Pollution Control Financing Corporation Loan Amendment WW590600 2014 03 24 AMENDMENT 1 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.
WITNES SET:H:
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:
1
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 CSFA CSFA Title or Fund Funding Appropriation
Number Source Number Source Description Amount Category
Original Wastewater 37.077 Statewide Surface $1,794,923 140131
Agreement Treatment and Water Restoration
Stormwater and Wastewater
Management Projects
TF
7. Project Costs are revised as follows:
The Local Borrower, the Corporation, and the Department acknowledge that changes in
Project costs may occur as a result of the Local Borrower's Project audit or a Department audit
pursuant to Chapter 62-503 of the Florida Administrative Code.Unless this Agreement is amended
subsequent to an audit, the following Project disbursements shall be final.
CATEGORY PROJECT
COST ($)
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 1 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
t: Appro form and legal sufficiency:
City Clerk City Attorney
SEAL
APPROVED AND ACCEPTED BY THE STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION.
Program Administrator
State Revolving Fund
3
5 .
Calculation of Semiannual Payment for Remaining Years
Sponsor: Winter Springs Funding Number: 590600
Beginning of Repayment Period: 10/15/2012 Payments Remaining: 38
Original Loan Combined Rate: 2.77
Date Balance Disbursement Comb. Int Total Owed Present Payment
Forward Or Serv. Fee At At Value* At Amount
04/15/2014 04/15/2014 10/15/2013
10/15/2013 1,635,498.28 0.00 22,651.65 1,658,149.93
03/05/2014 0.00 35,898.00 111.70 36,009.70
Totals: 1,694,159.63 1,671,016.06 56,853.23
Totals: 1,694,159.63 1,671,016.06 56,853.23
*Present value is the total owed divided by(1+(Combined interest rate)/2)
The Payment Amount is computed using the present value.
Wed, 5 Mar 2014 15:40 Page 1 of 7
State Revolving Fund Loan
***Amortized Repayment Schedule ***
Sponsor: Winter Springs Funding Number: 590600
Original Loan Interest: 1.385 GAA Rate: 1.385
Pmt. Serv. Fee SF
Date No. Payment Paid Interest Interest Grt.All.Assmt. Principal Paid Total to Pay*
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 9,637.06 9,637.06 75,950.10 1,635,498.28
04/15/2014 3 56,853.23 34,089.87 111.70 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 32,368.40 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 56,853.23 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 10,618.45 10,618.45 35,616.33 1,497,733.87
10/15/2016 8 56,853.23 0.00 0.00 10,371.81 10,371.81 36,109.61 1,461,624.26
04/15/2017 9 56,853.23 0.00 0.00 10,121.75 10,121.75 36,609.73 1,425,014.53
10/15/2017 10 56,853.23 0.00 0.00 9,868.23 9,868.23 37,116.77 1,387,897.76
04/15/2018 11 56,853.23 0.00 0.00 9,611.19 9,611.19 37,630.85 1,350,266.91
10/15/2018 12 56,853.23 0.00 0.00 9,350.60 9,350.60 38,152.03 1,312,114.88
04/15/2019 13 56,853.23 0.00 0.00 9,086.40 9,086.40 38,680.43 1,273,434.45
10/15/2019 14 56,853.23 0.00 0.00 8,818.53 8,818.53 39,216.17 1,234,218.28
Wed, 5 Mar 2014 15:40 Page 2 of 7
State Revolving Fund Loan
*** Amortized Repayment Schedule ***
Sponsor: Winter Springs Funding Number: 590600
Original Loan Interest: 1.385 GAA Rate: 1.385
Pmt. Serv. Fee SF
Date No. Payment Paid Interest Interest Grt.All.Assmt. Principal Paid Total to Pay*
04/15/2020 15 56,853.23 0.00 0.00 8,546.96 8,546.96 39,759.31 1,194,458.97
10/15/2020 16 56,853.23 0.00 0.00 8,271.63 8,271.63 40,309.97 1,154,149.00
04/15/2021 17 56,853.23 0.00 0.00 7,992.48 7,992.48 40,868.27 1,113,280.73
10/15/2021 18 56,853.23 0.00 0.00 7,709.47 7,709.47 41,434.29 1,071,846.44
04/15/2022 19 56,853.23 0.00 0.00 7,422.54 7,422.54 42,008.15 1,029,838.29
10/15/2022 20 56,853.23 0.00 0.00 7,131.63 7,131.63 42,589.97 987,248.32
04/15/2023 21 56,853.23 0.00 0.00 6,836.69 6,836.69 43,179.85 944,068.47
10/15/2023 22 56,853.23 0.00 0.00 6,537.67 6,537.67 43,777.89 900,290.58
04/15/2024 23 56,853.23 0.00 0.00 6,234.51 6,234.51 44,384.21 855,906.37
10/15/2024 24 56,853.23 0.00 0.00 5,927.15 5,927.15 44,998.93 810,907.44
04/15/2025 25 56,853.23 0.00 0.00 5,615.53 5,615.53 45,622.17 765,285.27
10/15/2025 26 56,853.23 0.00 0.00 5,299.60 5,299.60 46,254.03 719,031.24
04/15/2026 27 56,853.23 0.00 0.00 4,979.29 4,979.29 46,894.65 672,136.59
10/15/2026 28 56,853.23 0.00 0.00 4,654.55 4,654.55 47,544.13 624,592.46
04/15/2027 29 56,853.23 0.00 0.00 4,325.30 4,325.30 48,202.63 576,389.83
Wed, 5 Mar 2014 15:40 Page 3 of 7
State Revolving Fund Loan
•
*** Amortized Repayment Schedule ***
Sponsor: Winter Springs Funding Number: 590600
Original Loan Interest: 1.385 GAA Rate: 1.385
Pmt. Serv. Fee SF
Date No. Payment Paid Interest Interest Grt. All.Assmt. Principal Paid Total to Pay*
10/15/2027 30 56,853.23 0.00 0.00 3,991.50 3,991.50 48,870.23 527,519.60
04/15/2028 31 56,853.23 0.00 0.00 3,653.07 3,653.07 49,547.09 477,972.51
10/15/2028 32 56,853.23 0.00 0.00 3,309.96 3,309.96 50,233.31 427,739.20
04/15/2029 33 56,853.23 0.00 0.00 2,962.09 2,962.09 50,929.05 376,810.15
10/15/2029 34 56,853.23 0.00 0.00 2,609.41 2,609.41 51,634.41 325,175.74
04/15/2030 35 56,853.23 0.00 0.00 2,251.84 2,251.84 52,349.55 272,826.19
10/15/2030 36 56,853.23 0.00 0.00. 1,889.32 1,889.32 53,074.59 219,751.60
04/15/2031 37 56,853.23 0.00 0.00 1,521.78 1,521.78 53,809.67 165,941.93
10/15/2031 38 56,853.23 0.00 0.00 1,149.15 1,149.15 54,554.93 111,387.00
04/15/2032 39 56,853.23 0.00 0.00 771.35 771.35 55,310.53 56,076.47
10/15/2032 40 56,853.13 0.00 0.00 388.33 388.33 56,076.47
0.00
Subtotals: 2,350,870.86 35,898.00 136.74 259,956.56 259,956.56 1,794,923.00
*Total to pay may reflect activity during repayment term
Wed, 5 Mar 2014 15:40 Page 4 of 7
State Revolving Fund Loan
***Amortized Repayment Schedule
Sponsor: Winter Springs Funding Number: 590600
All Increments Combined
Pmt. Serv. Fee SF
Date No. Payment Paid Interest Interest Grt. All.Assmt. Principal Paid Total to Pay*
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 9,637.06 9,637.06 75,950.10 1,635,498.28
04/15/2014 3 56,853.23 34,089.87 111.70 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 32,368.40 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 56,853.23 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 10,618.45 10,618.45 35,616.33 1,497,733.87
10/15/2016 8 56,853.23 0.00 0.00 10,371.81 10,371.81 36,109.61 1,461,624.26
04/15/2017 9 56,853.23 0.00 0.00 10,121.75 10,121.75 36,609.73 1,425,014.53
10/15/2017 10 56,853.23 0.00 0.00 9,868.23 9,868.23 37,116.77 1,387,897.76
04/15/2018 11 56,853.23 0.00 0.00 9,611.19 9,611.19 37,630.85 1,350,266.91
10/15/2018 12 56,853.23 0.00 0.00 9,350.60 9,350.60 38,152.03 1,312,114.88
04/15/2019 13 56,853.23 0.00 0.00 9,086.40 9,086.40 38,680.43 1,273,434.45
10/15/2019 14 56,853.23 0.00 0.00 8,818.53 8,818.53 39,216.17 1,234,218.28
Wed, 5 Mar 2014 15:40 Page 5 of 7
State Revolving Fund Loan
***Amortized Repayment Schedule ***
Sponsor: Winter Springs Funding Number: 590600
All Increments Combined
Pmt. Serv. Fee SF
Date No. Payment Paid Interest Interest Grt.All.Assmt. Principal Paid Total to Pay*
04/15/2020 15 56,853.23 0.00 0.00 8,546.96 8,546.96 39,759.31 1,194,458.97
10/15/2020 16 56,853.23 0.00 0.00 8,271.63 8,271.63 40,309.97 1,154,149.00
04/15/2021 17 56,853.23 0.00 0.00 7,992.48 7,992.48 40,868.27 1,113,280.73
10/15/2021 18 56,853.23 0.00 0.00 7,709.47 7,709.47 41,434.29 1,071,846.44
04/15/2022 19 56,853.23 0.00 0.00 7,422.54 7,422.54 42,008.15 1,029,838.29
10/15/2022 20 56,853.23 0.00 0.00 7,131.63 7,131.63 42,589.97 987,248.32
04/15/2023 21 56,853.23 0.00 0.00 6,836.69 6,836.69 43,179.85 944,068.47
10/15/2023 22 56,853.23 0.00 0.00 6,537.67 6,537.67 43,777.89 900,290.58
04/15/2024 23 56,853.23 0.00 0.00 6,234.51 6,234.51 44,384.21 855,906.37
10/15/2024 24 56,853.23 0.00 0.00 5,927.15 5,927.15 44,998.93 810,907.44
04/15/2025 25 56,853.23 0.00 0.00 5,615.53 5,615.53 45,622.17 765,285.27
10/15/2025 26 56,853.23 0.00 0.00 5,299.60 5,299.60 46,254.03 719,031.24
04/15/2026 27 56,853.23 0.00 0.00 4,979.29 4,979.29 46,894.65 672,136.59
10/15/2026 28 56,853.23 0.00 0.00 4,654.55 4,654.55 47,544.13 624,592.46
04/15/2027 29 56,853.23 0.00 0.00 4,325.30 4,325.30 48,202.63 576,389.83
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
Pmt. Serv.Fee SF
Date No. Payment Paid Interest Interest Grt.All.Assmt. Principal Paid Total to Pay*
10/15/2027 30 56,853.23 0.00 0.00 3,991.50 3,991.50 48,870.23 527,519.60
04/15/2028 31 56,853.23 0.00 0.00 3,653.07 3,653.07 49,547.09 477,972.51
10/15/2028 32 56,853.23 0.00 0.00 3,309.96 3,309.96 50,233.31 427,739.20
04/15/2029 33 56,853.23 0.00 0.00 2,962.09 2,962.09 50,929.05 376,810.15
10/15/2029 34 56,853.23 0.00 0.00 2,609.41 2,609.41 51,634.41 325,175.74
04/15/2030 35 56,853.23 0.00 0.00 2,251.84 2,251.84 52,349.55 272,826.19
10/15/2030 36 56,853.23 0.00 0.00 1,889.32 1,889.32 53,074.59 219,751.60
04/15/2031 37 56,853.23 0.00 0.00 1,521.78 1,521.78 53,809.67 165,941.93
10/15/2031 38 56,853.23 0.00 0.00 1,149.15 1,149.15 54,554.93 111,387.00
04/15/2032 39 56,853.23 0.00 0.00 771.35 771.35 55,310.53 56,076.47
10/15/2032 40 56,853.13 0.00 0.00 388.33 388.33 56,076.47 0.00
Totals: 2,350,870.86 35,898.00 136.74 259,956.56 259,956.56 1,794,923.00
*Total to pay may reflect activity during repayment term
Wed, 5 Mar 2014 15:40 Page 7 of 7