HomeMy Public PortalAboutAmendment No. 1 to the Clean Water State Revolving Fund Agreement SW131600DocuSign Envelope ID: 71CC37C7-C466-4BD1-9183-DDFOE17B3F74
CLEAN WATER STATE REVOLVING FUND
AMENDMENT 1 TO LOAN AGREEMENT SW131600
VILLAGE OF KEY BISCAYNE
This amendment is executed by the STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION (Department) and the VILLAGE OF KEY BISCAYNE,
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 Clean Water State Revolving Fund
Loan Agreement, Number SW131600, authorizing a Loan amount of $870,000, excluding
Capitalized Interest; and
The Local Government is entitled to additional financing for Design Activities of $3,492,980,
excluding Capitalized Interest; and
Loan repayment activities need rescheduling to give the Local Government additional time to
complete Design Activities; and
Certain provisions of the Agreement need revision and several provisions need to be added to the
Agreement.
The Parties hereto agree as follows:
1. Section 1.01 is amended to include the following definitions:
"Design Activities" shall mean the design of work defined in the approved planning
document that will result in plans and specifications, ready for permitting and bidding, for an
eligible construction project.
2. Subsections 1.01(20) of the Agreement are revised as follows:
(20) "Project" shall mean the Planning and Design Activities for the Key Biscayne
stormwater master plan.
3. Subsections 2.01(5), (10) and (11) of the Agreement are deleted and replaced as
follows:
(5) 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 and Design Activities financed
by this Loan.
(10) The Local Government agrees to complete the Planning and Design Activities in
accordance with the schedule set forth in Section 10.07. Delays incident to strikes, riots, acts of
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God, and other events beyond the reasonable control of the Local Government are excepted.
However, there shall be no resulting diminution or delay in the Semiannual Loan Payment or the
Monthly Loan Deposit.
(11) The Local Government covenants that this Agreement is entered into for the purpose
of completing Planning and Design Activities in order to construct facilities which will, in all
events, serve a public purpose.
4. Section 2.03(1) 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.:
State
Program
Number
Funding Source
CSFA
Number
CSFA Title or
Fund Source
Description
Funding
Amount
State
Appropriation
Category
Original
Agreement
Wastewater
Treatment and
Stormwater
Management TF
37'077
Wastewater
Treatment
Facility
Construction
$4,362,980
140131
5. Article IV of the Agreement is deleted and replaced as follows:
ARTICLE IV - PROJECT INFORMATION
4.01. PROJECT CHANGES.
After the Department's environmental review has been completed, the Local Government
shall promptly notify the Department, in writing, of any Project change that would require a
modification to the environmental information document.
4.02. CLOSE-OUT.
The Department shall conduct a final inspection of the Planning and Design Activities
records. Following the inspection, deadlines for submitting additional disbursement requests, if
any, shall be established, along with deadlines for uncompleted Loan or Principal Forgiveness
requirements, if any. Deadlines shall be incorporated into the Loan Agreement by amendment.
After the Department establishes the final costs to be financed by the Loan, the itemized costs
will be adjusted 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.
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4.03. 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 reimbursement of the incurred planning and design costs and related services.
Disbursements for materials, labor, or services shall be made upon receipt of the following:
(1) A completed disbursement request form signed by the Authorized Representative.
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; and proof of payment.
(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.
(3) Such other certificates or documents by engineers, attorneys, accountants,
contractors, or suppliers as may reasonably be required by the Department.
Requests by the Local Government for disbursements of the planning and design funds
shall be made using the Department's disbursement request form. The Department reserves the
right to retain 25% of the funds until the information necessary for the Department to prepare the
Environmental Information Document as described in Rule 62-503.751, Florida Administrative
Code, has been provided.
6. Section 8.03 of the Agreement is deleted and replaced as follows:
8.03. ACCESS TO PROJECT SITE.
The Local Government shall provide access to offices and other sites where Planning and
Design Activities or Project work (if financed by this Loan) is ongoing, or has been performed,
to authorized representatives of the Department at any reasonable time. The Local Government
shall cause its engineers and contractors to provide copies of relevant records and statements for
inspection.
7. Additional financing in the amount of $3,492,980, excluding Capitalized Interest, is
hereby awarded to the Local Government.
8. A Financing Rate of 2.29 percent per annum is established for the additional
financing amount awarded in this amendment. Individually, the interest rate is 2.29 percent per
annum and the Grant Allocation Assessment rate is 0 percent per annum.
9. The estimated principal amount of the Loan is hereby revised to $4,450,580, which
consists of $4,362,980 authorized for disbursement to the Local Government and $87,600 of
Capitalized Interest.
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10. An additional estimated Loan Service Fee in the amount of $69,860, for a total of
$87,260, is hereby assessed. The fee represents two percent of the Loan amount excluding
Capitalized Interest; that is, two percent of $4,362,980.
11. Section 10.05 of the Agreement is revised as follows:
The Semiannual Loan Payment amount shall be $142,039. Such payments shall be
received by the Department beginning on April 15, 2026, and semiannually thereafter on
October 15 and April 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, after deduction of the Loan Service Fee is complete, 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 $4,537,840,
which consists of the Loan principal plus the estimated Loan Service Fee with its Capitalized
Interest, if any.
12. Section 10.06 of the Agreement is deleted and replaced as follows:
10.06. PROJECT COSTS.
The Local Government and the Department acknowledge that actual Project costs have
not been determined as of the effective date of this Agreement. An adjustment may be made due
to a reduction in the scope of work proposed for Loan funding as a result of the facilities
planning process. Capitalized Interest will be recalculated based on actual dates and amounts of
Loan disbursements. The final costs shall be established in the final amendment. Changes in
costs may also occur as a result of the Local Government's audit or the Department's audit.
Funds disbursed in accordance with Section 4.03 of this Agreement shall be disbursed in
the order in which they have been obligated without respect to budgetary line item estimates. All
disbursements shall be made first from the original Loan amount until that amount has been
disbursed. The Financing Rate established for the original Loan amount shall apply to such
disbursements for the purpose of determining the associated Capitalized Interest and repayment
amounts. The Financing Rate established for any additional increment of Loan funds shall be
used to determine the Capitalized Interest and repayment amounts associated with the funds
disbursed from that increment.
The estimated Project costs are revised as follows:
CATEGORY
Planning and Design Activities
Capitalized Interest
TOTAL (Loan Principal Amount)
PROJECT COSTS ($)
4,362,980
87,600
4,450,580
13. The items scheduled under Section 10.07 of the Agreement are rescheduled as
follows:
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(2) Completion of all Planning and Design Activities for all Project facilities proposed
for loan funding by October 15, 2025.
(3) Unless deferred by amendment, establish the Loan Debt Service Account and begin
Monthly Loan Deposits no later than October 15, 2025.
(4) The first Semiannual Loan Payment in the amount of $142,039 shall be due
April 15, 2026.
14. Section 10.08 of the Agreement is added as follows:
10.08. SPECIAL CONDITION.
Prior to execution of this Agreement, the Local Government shall submit a signed
contract between the engineering consulting firm and the Local Government with specific details
of the design work to be completed.
15. All other terms and provisions of the Loan Agreement shall remain in effect.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
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This Amendment 1 to Loan Agreement SW131600 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
VILLAGE OF KEY BISCAYNE
,--•DocuSigned by:
Sfuwit C litvmsotA,
i
Vllage Manager
0 — DocuSigned by:
ar,Srar,rung, ,„
SEAL
Attest:
Village Clerk
Approved as to form and legal sufficiency:
nocuS>®n@d by.
f9Jf1f,Ct.EE1&a, F..
Village Attorney
for
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
Secretary or Designee Date
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