HomeMy Public PortalAboutResolution No. 24 -027 -Resolution approving a plan to modify the agreement between the City of Opa-locka and Miami-Dade County related to a utilities debt repayment scheduleSponsored by: Interim City Manager
RESOLUTION NO. 24-027
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
OPA-LOCKA, FLORIDA, APPROVING A PLAN TO MODIFY THE
AGREEMENT BETWEEN THE CITY OF OPA-LOCKA AND
MIAMI-DADE COUNTY RELATED TO A UTILITIES DEBT
REPAYMENT SCHEDULE, ATTACHED HERETO AS EXHIBIT
"A"; FURTHER DIRECTING THE CITY CLERK TO FORWARD A
COPY OF THIS RESOLUTION TO THE MIAMI-DADE COUNTY
BOARD OF COUNTY COMMISSIONERS FOR
CONSIDERATION AND APPROVAL; PROVIDING FOR
INCORPORATION OF RECITALS; PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, a proposal has been developed to modify the debt owed by the
City of Opa-Locka ("City") to Miami -Dade County ("County") for utility services
provided by the County; and
WHEREAS, the City obtains potable water from Miami -Dade County and the
County process the wastewater that the City collects in its sewer system; and
WHEREAS, due to the financial difficulties that the City encountered a decade
ago, the City was unable to pay for these services at the time; and
WHEREAS, as part of assisting the City to recover after having declared a
Financial emergency, the City entered into an agreement with the County for the
County to take over meter reading, billing and collection related to City utility
services; and
WHEREAS, as a part of this agreement, the City would owe the County Five
Million, Five Hundred Seventy Thousand, Two Hundred Ninety -Seven Dollars
($5,570,297.00), which was to be paid back over a 60 -month period with a Three
Percent (3%) interest rate. This arrangement translated into a monthly payment of
One Hundred Thousand, Ninety Dollars and Ninety -Five Cents ($100,090.95), which
began in June, 2019, with the final payment due May, 2024. All payments due have
been made; and
WHEREAS, additionally, it was recognized that the City's entire water meter
network required replacement, which the County completed for an agreed cost of
Two Million, Five Hundred Thousand Dollars ($2,500,000.00); and
WHEREAS, it was further agreed that this amount would also be paid back
over a 60 -month period with a Three Percent (3%) interest rate. This translates into
Resolution No. 24-027
monthly payments of Forty -Four Thousand, Nine Hundred Twenty -One Dollars and
Seventy -Three Cents ($44,921.73) with payments starting as of January, 2023. All
payments due have been made; and
WHEREAS, in October, 2023, the County advised the City that the meter
installation was Sixty -Three Thousand Eight Hundred Thirty -Two Dollars
($63,832.00) higher than anticipated and added this amount to the second -round debt
to be repaid. At the repayment rate of Forty -Four Thousand, Nine Hundred Twenty -
One Dollars and Seventy -Three Cents ($44,921.73), this increased the repayment term
to Sixty -Two (62) months and added Eight Thousand, Seven Hundred Thirty -Six
Dollars ($8,736.00) of additional interest expense; and
WHEREAS, the City's Water -Sewer Fund is in poor financial condition. The
current rate structure is based on the rates approved for October 1, 2015, though costs
have risen very significantly since then. The combination of no rate increases,
significantly increasing costs and the additional cost of having to repay the County
for debts incurred many years ago has resulted in the Water -Sewer Fund having
extremely low reserves; and
WHEREAS, to take financial pressure off this Fund, staff has developed a
proposal that the County has indicated it would find acceptable, subject to the
approval of the Board of County Commissioners. The proposal is composed of the
following elements: First Round of Debt total Five Million, Five Hundred Seventy
Thousand, Two Hundred Ninety -Seven Dollars ($5,570,297.00) - Through January,
2024, the City has paid Four Hundred Thirty -Two Thousand, Six Hundred Seventy
Dollars ($432,670.00) of interest. This will be converted to principal payments.
Consequently, as of January, 2024 this debt will be fully paid off, saving the City Four
Hundred Thirty -Five Thousand, Two Hundred Twenty -Eight Dollars ($435,228.00)
of interest the City would have incurred if the debt had run full term to May without
the conversion of interest payments to principal payments; Second Round of Debt
totals Two Million, Five Hundred Sixty -Three Thousand, Eight Hundred Thirty -Two
Dollars ($2,563,832.00) -As of February, 2024, it is proposed to increase the scheduled
payments from Forty -Four Thousand Nine Hundred Twenty -Two Dollars
($44,922.00) to One Hundred Thousand Dollars ($100,000.00). Under this scenario,
the last payment will be in November, 2025 rather than February, 2028. The shorter
repayment period results in interest savings of Seventy -Two Thousand Six Hundred
Sixty -One Dollars ($72,661.00); and
WHEREAS, in addition to the interest savings of Five Hundred Seven
Thousand, Eight Hundred Eighty -Nine Dollars ($507,889.00) noted above over the
life of the two loans, a current year budget amendment is required. The current Fiscal
Year 2023-2024 repayment budget for these two debts is One Million Three Hundred
Thirty -Nine Thousand Eight Hundred Fifty Dollars ($1,339,850.00). Budget
2
Resolution No. 24-027
Amendment #2 will add Ten Thousand, Nine Hundred Fifty Dollars ($10,950.00) to
reflect the new repayment schedules; and
WHEREAS, the City Commission of the City of Opa-Locka finds that it is in the
best interest of the City and its residents to approve the proposed plan to modify the
agreement between the City and Miami -Dade County related to the Utilities Debt
Repayment Schedule, attached here as Exhibit "A"; further directing the City Clerk to
forward a copy of this resolution, attached hereto as Exhibit "A", to Miami -Dade County
for consideration and approval by the Miami -Dade County Board of Commissioners.
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 approves the proposed
plan to modify the agreement between the City of Opa-Locka, Florida and Miami -
Dade County related to a Utilities Debt Repayment Schedule, attached hereto as
Exhibit "A"; further directing the City Clerk to forward a copy of this Resolution
to the Miami -Dade County Board of County Commissioners, for consideration and
approval.
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 15th day of Februa 124.
John H. Ta or Jr., Mayor
3
Resolution No. 24-027
ATTEST:
a Flores, City Clerk
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
B rn. ette Nores-Weeks, P.A.
Attorney
Moved by: Commissioner Bass
Seconded by: Vice Mayor Ervin
VOTE: 3-0
Commissioner Bass YES
Commissioner Kelley ABSENT
Commissioner Williams ABSENT
Vice Mayor Ervin YES
Mayor Taylor YES
4
City of Opa-locka
Agenda Cover Memo
City
Manager:
Mana g
Darvin E. Williams
CM Signature:
,�-
, r ,
Commission
Meeting
Date:
Feb 15, 2024
Item Type:
(EnterX in box)
Resolution
rdinance
Other
X
Fiscal
Impact:
(EnterX in box)
N/A
Yes
No
Ordinance Reading:
(EnterX in box)
1st Reading
2fld Reading
NA
X
Public Hearing:
(EnterX in box)
Yes
No
Yes
No
X
Funding
Source:
Account# :
(Enter Fund &
Dept)
Ex:
See Financial
Impact
Section
Advertising Requirement:
(Enter X in box)
Yes
No
X
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 Dev
Public Safety
Quality of Education
Qual. of Life & City Image
Communication
Area:
•
Strategic Plan Obj./Strategy:
(list the specific objective/strategy this
item will address)
All areas
X
•
•
•
•
•
Sponsor
Name
City Manager
Department:
City Manager
Short Title:
Revised Debt Repayment For County Water -Sewer Debt
Staff Summary:
Issue / Recommendation: A proposal has been developed to modify the debt owed by the City to the County
for utility services provided by the County. Staff recommends approval of this proposal.
Background / History: The City obtains potable water from the County and has the County process the
wastewater the City collects in its sewer system. Due to the financial difficulties the City encountered a decade
ago, the City was unable to pay for these services then. As part of assisting the City to recover after having
declared a Financial emergency, the City entered into an agreement with the County for the County to take
over the meter reading, billing and collection for City utility services. As part of this agreement, it was agreed
that the City owed the County $5,570,297 which was to be paid back over a 60 -month period with a 3% interest
rate. This translated into a monthly payment of $100,090.95 which began as of June, 2019 with the final
payment due as of May, 2024. All payments due have been made.
Additionally, it was recognized that the City's entire water meter network required replacement, which the
County has done with an agreed cost of $2,500,000. It was further agreed that this amount would also be paid
back over a 60 -month period with a 3% interest rate. This translates into monthly payments of $44,921.73
with payments starting as of January, 2023. All payments due have been made.
In October, 2023, the County advised the City that the meter installation was $63,832 higher than anticipated
and added this to the second round debt to be repaid. At the repayment rate of $44,921.73, this increased the
repayment term to 62 months and added $8,736 of additional interest expense.
Current Activity: As has been discussed, the Water -Sewer Fund is in very poor financial condition. The current
rate structure is based on the rates approved for October 1, 2015 even though costs have risen very
significantly since then. The combination of no rate increases, significantly increasing costs and the additional
cost of having to repay the County for debts incurred many years ago has resulted in the Water -Sewer Fund
having extremely low reserves.
To take financial pressure off this Fund, staff has developed a proposal that the County has indicated it would
find acceptable, subject to the approval of the County Board of Commissioners. The proposal is composed of
the following elements.
First Round Of Debt ($5,570,297) - Through January, 2024, the City has paid $432,670 of interest. This will be
converted to principal payments. Consequently, as of January, 2024 this debt will be fully paid off, saving the
City $435,228 of interest the City would have incurred if the debt had run full term to May without the
conversion of interest payments to principal payments.-.
Second Round of Debt ($2,563,832) - As of February, 2024, it is proposed to increase the scheduled payments
from $44,922 to $100,000. Under this scenario, the last payment will be in November, 2025 rather than
February, 2028. The shorter repayment period results in interest savings of $72,661.
Financial Impact: In addition to the interest savings of $507,889 noted above over the life of the two loans, a
current year budget amendment is required. The current FY 24 repayment budget for these two debts is
$1,339,850. Budget Amendment #2 will add $10,950 to reflect the new repayment schedules.
Proposed Action:
Staff recommends the City Commission approve the proposed plan to modify the County Utilities Debt
Repayment Schedule and direct that it be forwarded to the County for consideration for approval by the
County Board of Commissioners.
Attachment:
1. Proposed Amendment To Agreement For County To Provide Utility Services For The City
2. Amended Agreement Exhibit B-1
3. Amended Agreement Exhibit D-1
SECOND AMENDMENT TO THE AGREEMENT
FOR THE BILLING OF
WATER, SANITARY SEWAGE AND STORMWATER UTILITY SERVICE CHARGES
BETWEEN
MIAMI-DADE COUNTY
AND
THE CITY OF OPA-LOCKA
THIS SECOND AMENDMENT, entered into this day of , 2024 (the
"Effective Date"), by and between the CITY OF OPA-LOCKA, FLORIDA, a municipal
corporation of the State of Florida (the "City"), and MIAMI-DADE COUNTY, a political
subdivision of the State of Florida (the "County," and collectively with the City, the "Parties")
amends the Agreement for the Billing of Water, Sanitary Sewage and Stormwater Utility Service
Charges between the County and the City, which became effective on August 4, 2017 (the
"Agreement"), and which was amended once on August 8, 2018.
WHEREAS, in the Agreement, the Parties agreed that the City owed the County a debt of
$6,980,375 for a variety of past services provided to the City by the County, including amounts
owed to the County's Information Technology Department; Internal Services Department; Parks,
Recreation and Open Spaces Department; Police Department; Department of Regulatory and
Economic Resources; Department of Solid Waste Management; Water and Sewer Department; and
the Office of the CITT (the "Original Debt"); and
WHEREAS, based on the Original Debt, the Agreement specified that the City was to pay
the County $125,428.20 per month, thereby resulting in the Original Debt being fully repaid to the
County in 60 months, including a three percent (3%) annual interest rate; and
WHEREAS, after the Agreement was executed, the Parties discovered that $1,400,000 of
the Original Debt that the City allegedly owed to the County's Office of the CITT was not reflective
of current liabilities and, therefore, should not have been included in the Original Debt; and
WHEREAS, subsequent to the Parties executing the Agreement, the Parties also
discovered that the City had made payments in the amount of $10,077.70 directly to the various
County departments that were owed money through the Original Debt; and
WHEREAS, once the $1,410,077.70 amount was deducted from the Original Debt, the
remaining debt owed by the City to the County for past services rendered was $5,570,297.30 (the
"Adjusted Debt"); and
WHEREAS, based on the Adjusted Debt, the monthly payment from the City was reduced
to $100,090.95, which included a three percent (3%) annual interest rate, for 60 months until the
Adjusted Debt was fully repaid; and
WHEREAS, since June 2019, the City has made its monthly payment of $100,090.95
under the Agreement; and
1
WHEREAS, because the City has been making its required payments timely and
consistently over the last four (4) years, it has requested that the County eliminate the interest due
on the Adjusted Debt; and
WHEREAS, based on the City's steady payment history and cooperation in carrying out
the terms of the Agreement over the last four (4) years, the County agrees to eliminate the three
percent (3%) annual interest rate on the Adjusted Debt and instead apply any portions of the
previous payments made by the City that were allocated for interest to the principal on the Adjusted
Debt; and
WHEREAS, once the amount collected toward interest to date is applied to the principal
on the Adjusted Debt, the City will have completed repayment of the Adjusted Debt through the
payment made to the County based on the January 2024 billings; and
WHEREAS, in addition to the Adjusted Debt, pursuant to Paragraph 16(B) of the
Agreement, the City also owes the County $2,500,000 because the County installed new meters
throughout the City in order to assist with the upgrade of the City's utility and the County's billing
services for the City under the Agreement (the "Meter Debt"); and
WHEREAS, the City has been making monthly payments toward the Meter Debt in the
amount of $44,921.73 since January 2023, which payments include a three percent (3%) annual
interest rate; and
WHEREAS, in October 2023, the County purchased additional meters for the City in the
amount of $63,831.71, which has been added to the Meter Debt; and
WHEREAS, the City would like to increase its monthly payment toward the Meter Debt
from $44,921.73 to $100,000, including the three percent (3%) annual interest rate; and
WHEREAS, the County agrees to the City's request to increase the amount of its monthly
payments toward the Meter Debt; and
WHEREAS, to the extent the County must purchase and install additional meters for the
City in the future, the County will invoice the City for the costs of the labor and materials for such
meters, and the City shall pay for such costs through either direct payment to the County or by
allowing the County to deduct the costs through the remittance process of the City's funds that are
collected by the County pursuant to the Agreement,
NOW, THEREFORE, in consideration of the covenants herein stated, the Parties agree
as follows:
Section 1. The above recitals are true and correct and are incorporated into this
Agreement.
Section 2. The County agrees to eliminate the three percent (3%) annual interest
payment on the Adjusted Debt and will apply any monies already paid by the City toward interest
2
to the principal of the Adjusted Debt. The County further agrees that, with the application of the
interest payments made to date to the principal, the City will have repaid the Adjusted Debt to the
County as of its payment made with the January 2024 billings. Attached hereto is a revised Exhibit
B-1 to the Agreement, which reflects the elimination of the interest portion of the repayment on
the Adjusted Debt (hereinafter, "Amended Exhibit B-1").
Section 3. The County agrees that the City may accelerate its repayment of the Meter
Debt by making monthly payments in the amount of $100,000 rather than $44,921.73, including
the interest due on the Meter Debt, until the Meter Debt has been repaid in full, which is estimated
to be by the end of 2025. Attached hereto is a revised Exhibit D-1 to the Agreement, which reflects
the accelerated payments on the Meter Debt (hereinafter, "Amended Exhibit D-1").
IN WITNESS WHEREOF, the Parties hereto have executed these presents as of the day
and year first above written.
ATTEST:
Juan Fernandez-Barquin, MIAMI-DADE COUNTY, a political
Clerk of the Court and Comptroller subdivision of the State of Florida
BY: BY:
Deputy Clerk County Mayor
Print Name
ATTEST:
BY:
Date
CITY OF OPA-LOCKA
BY:
City Clerk City Manager
Approved as to form and legal Approved as to form and legal
sufficiency: sufficiency:
Assistant County Attorney
3
DoCUS gn Envelope ID: 4A4CB310-71E6-494E-B09F-0A6EA005EB13
Years:
*Interest Rate:
Debt Amount:
Miami -Dade County Overall Debt Amortization Table
City of Opa-locka
5
5,5 711,297,30
*Credit for interest
Principal Amount: 5,570,297.30
Final Putt:: <;_
Monthly Payment: 100,090.95 65,295.05 1
**Months: 60
** Debt restructure resulted in decrease in number of months from 60 to 56.
paid through Jan. 2024 fully applied to principal. Therefore,
*Loan Future Value
Total Interest Payment
Loan Future Value is the same as the Principal amount.
5,570,297.30
0.00
Payrpent # ......Pr{ncipa
otal:P{incipa
. Pa,d
(nteresf:::::
of i:Interes
a/anc
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
200,181.90
300,272.85
400,363.80
500,454.75
600,545.70
700,636.65
800,727.60
900,818.55
1,000,909.50
1,101,000.45
1,201,091.40
1,301,182.35
1,401,273.30
1,501,364.25
1,601,455.20
1,701,546.15
1,801,637.10
1,901,728.05
2,001,819.00
2,101,909.95
2,202,000.90
2,302,091.85
2,402,182.80
2,502,273.75
2,602,364.70
2,702,455.65
2,802,546.60
2,902,637.55
3,002,728.50
3,102,819.45
3,202,910.40
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
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
0.00
0.00
0.00
0.00
o.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00 I
0.00
0.00
0.00
0.00
0.00
0.00
0.00 I
0.00
0.00
0.00 I
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5,570,297.30
5,470,206.35
5,370,115.40
5,270,024.45
5,169,933.50
5,069,842.55
4,969,751.60
4,869,660.65
4,769,569.70
4,669,478.75
4,569,387.80
4,469,296.85
4,369,205.90
4,269,114.95
4,169,024.00 I
4,068,933.05
3,968,842.10
3,868,751.15
3,768,660.20
3,668,569.25
3,568,478.30
3,468,387.35 I
3,368,296.40
3,268,205.45
3,168,114.50 I
3,068,023.55
2,967,932.60
2,867,841:65
2,767,750.70
2,667,659.75
2,567,568.80
2,467,477.85
2,367,386.90
Monthly
Payment
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
Billings for the
Month of
June 2019
July 2019
Aug. 2019
Sep. 2019
Oct. 2019
Nov. 2019
Dec. 2019
Jan. 2020
Feb. 2020
March 2020
April 2020
May 2020
June 2020
July 2020
Aug. 2020
Sep. 2020
Oct. 2020
Nov. 2020
Dec. 2020
Jan. 2021
Feb. 2021
March 2021
April 2021
May 2021
June 2021
July 2021
Aug. 2021
Sep. 2021
Oct. 2021
Nov. 2021
Dec. 2021
Jan. 2022
EXHIBIT
DocuS gn Envelope ID; 4MCB316.71E6494E-B09F-DAMEADDSE813
Years:
*Interest Rate:
Debt Amount:
Principal Amount:
Miami -Dade County Overall Debt Amortization Table
City of Opa-locka
5
5,570,297.30
Monthly Payment: 100,090.95
**Months: 60
" Debt restructure resulted in decrease in number of months from 60 to 56.
*Credit for interest paid through Jan. 2024 fully applied to principal. Therefore, Loan Future Value is the same as the Principal amount.
*Loan Future Value 5,570,297.30
5,570,297.30 Total Interest Payment 0.00
Final.:Pmf s_:' '
z> 65295,05;:
ayriient #_ : <>: Princppa,
otal:Principa
:Paid
otai.Interest
Paid
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
561
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
65,295.05 1
3,303,001.35
3,403,092.30
3,503,183.25
3,603,274.20
3,703,365.15
3,803,456.10
3,903,547.05
4,003,638.00
4,103,728.95
4,203,819.90
4,303,910.85
4,404,001.80
4,504,092.75
4,604,183.70
4,704,274.65
4,804,365.60
4,904,456.55
5,004,547.50
5,104,638.45
5,204,729.40
5,304,820.35
5,404,911.30
5,505,002.25
5,570,297.30 1
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
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 1
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
2,267,295.95
2,167,205.00
2,067,114.05
1,967,023.10
1,866,932.15
1,766,841.20
1,666,750.25
1,566,659.30 1
1,466,568.35
1,366,477.40
1,266,386.45
1,166,295.50
1,066,204.55
966,113.60
866,022.65
765,931.70
665,840.75
565,749.80
465,658.85
365,567.90
265,476.95
165,386.00
65,295.05
(0.00)I** 1
Monthly
Payment
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
100,090.95
65,295.05 1
Billings for the
Month of
Feb. 2022
March 2022
April 2022
May 2022
June 2022
July 2022
Aug. 2022
Sep. 2022
Oct. 2022
Nov. 2022
Dec. 2022
Jan. 2023
Feb. 2023
March 2023
April 2023
May 2023
June 2023
July 2023
Aug. 2023
Sep. 2023
Oct. 2023
Nov. 2023
Dec. 2023
Jan. 2024
DocuSIgn Envelope ID: 4A4CD310-71E6-494E-e09F.DA6EADO5E813
Miami -Dade County Meter Replacement & Installation Cost Amortization Table
City of Opa-locka
Years:
Interest Rate:
Debt Amount:
3.11.00"/O
2.500,(100.00
'rincipal Amount: 2,500,000.00
c;r
0
1
2
3
4
5
6
7
8
9
10
11
12
13
15
16
171
18
19
20
211
22
23
24
25
26
27
28
29
30
31
32
33
34
t2ev'ision Piiit:;'FinalPit?: _
Monthly Payment: 44,921.73 ;:;100,006.00:> 11,228.33;
Months: 60 `
0.250%
:Proposed effechve date: February2024 Billings
Loan Future Value ''2,695,210.78,
!Additional Meter Replacement ;:
Expense as of Oct 23 63.,831.71:'
Total Interest Payment .131,379.06:' •
' Debt restructure resulted m decrease in number of months from 60 to,35:and an interest savings of
$63,924.53.:Debt restructure Is based on'ttie actuatcost of meter. replacements which,was approz _$.64K.
over the estimated arilounE ;: ;:;:'
:Total Principal. •: ' Total Interest Monthly Billings for
..Prlgcipat : Paid Interest Pard Balance Payment the Month of
0.00 2,500,000.00
38,671.73 38,671.73 6,250.00 6,250.00 2,461,328.27 44,921.73 Jan. 2023
38,768.41 77,440.13 6,153.32 12,403.32 2,422,559.87 44,921.73 Feb. 2023
38,865.33 116,305.46 6,056.40 18,459.72 2,383,694.54 44,921.73 March 2023
38,962.49 155,267.95 5,959.24 24,418.96 2,344,732.05 44,921.73 April 2023
39,059.90 194,327.85 5,861.83 30,280.79 2,305,672.15 44,921.73 May 2023
39,157.55 233,485.39 5,764.18 36,044.97 2,266,514.61 44,921.73 June2023
39,255.44 272,740.83 5,666.29 41,711.25 2,227,259.17 44,921.73 July 2023
39,353.58 312,094.41 5,568.15 47,279.40 2,187,905.59 44,921.73 Aug. 2023
39,451.96 351,546.37 5,469.76 52,749.17 2,148,453.63 44,921.73 Sep. 2023
39,550.59 391,096.97 5,371.13 58,120.30 2,172,734.74 44,921.73 Oct, 2023
39,489.09 430,586.86 5,431.84 63,552.14 2,133,244.85 44,921.73 Nov.2023
39,588.61 470,175.47 5,333.11 68,885.25 2,093,656.24 44,921.73 Dec. 2023
39,687.59 509,863.06 5,234.14 74,119.39 2,053,968.651 44,921.73 Jan. 2024
i ; vrip: . i }LY0 _0 1 _ !„ 1 1 e .?c- n:..P F' ..5 ..'.4 t, �.
95,102.24 699,830.38 4,897.76
95,340.00 795,170.37 4,660.00
95, 578.35 1 890,748.72 1 4,421.65 1
95,817.29 986,566.01 4,182.71
96,056.84 1,082,622.85 3,943.16
96,296.98 1,178,919.83 3,703.02
96, 537.72 1 1,275,457.55 1 3,462.28 1
96, 779.06 1,372,236.61 3,220.94
97,021.01 1,469,257.62 2,978.99
97,263.56 1,566,521.19 2,736.44
97, 506.72 1,664,027.91 2,493.28
97,750.49 1,761,778.40 2,249.51
97,994.87 1,859,773.27 2,005.13
98, 239.85 1,958,013.12 1,760.15
98,485.45 2,056,498.58 1,514.55
98,731.67 2,155,230.24 1,268.33
98,978.50 2,254,208.74 1,021.50
99,225.94 2,353,434.68 774.06
99,474.01 2,452,908.69 525.99
99,722.69 2,552,631.38 277.31
84,152.07
88,812.07
93,233.73 1
97,416.43
101,359.60
105,062.62
108,524.90 1
111,745.84
114,724.82
117,461.26
119,954.53
122, 204.04
124,209.18
125,969.32
127,483.87
128,752.20
129,773.71
130,547.76
131,073.76
131,351.06
1,864,001.33
1,768,661.34
1,673,082.99 1
1,577,265.70
1,481,208.86
1,384,911.88
1,288,374.16 1
1,191,595.10
1,094,574.09
997,310.52
899,803.80
802,053.31
704,058.44
605,818.59
507,333.13
408,601.47
309,622.97
210,397.03
110,923.02
11,200.33
100,000.00
100,000.00
100,000.00 1
100,000.00
100,000.00
100,000.00
100,000.00 1
100,000.00
100,000.00
100,000.00
100,000.00
100,000.00
100,000.00
100,000.00
100,000.00
100,000.00
100,000.00
100,000.00
100,000.00
100,000.00
March 2024
April 2024
May 2024
June2024
July 2024
Aug. 2024
Sep. 2024
Oct. 2024
Nov. 2024
Dec. 2024
Jan. 2025
Feb. 2025
March 2025
April 2025
May 2025
June 2025
July 2025
Aug. 2025
Sep. 2025
Oct. 2025
EXHIBIT
;3
DocuSip Envelope ID: 4A4CB310-71E6-494E-a08F•DA6EADO5ED13
Miami -Dade County Meter Replacement & Installation Cost Amortization Table
City of Opa-Iocka
Years:
Interest Rate:
Debt Amount:
5
3.000%
2.500,000,tu1
rincipal Amount: 2,500,000.00
Revision:Pmt
Monthly Payment: 44,921 73 ,100,000 00 11228.33;;
Months: 60
0.250%
propdsed;effectRe date February Via Billings
Loan Future Value 2 695 210 ]8`:: '
Additional Meter Replacement
Expense as of Oct 23 ¢3131.71:
Total Interest Payment 131;379.08'
'? Debt restructure resulted in decrease In number of months from 60 to 35 and an interest savings of
$63,924.53.1. Debt restructure Is based on, the actual cost of meter fepracements which.was approz $64K ':
Total Principal..: Total Jnterest Monthly Billings for
Payment # Prinalpal Palxf Interest Paid Balance Payment the Month of
35 11,200.33 2,563,831.71 28.00 131,379.06 (0.00) 11,228.33 Nov. 2025
Dec. 2025