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Home My Public Portal AboutResolution No. 23-082 - Amendment #1 to the FDEP State Revolving Loan Agreement WW130300Sponsored by: Interim City Manager RESOLUTION NO. 23-082 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA, AUTHORIZING THE INTERIM CITY MANAGER TO EXECUTE AMENDMENT #1 TO THE WW130300 LOAN AGREEMENT WITH THE FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION, RELATING TO THE STATE REVOLVING FUND (SRF) LOAN PROGRAM; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Opa-Locka ("City") and the State of Florida Department of Environmental Protection ("Department") entered into State Revolving Fund Loan Agreement, Number WW130300, authorizing a Loan amount of Five Hundred Twelve Thousand, Eight Hundred Six Dollars ($512,806.00), excluding Capitalized Interest; and WHEREAS, the Semiannual Loan Payment amount and Project costs need adjustment, which will reduce the amount borrowed by the City and reduce the Semiannual Loan Payment; and WHEREAS, the Loan Service Fee is Ten Thousand Two Hundred Fifty -Six ($10,256.00), and the capitalized Loan Service Fee interest is Twenty -Five Dollars and Sixty -Five Cents ($25.65); and WHEREAS, the total amount of the Loan is Five Hundred Thirty -Two Thousand, Nine Hundred Seventy -Seven Dollars and Eighty Cents ($532,977.80). This consists of Five Hundred Twelve Thousand, Eight Hundred Six Dollars ($512,806.00) disbursed to the Local Government, plus accrued Capitalized Interest of Nine Thousand, Eight Hundred Ninety Dollars and Fifteen Cents ($9,890.15) and service fee charges of Ten Thousand, Two Hundred Eighty -One Dollars and Sixty -Five Cents ($10,281.65). WHEREAS, the total amount remaining to repay, which amount accounts for the Department's receipt of 12 semiannual Loan Payments, is Three Hundred Eighty -Seven Thousand, Two Hundred Fifty -Three Dollars and Thirty -Four Cents ($387,253.34). WHEREAS, the Semiannual Loan Payment amount, adjusted to account for repayments received to date, is hereby revised and shall be in the amount of Fifteen Thousand, Five Hundred Twenty -Four Dollars and Fifty -Four Cents ($15,524.54). Such payments shall be received by the Department on January 15, 2023 and semiannually thereafter on July 15 and January 15 of each year until all amounts due hereunder have been fully paid; and Resolution No. 23-082 WHEREAS, the City Commission finds it is the best interest of the City to accept the terms of the amendment to the WW130300 Loan Agreement, attached hereto as Exhibit "A". NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF OPA LOCKA, FLORIDA: SECTION 1. RECITALS ADOPTED. The recitals to the preamble herein are incorporated by reference. SECTION 2. AUTHORIZATION The City Commission of the City of Opa-Locka hereby authorizes the Interim City Manager to execute Amendment 1 to the WW130300 Loan Agreement with the Florida Department of Environmental Protection, relating to the State Revolving Fund (SRF) Loan Program, attached hereto as Exhibit "A". SECTION 3. SCRIVENER'S ERRORS. Sections of this Resolution may be renumbered or re -lettered and corrections of typographical errors, which do not affect the intent of this Resolution may be authorized by the Interim City Manager, following review by the City Attorney, without need of public hearing, by filing a corrected copy of same with the City Clerk. SECTION 4. EFFECTIVE DATE This Resolution shall take effect upon the adoption and is subject to the approval of the Governor or Governor's Designee. PASSED and ADOPTED this 14th day of June, 2023. John H. Ta(jlor Jr., Mayor A s EST: a Flores, City Clerk 2 Resolution No. 23-082 APPROVED AS TO FORM AND LEGAL SUFFICIENCY: tte No. ris-Weeks, P.A. ttorney Moved by: Commissioner Williams Seconded by: Commissioner Bass VOTE: 5-0 Commissioner Bass YES Commissioner Kelley YES Commissioner Williams YES Vice Mayor Ervin YES Mayor Taylor YES 3 City of Opa-locka Agenda Cover Memo Department Director: Niema Walker Department Director Signature: e /'�?`C�'2j L City Manager: Darvin Williams CM Signature: \� Commission Meeting Date: 06/14/2023 Item Type: (EnterX in box) Resolution Ordinance Other X Fiscal Impact: (Enter X in box) Yes No Ordinance Reading: (Enter X in box) 1st Reading 2nd Reading X Public Hearing: (EnterX in box) Yes No Yes No X X Funding Source: Account# : (Enter Fund & Dept) Ex: See Financial Impact Section Advertising Requirement: (Enter X in box) Yes No X Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid#: X Strategic Plan Related (Enter X in box) Yes No Strategic Plan Priority Enhance Organizational Bus. & Economic Public Safety Quality of Education Qual. of Life & City Communication Area: - Dev CI Strategic Plan Obj./Strategy: (list the specific objective/strategy this item will address) X III f• Image - • Sponsor Name City Manager Department: City Manager Short Title: A resolution authorizing the Interim City Manager to accept the proposed amendment to the WW 130300 Loan Agreement with the Florida Department of Environmental Protection relating to the State Revolving Fund. Staff Summary: It is in the best interest of the City to seek Commission approval to amend the W W 130300 Loan Agreement with the Florida Department of Environmental Protection, Relating to the State Revolving Fund. The amendment adjusts the project costs, reducing the amount borrowed by the City and reduces the semiannual loan payment. Financial Impact: The amendment results in the reduction of the Water -Sewer Fund annual debt service by $238.92 annually through July 15, 2036. City of Opa-locka Agenda Cover Memo Department Director: Niema Walker Department Director Signature: City Manager: Darvin Williams CM Signature: Commission Meeting Date: 06/14/2023 Item Type: (EnterX in box) Resolution Ordinance Other X Fiscal Impact: (Enter X in box) Yes No Ordinance Reading: (Enter X in box) 1st Reading 2nd Reading X Public Hearing: (EnterX in box) Yes No Yes No X X Funding Source: Account# : (Enter Fund & Dept) Ex: See Financial Impact Section Advertising Requirement: (EnterX in box) Yes No X Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid#: X Strategic Plan Related (EnterX in box) Yes No Strategic Plan Priority Enhance Organizational Bus. & Economic Public Safety Quality of Education Qual. of Life & City Communication Area: • Strategic Plan Obj./Strategy: (list the specific objective/strategy this item will address) X Dev MI . IN Image • IIN Sponsor Name City Manager Department: City Manager Short Title: A resolution authorizing the Interim City Manager to accept the proposed amendment to the WW130300 Loan Agreement with the Florida Department of Environmental Protection relating to the State Revolving Fund. Staff Summary: It is in the best interest of the City to seek Commission approval to amend the WW130300 Loan Agreement with the Florida Department of Environmental Protection, Relating to the State Revolving Fund. The amendment adjusts the project costs, reducing the amount borrowed by the City and reduces the semiannual loan payment. Financial Impact: The amendment results in the reduction of the Water -Sewer Fund annual debt service by $238.92 annually through July 15, 2036. Proposed Action: Staff recommends the adoption of the Resolution to authorize the Interim City Manager to execute an amendment to the WW130300 Loan Agreement to reduce the loan payments. Attachment: STATE REVOLVING FUND AMENDMENT 1 TO LOAN AGREEMENT WW130300 CITY OF OPA-LOCKA This amendment is executed by the STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION (Department) and the CITY OF OPA-LOCKA, FLORIDA, (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 "Party". The Department and the Local Government entered into a State Revolving Fund Loan Agreement, Number WW 130300, authorizing a Loan amount of $512,806, excluding Capitalized Interest; and The Semiannual Loan Payment amount and Project costs need adjustment; and Certain provisions of the Agreement need to be revised. The Parties hereto agree as follows: 1. The total amount awarded is $512,806. 2. The Loan Service Fee is $10,256.00, and the capitalized Loan Service Fee interest is $25.65. 3. The total amount of the Loan is $532,977.80. This consists of $512,806.00 disbursed to the Local Government, plus accrued Capitalized Interest of $9,890.15 and service fee charges of $10,281.65. 4. The total amount remaining to repay, which amount accounts for the Department's receipt of 12 Semiannual Loan Payments, is $387,253.34. 5. The Semiannual Loan Payment amount, adjusted to account for repayments received to date, is hereby revised and shall be in the amount of $15,524.54. Such payments shall be received by the Department on January 15, 2023 and semiannually thereafter on July 15 and January 15 of each year until all amounts due hereunder have been fully paid. 6. Project Costs are revised as follows: The Local Government and the Department acknowledge that changes in Project costs may occur as a result of an audit. Unless this Agreement is amended subsequent to an audit, the following Project disbursements shall be final. 1 CATEGORY PROJECT COSTS ($) Planning Activities 512,806.00 Capitalized Interest 9,890.15 TOTAL (Loan Principal Amount) 522,696.15 7. 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 WW130300 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 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 CITY OF OPA-LOCKA City Manager Attest: Approved as to form and legal sufficiency: City Clerk City Attorney SEAL for STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION Secretary or Designee Date 3 Florida State Rev ol ving Fund Amortizatio n Schedule R eport Sp onsor: Opa-Locka Funding Number: CW-130300 Loa n Nu mber Payme nt # Payment Date Rat e Principal Interest G AA F ees Service Fee SF I nt Tot al to Pay CW-130300 1 $15,644.00 Jan 15, 2017 0 .815 % $11,618 .02 $2,012.99 $2,012.99 $511,078 .13 2 $15,644.00 Jul 15, 2017 0.815 % $11,712.72 $1,965.64 $1,965.64 $499,365.41 3 $15,644.00 Jan 15, 2018 0 .815 % $1,526.53 $1,917.91 $1,917 .91 $10,256 .00 $25.65 $497,838.88 4 $15,644. 00 Jul 18, 2018 0.815 % $11,820.62 $1,911 .69 $1,911 .69 $486,018 .26 5 $15,644.00 Jan 15, 2019 0 .815 % $11,916.96 $1,863.52 $1,863.52 $474,101 .30 6 $15,644.00 Jul 15, 2019 0.815 % $12,014.08 $1,814 .96 $1,814.96 $462,087.22 7 $15,644.00 Ja n 15, 2020 0.815 % $12,112.00 $1,766.00 $1,766.00 $449,975 .22 8 $15,644.00 Jul 15, 2020 0. 815 % $12,210.70 $1,716.65 $1,716.65 $437,764.52 9 $15,644. 00 Jan 15, 2021 0.815 % $12,310.22 $1,666 .89 $1,666.89 $425,454 .30 10 $15,644. 00 Jul 15, 2021 0.815 % $12,410 .56 $1,616 .72 $1,616 .72 $413,043.74 11 $15,644.00 Ja n 15, 2022 0.815 % $12,511.70 $1,566.15 $1,566.15 $400,532.04 12 $15,644. 00 Jul 15, 2022 0. 815 % $13,278.70 $1,182 .65 $1,182.65 $387,253.34 13 $15,524.54 Jan 15, 2023 0. 815 % $12,368.42 $1,578 .06 $1,578 .06 $0.00 $0 .00 $374,884 .92 14 $15,524.54 Jul 15, 2023 0.815 % $12,469.22 $1,527 .66 $1,527.66 $0 .00 $0.00 $362,415.70 15 $15,524.54 Jan 15, 2024 0.815 % $12,570.86 $1,476.84 $1,476.84 $0.00 $0.00 $349,844 .84 16 $15,524. 54 Jul 15, 2024 0.815 % $12,673. 30 $1,425.62 $1,425 .62 $0.00 $0.00 $337,171.54 17 $15,524. 54 Jan 15, 2025 0. 815 % $12,776.60 $1,373.97 $1,373.97 $0.00 $0.00 $324,394.94 18 $15,524. 54 Jul 15, 2025 0.815 % $12,880.72 $1,321.91 $1,321.91 $0.00 $0.00 $311,514 .22 19 $15,524.54 Jan 15, 2026 0.815 % $12,985.70 $1,269.42 $1,269 .42 $0 .00 $0 .00 $298,528.52 20 $15,524.54 Jul 15, 2026 0.815 % $13,091.54 $1,216.50 $1,216.50 $0.00 $0.00 $285,436 .98 21 $15,524.54 Jan 15, 2027 0.815 % $13,198. 22 $1,163. 16 $1,163.16 $0.00 $0.00 $272,238.76 22 $15,524.54 Jul 15, 2027 0.815 % $13,305.80 $1,109. 37 $1,109.37 $0.00 $0.00 8258,932.96 23 $15,524.54 Jan 15, 2028 0.815 % $13,414.24 $1,055. 15 $1,055.15 $0.00 $0 .00 $245,518.72 24 $15,524.54 Jul 15, 2028 0.815 % $13, 523.56 $1,000.49 $1,000.49 $0 .00 $0 .00 $231,995 .16 25 $15,524.54 Jan 15. 2029 0.815 % $13,633.78 $945.38 $945.38 $0.00 $0.00 $218,361.38 Report Ran 10/20/2022 3:04:40 PM Florida State Revolving Fund Amortizati on Schedul e Report Sponsor: Opa-Locka Fu nding Number: CW-130300 Lo an Number Payment # Payme nt Date Rate Prin cip al Interest GAA Fee s Service F ee SF Int Total to Pay CW-130300 26 $15,524.54 Jul 15, 2029 0.815 % $13,744.90 $889.82 $889.82 $0.00 $0.00 $204,616.48 27 $15,524.54 Jan 15, 2030 0 .815 % $13,856.92 $833.81 $833 .81 $0.00 $0.00 $190,759.56 28 515. 524.54 Jul 15, 2030 0.815 % $13,969 .84 $777 .35 $777 .35 $0.00 $0.00 $176,789 .72 29 $15,524. 54 Jan 15, 2031 0.815 % $14,083.70 $720.42 $720 .42 $0.00 $0.00 $162,706.02 30 $15,524.54 Jul 15, 2031 0.815 % $14,198 .48 $663.03 $663.03 $0.00 $0.00 $148,507.54 31 $15,524.54 Jan 15, 2032 0.815 % $14,314.20 $605.17 $605.17 $0 .00 $0.00 $134,193.34 32 $15,524.54 Jul 15, 2032 0.815 % $14,430.86 $546 .84 $546 .84 $0.00 $0 .00 $119,762.48 33 $15,524.54 Jan 15, 2033 0.815 % $14,548 .48 $488.03 $488 .03 $0 .00 $0.00 $105,214 .00 34 $15,524.54 Jul 15, 2033 0.815 % $14,667.04 $428.75 $428 .75 $0 .00 $0 .00 $90,546.96 35 $15,524.54 Jan 15, 2034 0. 815 % $14,786 .58 $368.98 $368.98 $0 .00 $0 .00 $75,760.38 36 $15,524.54 Jul 15, 2034 0. 815 % $14,907 .10 $308 .72 $308 .72 $0.00 $0.00 $60,853 .28 37 $15, 524.54 Jan 15, 2035 0. 815 % $15,028.58 $247 .98 $247.98 $0.00 $0.00 $45,824 .70 38 $15,524.54 Jul 15, 2035 0.815 % $15,151.06 $186.74 $186 .74 $0.00 $0 .00 $30,673 .64 39 $15,524.54 Ja n 15, 2036 0.815 % $15,274.54 $125 .00 $125.00 $0.00 $0 .00 $15,399 .10 40 $15,524.60 Jul 15, 2036 0. 815 % $15,399.10 $62.75 $62.75 $0.00 CW-130300 Totals 5522,696.15 544,718.69 544,718 .69 510,256 .00 525 .65 Combin ed Date Payment # Payment Principal Interest GAA Fees S ervice Fee SF Int Left To Pay 1/15/2017 1 $15,644. 00 $11,618.02 $2,012. 99 $2,012.99 $511,078.13 7/15/2017 2 $15,644.00 $11,712. 72 $1,965. 64 $1,965.64 $499,365.41 1/15/2018 3 $15,644.00 $1,526.53 $1,917.91 $1,917.91 $10,256.00 $25.65 5497.838 .88 7/18/2018 4 $15,644.00 $11,820. 62 $1,911. 69 $1,911.69 $486,018 .26 1/15/2019 5 $15,644.00 $11,916.96 $1,863. 52 $1,863. 52 $474,101.30 Report Ran 10/20/2022 3:04:40 PM Florida State Re volvi ng Fund Amortization Schedule Rep ort Sponsor: Op a-L ocka Funding Number: CW-130300 Co mbined Date 7/15/2019 1/15/2020 7/15/2020 1/15/2021 7/15/2021 1/15/2022 7/15/2022 1/15/2023 7/15/2023 1/15/2024 7/15/2024 1/15/2025 7/15/2025 1/15/2026 7/15/2026 1/15/2027 7/15/2027 1/15/2028 Paymen t # 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Report Ran 10/20/2022 3:04:40 PM Payment $15,644.00 $15,644. 00 $15,644.00 $15,644.00 $15,644.00 $15,644.00 $15,644.00 $15,524. 54 $15,524.54 $15,524.54 $15,524.54 $15,524.54 $15,524.54 $15,524.54 $15,524.54 $15,524.54 $15,524.54 $15,524. 54 Principal $12,014.08 $12,112.00 $12,210 .70 $12,310.22 $12,410.56 $12,511.70 $13,278. 70 $12,368.42 $12,469.22 $12,570. 86 $12,673.30 $12,776.60 $12,880.72 $12,985.70 $13,091.54 $13,198.22 $13,305.80 $13,414.24 Interest GAA Fees Service Fee SF Int $1,814.96 $1,814.96 $1,766.00 $1,766.00 $1,716.65 $1,716.65 $1,666.89 $1,666 .89 $1,616.72 $1,616 .72 $1,566.15 $1,566 .15 $1,182.65 $1,182.65 $1,578.06 $1,578.06 $0 .00 $0.00 $1,527.66 $1,527 .66 $0 .00 $0.00 $1,476. 84 $1,476.84 $0.00 $0.00 $1,425. 62 $1,425.62 $0 .00 $0 .00 $1,373. 97 $1,373.97 $0.00 $0.00 $1,321. 91 $1,321.91 $0.00 $0.00 $1269.42 $1,269. 42 $0.00 $0.00 $1,216.50 $1,216.50 $0.00 $0 .00 $1,163.16 $1,163.16 $0.00 $0.00 $1,109. 37 $1,109. 37 $0.00 $0.00 $1,055. 15 $1,055.15 $0.00 $0.00 Left To P ay $462,087.22 $449,975.22 $437,764.52 $425,454.30 $413,043.74 $400,532.04 $387,253 .34 $374,884.92 $362,415.70 $349,844.84 $337,171 .54 $324,394.94 $311,514.22 $298,528.52 $285,436.98 $272,238 .76 $258,932.96 $245,518 .72 Florida State Re volving Fund Amortization Sch edule Report Sp onsor: Opa-L ocka Fu ndi ng Number: CW-130300 Combined Date Payment # Payment 7/15/2028 24 $15,524.54 1/15/2029 25 $15,524.54 7/15/2029 26 $15,524.54 1/15/2030 27 $15,524. 54 7/15/2030 28 $15,524. 54 1/15/2031 29 $15,524. 54 7/15/2031 30 $15,524.54 1/15/2032 31 $15,524. 54 7/15/2032 32 $15,524.54 1/15/2033 33 $15,524.54 7/15/2033 34 $15,524. 54 1/15/2034 35 $15,524.54 7/15/2034 36 $15,524. 54 1/15/2035 37 $15,524.54 7/15/2035 38 $15,524.54 1/15/2036 39 $15,524.54 7/15/2036 40 $15,524. 60 To ta l 5622,415.18 Report Ran 10/20/2022 3:04:40 PM Principal $13,523.56 $13,633.78 $13,744.90 $13,856.92 $13,969.84 $14,083.70 $14,198.48 $14,314.20 $14,430.86 $14,548.48 $14,667. 04 $14,786.58 $14,907. 10 $15,028. 58 $15, 151.06 $15,274.54 $15,399. 10 S522,696.15 Interest $1,000.49 $945 .38 $889 .82 $833.81 $777.35 $720.42 $663.03 $605.17 $546.84 $488.03 $428. 75 $368. 98 $308.72 $247.98 $186. 74 $125. 00 $62.75 544,718.69 GAA Fees Service Fee $1,000.49 $0 .00 $945.38 $0 .00 $889.82 $0.00 $833.81 $0.00 $777.35 $0 .00 $720 .42 $0.00 $663 .03 $0 .00 $605 .17 $0 .00 $546 .84 $0 .00 $488 .03 $0 .00 $428.75 $0.00 $368.98 $0 .00 $308.72 $0.00 $247.98 $0 .00 $186.74 $0.00 $125.00 $0.00 $62.75 544,718. 69 $10,256.00 SF Int $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0 .00 $0.00 $0 .00 $0.00 $0 .00 $0.00 $0 .00 $0 .00 525.65 Left To Pay $231,995.16 $218,361 .38 $204,616 .48 $190,759.56 $176,789.72 $162,706.02 $148,507.54 $134,193.34 $119,762.48 $105,214 .00 $90,546.96 $75,760 .38 $60,853.28 $45,824.70 $30,673.64 $15,399.10 $0.00