HomeMy WebLinkAboutR-2005-014 SRF Loan re water tank RESOLUTION NO. 2005-014
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, RELATING TO THE STATE REVOLVING FUND LOAN
PROGRAM; MAKING FINDINGS; AUTHORIZING SUBMISSION BY THE
CITY OF THE LOAN APPLICATION TO THE PROGRAM FOR $2,362,490
FOR CONSTRUCTION ACTIVITIES ASSOCIATED WITH A NEW WATER
TANK FOR THE CITY AT THE WATER PLANT SITE AND RELATED
ANCILLARY CONSTRUCTION; AUTHORIZING THE CITY MANAGER TO
EXECUTE THE LOAN AGREEMENT; ESTABLISHING PLEDGED
REVENUES; DESIGNATING AUTHORIZED REPRESENTATIVES;
PROVIDING ASSURANCES; PROVIDING FOR CONFLICTS; FURTHER,
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Florida Statutes provide for loans to local government agencies to finance
the construction of water facilities; and
WHEREAS, related Florida Administrative Code rules require authorization to apply for
loans, to establish pledged revenues, to designate an authorized representative, to provide
• assurances of compliance with loan program requirements and to enter into a loan agreement;
and
WHEREAS, the State Revolving Fund loan priority list designates DEP Project No.
DW0604010 for financing of construction activities; and
WHEREAS, these loan funds are for construction activities associated with a new water
tank for the city at the water plant site and related ancillary construction as approved in the FY-
05 Capital Improvement Plan, activities which are eligible for SRF funding; and
WHEREAS, the City of Dania Beach, Florida, intends to enter into a loan agreement
with the Florida Department of Environmental Protection under the State Revolving Fund for
project financing;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF DANIA BEACH,FLORIDA, AS FOLLOWS:
Section 1. That the foregoing "WHEREAS" clauses are ratified and confirmed as being
true and correct and are made a part of this Resolution.
0 Section 2. That the City of Dania Beach, Florida is authorized to apply for a loan to
finance DEP Project No. DW0604010.
Section 3. That the revenues pledged for the repayment of the loan are net water and
sewer system revenues as noted in the loan application.
Section 4. That the City Manager is designated as the authorized representative to
provide the assurances and commitments required by the loan application.
Section 5. That the City Manager is designated as the authorized representative to
execute the loan agreement which will become a binding obligation in accordance with its terms
when signed by both parties. The City Manager is authorized to delegate responsibility to
appropriate City staff to carry out technical, financial, and administrative activities associated
with the loan agreement.
Section 6. That the legal authority for borrowing monies to construct this Project is
found in the Florida Statutes.
Section 7. That all resolutions or parts of resolutions in conflict with this Resolution are
repealed to the extent of such conflict.
• Section 8. That this Resolution shall be in force and take effect immediately upon its
passage and adoption.
PASSED AND ADOPTED on January 11, 2005.
C.K. MCELY A
MAYOR—COMMISSIONER
ATTEST: ROLL CALL:
COMMISSIONER ANTON - YES
�aet �-' COMMISSIONER CHUNK - YES
LOUISE STILSON COMMISSIONER FLURY - YES
CITY CLERK VICE-MAYOR MIKES —YES
MAYOR MCELYEA - YES
APPROVED AS FORM AND CORRECTNESS
BY:
THOMAS J. A,4 O
CITY ATTORNEY
•
2 RESOLUTION 42005-014
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
STATE REVOLVING
DRINKING WATER FACILITIES
Dania Beach Water Storage Tank
DW 0604010
LOANO APP" Llu" I"kTION
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Florida Department of Environmental Protection
Bureau of Water Facilities Funding
Twin Towers Office Building
2600 Blair Stone Road
Tallahassee, Florida 32399-2400
DEP Form 62-552.900(2) Effective Date 07-20-99
TABLE OF CONTENTS
Page
Number
LOAN APPLICATION
(1) SUBMITTAL......................:.................................................................................................................. 1
(2) COMPLETING THE APPLICATION.................................................................................................... 1
(3) ASSISTANCE...................................................................................................................................... 1
PART I -ADMINISTRATIVE INFORMATION
(1) PROJECT SPONSOR APPLYING FOR LOAN................................................................................... 1
(2) AUTHORIZED REPRESENTATIVE.................................................................................................... 1
(3) PRIMARY CONTACT PERSON ......................................................................................................... 1
(4) ADDITIONAL PERSON(S)TO RECEIVE COPY OF DEPARTMENT CORRESPONDENCE........... 1
(5) PROJECT NUMBER ........................................................................................................................... 1
(6) LOAN AGREEMENT DATE................................................................................................................. 2
(7) PREAWARD COMPLIANCE......................................................................................................... 2
(8) FEDERAL EQUIVALENCY REQUIREMENTS...........................................:................................... 2
PART II - PROJECT INFORMATION
SUBPART (A): PRECONSTRUCTION LOAN INFORMATION
(1) PRECONSTRUCTION ACTIVITIES............................................................................................. 2
(2) PRECONSTRUCTION LOAN SCHEDULE..................................................................................... 2
(3) PRECONSTRUCTION LOAN PROJECT COST............................................................................. 2
SUBPART (B): CONSTRUCTION LOAN INFORMATION
is (1) CONSTRUCTION ACTIVITIES........................................................................................................... 2
(2) CONSTRUCTION LOAN PROJECT COSTS...................................................................................... 3
PART III -FINANCIAL INFORMATION
(1) PRINCIPAL AMOUNT OF THE LOAN ................................................................................................ 3
(2) LOAN TERMS AND REPAYMENT ..................................................................................................... 3
(3) LOAN REPAYMENT RESERVE.......................................................................................................... 3
(4) ADDITIONAL LOAN SECURITIZATION........................................................................... 4
(5) INFORMATION ON LIENS.................................................................................................................. 4
(6) ACTUAL AND PROJECTED REVENUES .......................................................................................... 4
(7) LEGAL OPINION ON THE AVAILABILITY OF PLEDGED REVENUES............................................. 4
(8) RESOLUTION ESTABLISHING PLEDGED REVENUES...................................................... 4
PART IV—APPLICANT RESOLUTION,ASSURANCES,AND CERTIFICATION .........................................
(1) RESOLUTION ..................................................................................................................................... 4
(2) ASSURANCES AND CERTIFICATION............................................................................................... 5
SCHEDULE OF PRIOR AND PARITY LIENS................................................................................................... 7
SCHEDULE OF ACTUAL REVENUES AND DEBT COVERAGE FOR RATE-BASED SYSTEM 8
PLEDGEDREVENUE...........................................................................................................................
SCHEDULE OF PROJECTED REVENUES AND DEBT COVERAGE FOR RATE-BASED SYSTEM 9
PLEDGEDREVENUE...............................................................................................................................
LISTOF ATTACHMENTS................................................................................................................................. 10
•
DEP Form 62-552.900(2) Effective Date 07-20-99
LOAN APPLICATION
(1) SUBMITTAL. Submit the application and attachments to the Department of Environmental Protection,
MS 3505, Bureau of Water Facilities Funding, 2600 Blair Stone Road, Tallahassee, Florida 32399-2400.
(2) COMPLETING THE APPLICATION.
(a) This application consists of four parts: (1) ADMINISTRATIVE INFORMATION; (II) PROJECT
INFORMATION; (III) FINANCIAL INFORMATION; and (IV)APPLICANT RESOLUTION, ASSURANCES, AND
CERTIFICATION.
(b) All information provided on this application must be typed. Monetary amounts may be rounded to the
nearest$1,000.
(c) Attachments to be submitted are denoted with italic print. They are to be listed on Page 10.
(3)ASSISTANCE.
Bureau of Water Facilities Funding staff are available to provide assistance. Please call (850) 488-8163 or
SUNCOM 278-8163.
PART I -ADMINISTRATIVE INFORMATION
(1) PROJECT SPONSOR APPLYING FOR LOAN. City of Dania Beach
Federal Employer Identification Number. 59-6000-338
(2)AUTHORIZED REPRESENTATIVE. [Person formally authorized by the project sponsor to sign or attest to
loan documents, including this application. If more than one, attach the information (Attachment# ).]
• Name Ivan Pato Telephone 954-924-3610
Title City Manager
Mailing Address 100 W. Dania Beach Blvd Dania Beach FL 33004
(3) PRIMARY CONTACT PERSON. (Person to answer questions about this application.)
Name Fernando Vazquez, P.E. Title Public Services Director
Telephone 954-924-3740 Fax 954-923-1109 E-Mail fvazguez(a)ci.dania-beach.fl.us
Employer City of Dania Beach
Mailing Address 100 W. Dania Beach Blvd.
Dania Beach, FL 33004
(4)ADDITIONAL CONTACTS. If more than one additional person is to receive copies of Department
correspondence, attach the information (Attachment#_l_).
Name: Patricia Varney Telephone 954-924-3620
Title: Finance Director Employer City of Dania Beach d
Mailing Address 100 W. Dania Beach Blvd.
Dania Beach, FL 33004
DEP Form 62-552.900(2) Page 1 of 10 Effective Date 07-20-99
• (5) PROJECT NUMBER(identified on the Department's priority list). DW 0604010
(6) LOAN AGREEMENT DATE. When do you expect to sign the Loan Agreement? 1/11/05
(Allow time for Department preparation of agreement, applicant review, and local commission meeting if
applicable.)
(7) PREAWARD COMPLIANCE. Has an EPA Preaward Compliance Review Report-been submitted
for this project? Yes. _X_No. If"yes", identify the date submitted to the Department
If not, please complete and attach the EPA form. (Attachment# 2_)
(8) FEDERAL EQUIVALENCY REQUIREMENTS. As a result of the federal funding of the State Revolving Fund
Program for Drinking Water Facilities, there are federal requirements that must be met to enable financial
assistance for any project. These requirements are identified under PART IV of this application.
PART II - PROJECT INFORMATION. Complete SUBPART A or SUBPART B as appropriate.
SUBPART (A): PRECONSTRUCTION LOAN INFORMATION. N/A
(1) PRECONSTRUCTION ACTIVITIES. Attach a brief description of the scope of planning and design activities to
be financed by this loan.
(2) PRECONSTRUCTION LOAN SCHEDULE.
(a) Provide proposed completion dates for the items below. (Please call Department staff to discuss time
frames needed to complete required tasks.)
Water facilities plan adoption by the Project Sponsor.
Engineering design.
Certification of site availability(for construction and operation).
(b) Do you anticipate that a contractual agreement with another party will be necessary to implement the
project? Yes. No. If"yes", list entities to be involved.
(3) PRECONSTRUCTION LOAN PROJECT COSTS. Is the cost information submitted for the priority list
current? Yes. No. If"no", please explain and submit revised cost information (Attachment# )
using the appropriate page of the Request for Inclusion on the Priority List for Drinking Water Facilities Form 62-
552.900(1), F.A.C. Note that the disbursable amount (including the repayment reserve) will be limited to the
priority list amount. Preconstruction loans are not available to finance the non-grant share of SRF preconstruction
grants.
SUBPART B: CONSTRUCTION LOAN INFORMATION.
(1) CONSTRUCTION ACTIVITIES
(a) Attach a brief description of construction activities to be financed by this loan. Include a list of the
construction contracts (by title) corresponding to the plans and specifications accepted by the Department
(Attachment#_3_). Also provide a proposed "start date"and "completion date"for each contract.
(b)Attach a copy of the Department letter(s) accepting the plans and specifications and all addenda
(Attachment# ).
(c) Does this project involve a contractual service agreement with other entities?_x_Yes. No. If
"yes", attach a copy of the Department letter accepting the agreement. (Attachment# ) Is the
DEP Form 62-552.900(2) Page 2 of 10 Effective Date 07-20-99
agreement, as accepted by the Department, fully executed and enforceable? Yes. No. If•
"no", please explain (Attachment# ).
(d) Has the Department accepted a clear site title certification for the project? Yes. _X_No. If"yes",
provide evidence of such certification or its acceptance. (Attachment# 4_J If"no", explain.
(Attachment# __J
(e) Attach evidence that either a permit from the Department is not required to authorize project construction
or that such authorization has been issued by the Department. (Attachment# )
(2) CONSTRUCTION LOAN PROJECT COSTS.
Is the cost information submitted for the priority list current? _X_Yes. No. If"no", please explain and
submit revised cost information (Attachment# ) using the appropriate page of the Request for Inclusion on
the Priority List for Drinking Water Facilities Form 62-552.900(1), F.A.C. Note that the disbursable amount
(including the repayment reserve)will be limited to the priority list amount.
PART III - FINANCIAL INFORMATION
(1) PRINCIPAL AMOUNT OF THE LOAN. The requested amount of the loan, including capitalized interest
(Which is not disbursed), is $ 2,362,490. The estimate of the capitalized interest is $_0 . Note
that the disbursable amount will be limited to the priority list amount and must be consistent with the information
provided under PART If of this application. Also note that the capitalized interest is an inexact estimate, and it is
subject to adjustment by the Department to reflect disbursement timing.
(2) LOAN TERMS AND REPAYMENT.
(a) If a construction loan involves a financially disadvantaged community, loans are amortized over 30 years,
or less, with interest and principal paid semiannually. If a construction loan is not for a project to serve such a
community, loans are amortized over 20 years, or less, with interest and principal paid semiannually.
Preconstruction loans are amortized over not more than 10 years, with interest and principal paid
semiannually. Do you want to repay the loan in less than the maximum amortization period?
Yes. _X_No. If "yes", identify the number of years
(b) Due to limitations on availability of State Revolving Fund revenues, a large (generally in excess of $8
million unless the loan is to be made from the reserve for small communities in which case the amount
generally would be in excess of $1.5 million) loan amount may be provided in increments pursuant to the
initial loan agreement and subsequent amendments as well Chapter 62-552, F.A.C. Each increment shall
have a separate interest rate as established in the agreement or amendment providing that increment. If in
doubt about whether the funding will be segmented, this matter should be discussed with Department staff.
(c) List all revenues that are to be pledged for repayment of this loan. (Note: Typically, water system or water
and sewer system revenues are pledged, and the net revenues available for loan repayment must equal at
least 1.15 times the annual debt service unless special reserves are locally funded. Rule 62-552.430, F.A.C.,
addresses pledged revenues and coverage requirements.
water and sewer user fees
(3) LOAN REPAYMENT RESERVE. The Applicant will be required to maintain a Loan Repayment Reserve
Account to provide an interim remedy for any deficiency in pledged revenues. This reserve shall be no less than
0.03 times the total loan amount less the portion of the loan for capitalized interest and loan repayment reserve.
Loan proceeds will be provided to establish the minimum (0.03) reserve.
DEP Form 62-552.900(2) Page 3 of 10 Effective Date 07-20-99
(4) ADDITIONAL LOAN SECURITIZATION. If the project sponsor does not meet the requirements of Rule 62-
552.430(4), F.A.C., for pledged revenue, loan repayment responsibility, default remedies, and debt service
history, indicate which of the following securitization provisions the project sponsor is prepared to negotiate
(describe each in Attachment#_5_):
(a) Additional escrowed loan repayment reserve. No_ Yes_ Loan Repayment Reserve is $47,250.
(b) Letter of credit. No_X_ Yes
(c) Lien on tangible assets. No_X_ Yes
(d) Personal or corporate obligation. No_X_ Yes
(e) Other equivalent securitization. No_X_ Yes
(5) INFORMATION ON LIENS.
(a) Describe all debt obligations having a prior or parity lien on the revenues pledged for this
Loan(Attachment#_N/A_); see the following example:
City Name, Florida, Water and Sewer System Revenue Bonds, Series 1996, issued in the amount of
$10,000,000, pursuant to Ordinance No. 93-104, as amended and supplemented by Ordinance No. 96-156.
(b) Using the Schedule of Prior and Parity Liens (page 7 ), provide debt service information on each prior and
parity obligation. For the listed obligations, provide a copy of the ordinance(s), resolution(s), official
statement(s), or pages thereof, setting forth the definitions, use of proceeds, debt service schedule, pledged
revenues, rate covenants, provisions for issuing additional debt, provisions for bond insurance, and debt rating
(Attachment# ).
(6) ACTUAL AND PROJECTED REVENUES.
(a) Complete the Schedule of Actual Revenues and Debt Coverage for Rate-Based System Pledged
Revenues (page 8)for the past two fiscal years. Additional information may be required if deemed necessary
by the Department to evaluate credit-worthiness of the applicant.
(b) Complete the Schedule of Projected Revenues and Debt Coverage for Rate-Based System Pledged
Revenue (page 9), demonstrating the availability of pledged revenues for loan repayment. All projects
expected to be implemented in the next five years are to be reflected into the need for projected revenues.
(7) LEGAL OPINION ON THE AVAILABILITY OF PLEDGED REVENUES. All sources must be supported by a
written legal opinion (Attachment# 6_) addressing the:
(a) Availability of the revenues to repay the loan;
(b) Right to increase rates at which revenues shall be collected to repay the loan; and
(c) Subordination of the pledge if pledged revenues are subject to a prior or parity lien.
(8) RESOLUTION ESTABLISHING PLEDGED REVENUES. Provide a certified resolution or other
documentation (Attachment #_7_) of the formal action taken by the applicant that establishes the pledged
revenues.
PART IV-APPLICANT RESOLUTION,ASSURANCES, AND CERTIFICATION
(1) RESOLUTION. Provide a certified resolution or other documentation (Attachment # 8_) of the formal
action taken by Applicant that:
(a) Authorizes this application; and
(b) Designates the Authorized Representative(s) to file the application, provide assurances, execute the loan
agreement, and represent the Applicant in carrying out responsibilities (including that of requesting loan
disbursements) under the loan agreement.
DEP Form 62-552.900(2) Page 4 of 10 Effective Date 07-20-99
• (2) ASSURANCES AND CERTIFICATION. The Applicant agrees to comply with the laws, rules, regulations,
policies and conditions relating to the loan for this project. Specifically, the Applicant certifies that it has complied,
as appropriate, and will comply with the following requirements in undertaking the project:
(a) Complete all facilities recommended in the approved facilities plan.
(b) The Archaeological and Historic Preservation Act of 1974, PL 93-291, and the National Historic
Preservation Act of 1966, PL 89-665, as amended, regarding identification and protection of historic
properties.
(c) The Clean Air Act, 42 U.S.C. 7506(c), which requires conformance with State Air Quality Implementation
Plans.
(d) The Coastal Zone Management Act of 1972, PL 92-583, as amended, which requires assurance of
project consistency with the approved State management program developed under this Act.
(e) The Endangered Species Act, 16 U.S.C. 1531, et seq., which requires that projects avoid disrupting
threatened or endangered species and their habitats.
(f) Executive Order 11593, Protection and Enhancement of the Cultural Environment, regarding
preservation, restoration and maintenance of the historic and cultural environment.
(g) Executive Order 11988, Floodplain Management, related to avoiding, to the extent possible, adverse
impacts associated with floodplain occupancy, modification and development whenever there is a practicable
alternative.
(h) Executive Order 11990, Protection of Wetlands, related to avoiding, to the extent possible, adverse
impacts associated with the destruction or modification of wetlands and avoiding support of construction in
wetlands.
(1) The Fish and Wildlife Coordination Act, PL 85-624, as amended, which requires that actions to control
natural streams or other water bodies be undertaken to protect fish and wildlife resources and their habitats.
• 0) The Wild and Scenic Rivers Act, PL 90-542, as amended, related to protecting components or potential
components of the national wild and scenic rivers system.
(k) The federal statutes relating to nondiscrimination, including: The Civil rights Act of 1964, PL 88-352,
which prohibits discrimination on the basis of race, color or national origin; the Age Discrimination Act, PL 94-
135, which prohibits discrimination on the basis of age; Section 13 of the Federal Water Pollution Control Act,
PL 92-500, which prohibits sex discrimination; the Rehabilitation Act of 1973, PL 93-112, as amended, which
prohibits discrimination on the basis of handicaps.
(1) Executive Order 11246, Equal Employment Opportunity, which provides for equal opportunity for all
qualified persons.
(m) Executive Orders 11625 and 12138, Women's and Minority Business Enterprise, which require that small,
minority, and women's business and labor surplus areas are used when possible as sources of supplies,
equipment, construction, and services.
(n) The Demonstration Cities and Metropolitan Development Act of 1966, PL 89-754, as amended, which
requires that projects be reviewed in accordance with state clearinghouse procedures.
(o) The Amended Safe Drinking Water Act, PL 104-182, which sets forth requirements for public water
systems.
(p) The Coastal Barrier Resources Act, 16 U.S.C. 3501 et seq., regarding protection and conservation of the
coastal barrier resources.
(q) The Farmland Protection Policy Act, 7 U.S.C. 4201 et seq., regarding protection of agricultural lands from
irreversible loss.
(r) The Uniform Relocation and Real Property Acquisition Policies Act of 1970, PL 91-646, which provides for
fair and equitable treatment of persons displaced or whose property is acquired as a result of federal or
federally assisted programs.
DEP Form 62-552.900(2) Page 5 of 10 Effective Date 07-20-99
• (s) Section 306 of the Clean Air Act, Section 508 of the Clean Water Act and Executive Order 11738, which
prohibit manufacturers, firms, or other enterprises on the EPA's list of Violating Facilities from participating in
the Project.
(t) Executive Order 12549, Debarment and Suspension, which prohibits any award to a party which is
debarred or suspended or is otherwise excluded from, or ineligible for, participation in federal assistance
programs.
(u) Minority and Women's Business Enterprise participation in project work using numerical goals,
established by the U.S. Environmental Protection Agency, and to be set forth in the specifications for
construction and materials contracts.
I, the undersigned Authorized Representative of the Applicant, hereby certify that all information contained herein
and in the attached is true, correct, and complete to the best of my knowledge and belief. I further certify that I
have been duly authorized to file the application and to provide these assurances.
Authorized Representative
(signature) (name typed)
Signed this Day of 120
Attachments
THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY
DEP Form 62-552.900(2) Page 6 of 10 Effective Date 07-20-99
• SCHEDULE OF PRIOR AND PARITY LIENS
List annual debt service beginning two years before the anticipated loan agreement date and continuing
at least fifteen fiscal years. Use additional pages as necessary.
#1 #2 #3
Identify Each Wachovia short term Sun Trust Vehicles Sun Trust Vehicles
Obligation Water meter
Coverage N/a % N/a % N/a %
Insured? Yes x No Yes x No Yes x No
Total Debt
Fiscal Annual Debt Service (Principal Plus Interest) Total Service
Incl.
Year #1 #2 #3 Debt Coverage
Service
2003 $72,981 $70,937 $6,028 $149,946 $149,946
2004 $53,977 $70,937 $12,055 $136,969 $136,969
2005 $0 $17,734 $12,055 $29,789 $29,789
2006 $0 $0 $12,055 $12,055 $12,055
2007 $0 $0 $12,055 $12,055 $12,055
. 2008 $0 $0 $0 $0 $0
2009 $0 $0 $0 $0 $0
2010 $0 $0 $0 $0 $0
2011 $0 $0 $0 $0 $0
2012 $0 $0 $0 $0 $0
2013 $0 $0 $0 $0 $0
2014 $0 $0 $0 $0 $0
2015 $0 $0 $0 $0 $0
2016 $0 $0 $0 $0 $0
2017 $0 $0 $0 $0 $0
2018 $0 $0 $0 $0 $0
2019 $0 $0 $0 $0 $0
2020 $0 $0 $0 $0 $0
2021 $0 $0 $0 $0 $0
2022 $0 $0 $0 $0 $0
2023 $0 $0 $0 $0 $0
2024 $0 $0 $0 $0 $0
2025 $0 $0 $0. $0 $0
2026 $0 $0 $0 $0 $0
2027 $0 $0 $0 $0 $0
2028 $0 $0 $0 $0 $0
DEP Form 62-552.900(2) Page 7 of 10 Effective Date 07-20-99
• SCHEDULE OF ACTUAL REVENUES AND DEBT COVERAGE
FOR RATE-BASED SYSTEM PLEDGED REVENUE
(Provide information for the two fiscal years preceding the anticipated date of the SRF loan
agreement.)
FY 2002 FY 2003
(a) Operating Revenues:
Water Service 4,528,710 4,689,696
Other 237,786
(b) Interest Income 75,064 43,456
(c) Other Income or
Revenue (Identify)
Misc 107,638 258,164
(d) Total Revenues 4,711,412 5,229,102
(e) Operating Expenses
• (excluding interest on debt,
depreciation, and other
non-cash items) 3,703,646 5,144,316
(f) Net Revenues
(f = d - e) 1,007,766 84,786
(g) Debt Service (including
required coverage; should
reflect last column of
preceding page) 0 9970
(h) Attach audited annual financial report(s), or pages thereof, and any other documentation
necessary to support the above information. Include any notes or comments from the
audit reports regarding compliance with covenants of debt obligations having a prior or
parity lien on the revenues pledged for repayment of the SRF loan. (Attachment# 9
and 10 )
(i) Attach worksheets reconciling this page with the appropriate financial statements (for
example, backing out depreciation and interest payments from operating expenses).
(Attachment# )
Q) If the net revenues were not sufficient to satisfy the debt service and coverage
requirement, please explain what corrective action was taken. (Attachment#_N/A_)
•
DEP Form 62-552.900(2) Page 8 of 10 Effective Date 07-20-99
SCHEDULE OF PROJECTED REVENUES AND DEBT COVERAGE
FOR RATE-BASED SYSTEM PLEDGED REVENUE
(Begin with the fiscal year preceding first anticipated semiannual loan payment.)
Item 2004 2005 2006 2007 2008
a Water Operating Revenue $ 5,076,848 $ 5,100,000 $ 5,100,000 $ 5,100,000 $ 5,100,000
b Other Operating Revenues
Connection Fees
c Interest Income $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000
d Other Revenues(identify) $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000
Misc. $ 20,000 $ 20,000 $ 20,000 $ 20,000 $ 20,000
e Total Revenues $ 5,256,848 $ 5,280,000 $ 5,280,000 $ 5,280,000 $ 5,280,000
f Operating Expenses $ 4,240,858 $ 4,159,920 $ 4,351,264 $ 4,553,007 $ 4,755,646
g Net Revenues(f=d-e) $ 1,015,990 $ 1,120,080 $ 928,736 $ 726,993 $ 524,354
h Rvenues Pledged for Existing $ 134,988 $ 30,695 $ 30,695 $ - $ -
Debt(excl SRF Loans)
I Revenues Pledged for $ - $ - $ - $ $ -
Outstanding SRF Loans
j Funds Available for this SRF Loan $ 881,002 $ 1,089,385 $ 898,041 $ 726,993 $ 524,354
(k) Identify the source of the above information and explain methods used to develop the
projections (Attachment#_11_). Include an explanation of any revenue and expense growth
or other adjustments; for example, any rate increases, service growth, inflation adjustments,
expense adjustments reflecting the cost of operating additional facilities, or other
considerations.
(m)Are the above projections consistent with the capital improvements financing information in
the accepted water facilities plan? _X_Yes No. If not, explain on
Attachment#
DEP Form 62-552.900(2) Page 9 of 10 Effective Date 07-20-99
LIST OF ATTACHMENTS
Please list all attachments that you are including with this application form.
Attachment Number
List of Contacts 1
EPA form 2
Description of Activities 3
Site certification 4
Reserve Policy 5
Legal opinion 6
Rate Ordinance 7
Resolution for Loan Application 8
2002 Audit 9
2003 Audit 10
Rate Study 11
•
DEP Form 62-552.900(2) Page 10 of 10 Effective Date 07-20-99