HomeMy WebLinkAboutR-2004-082 State Revolving Fund Preconstruction Lift Station RESOLUTION NO. 2004- 082
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA, RELATING TO THE
STATE REVOLVING FUND LOAN PROGRAM; MAKING
FINDINGS; AUTHORIZING THE LOAN APPLICATION
FOR $117,780 FOR PRE-CONSTRUCTION ACTIVITES
ASSOCIATED WITH LIFT STATIONS AND INFILTRATION
ON THE WASTEWATER SYSTEMS; AUTHORIZING THE
CITY MANAGER TO EXECUTE THE LOAN AGREEMENT;
ESTABLISHING PLEDGED REVENUES; DESIGNATING
AUTHORIZED REPRESENTATIVES; PROVIDING
ASSURANCES; PROVIDING FOR CONFLICTS,
SEVERABILITY, AND AN EFFECTIVE DATE.
WHEREAS, Florida Statutes provide for loans to local government
agencies to finance the construction of wastewater facilities; and
WHEREAS, 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. WWG12079103P for financing of pre-construction activities involved with
lift stations and infiltration projects approved in the FY-05 Capital Improvement Plan
which are eligible for available funding; and
WHEREAS, these pre-construction funds are for sewer inflow/infiltration
rehabilitation projects; and
WHEREAS, the City of Dania Beach, Florida, intends to enter into a loan
agreement with the 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 findings are incorporated herein by
reference and made a part hereof.
Section 2: That the City of Dania Beach, Florida is authorized to apply for
a loan to finance DEP Project No. WWG12079103P.
1 RESOLUTION NO . 2004-082
® Section 3: That the revenues pledged for the repayment of the loan are
net water and sewer system revenues after payment of debt service on the City's
Series outstanding obligations as noted in the loan application.
Section 4: That the City Manager is hereby designated as the authorized
representative to provide the assurances and commitments required by the loan
application.
Section 5: That the City Manager is hereby 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 the Florida Statutes.
Section 7: That all resolutions or part of Resolutions in conflict with any of
the provisions of this Resolution are hereby repealed.
Section 8: That if any Section or portion of a Section of this Resolution
proves to be invalid, unlawful, or unconstitutional, it shall not be held to invalidate or
® impair the validity, force or effect of any other Section or part of this Resolution.
Section 9: That this Resolution shall become effective immediately upon
its passage and adoption.
PASSED AND ADOPTED this 12th day of May, 2004.
C.K. MCELYrzA
MAYOR — COMMISSIONER
ATTEST: ROLL CALL:
COMMISSIONER ANTON - YES
COMMISSIONER CHUNN - YES
LOUISE STILSON COMMISSIONER FLURY - YES
CITY CLERK VICE-MAYOR MIKES - YES
® MAYOR MCELYEA - YES
2 RESOLUTION NO . 2004-082
• APPROVED AS TO FOR AND CORRECTNESS:
/`
BY: I " � -1 A.. 4
THOMAS J. ANSBRO
CITY ATTORNEY
•
3 RESOLUTION NO. 2004-082
�°�°�' Department of
���
FLOR � Environmental Protection
Twin Towers Office Building
Jeb Bush 2600 Blair Stone Road Colleen M.Castille
Governor Tallahassee, Florida 32399-2400 Secretary
JUL 8 2904
CERTIFIED MAIL
RETURN RECEIPT REQUESTED
Mr. Ivan Pato, City Manager
City of Dania Beach
100 West Dania Beach Boulevard
Dania Beach, Florida 33004
u K EWN:X�79�103 P' 4
Major Sewer Rehabilitation/Replacement
SW79102P
Southeast Drainage Improvements
Dear Mr. Pato:
We are pleased to provide State Revolving Fund financial assistance for planning and
designing your wastewater and stormwater projects. One copy of each of the fully
executed loan agreements are enclosed. To draw money under the agreements,please
call Sheri Garcia at 850/245-8358 for assistance in completing a disbursement request.
We congratulate you and your staff on your efforts and are pleased that we can work with
you on these projects.
Sincerely,
,Alan F. Bedwell
Deputy Secretary
AFB/ak/k
Enclosures
cc: Frederick Bloetscher- Public Utility Management & Planning Services, Inc.
Patricia Varney- City of Dania Beach
Fernando Vazquez - City of Dania Beach
Printed on recycled paper.
a
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
AND
CITY OF DANIA BEACH, FLORIDA
CLEAN WATER STATE REVOLVING FUND
LOAN AGREEMENT
Florida Department of Environmental Protection
Bureau of Water Facilities Funding
Twin Towers Office Building
2600 Blair Stone Road,MS 3505
Tallahassee,Florida 32399-2400
CLEAN WATER STATE REVOLVING FUND LOAN AGREEMENT
. CONTENTS PAGE
ARTICLE I-DEFINITIONS I
1.01. WORDS AND TERMS. I
1.02. CORRELATIVE WORDS. 3
ARTICLE II -WARRANTIES,REPRESENTATIONS AND COVENANTS 3
2.01. WARRANTIES, REPRESENTATIONS AND COVENANTS. 3
2.02. LEGAL AUTHORIZATION. 4
2.03. AUDIT AND MONITORING REQUIREMENTS. 5
ARTICLE III-LOAN REPAYMENT ACCOUNT 7
3.01. LOAN DEBT SERVICE ACCOUNT. 7
3.02. INVESTMENT OF LOAN DEBT SERVICE ACCOUNT MONEYS. 8
3.03. LOAN DEBT SERVICE ACCOUNT WITHDRAWALS. 8
3.04. ASSETS HELD IN TRUST. 8
ARTICLE IV-PROGRAM INFORMATION 8
4.01. PROJECT CHANGES. 8
4.02. TITLE TO PROJECT SITE. 8
4.03. RESERVED. 8
4.04. RESERVED. 9
4.05. PROHIBITION AGAINST ENCUMBRANCES. 9
• 4.06. COMPLETION MONEYS. 9
4.07. CLOSE-OUT. 9
4.08. LOAN DISBURSEMENTS. 9
ARTICLE V -RATES AND USE OF THE WATER AND SEWER SYSTEMS 10
5.01. RATE COVERAGE. 10
5.02.NO FREE SERVICE. 10
5.03. MANDATORY CONNECTIONS, 10
5.04.NO COMPETING SERVICE. 10
5.05. MAINTENANCE OF THE WATER AND SEWER SYSTEMS. 10
5.06. ADDITIONS AND MODIFICATIONS. 11
5.07. COLLECTION OF REVENUES. 11
ARTICLE VI-DEFAULTS AND REMEDIES 11
6.01. EVENTS OF DEFAULT. 11
6.02. REMEDIES. 12
6.03. DELAY AND WAIVER. 12
ARTICLE VII- THE PLEDGED REVENUES 13
7.01. SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT. 13
7.02. ADDITIONAL DEBT OBLIGATIONS. 13
ARTICLE VIII- GENERAL PROVISIONS 13
8.01. DISCHARGE OF OBLIGATIONS. 13
8.02. RECORDS AND STATEMENTS. 13
i
CLEAN WATER STATE REVOLVING FUND LOAN AGREEMENT
• CONTENTS PAGE
8.03. ACCESS TO WORK SITE. 14
8.04. ASSIGNMENT OF RIGHTS UNDER AGREEMENT. 14
8.05. AMENDMENT OF AGREEMENT. 14
8.06. ANNULMENT OF AGREEMENT. 14
8.07. SEVERABILITY CLAUSE. 14
ARTICLE IX-RESERVED 14
ARTICLE X -DETAILS OF FINANCING 14
10.01. PRINCIPAL AMOUNT OF LOAN. 14
10.02. LOAN SERVICE FEE. 15
10.03. FINANCING RATE. 15
10.04. LOAN TERM. 15
10.05. REPAYMENT SCHEDULE. 15
10.06. PROJECT RELATED COSTS. 16
10.07. SCHEDULE. 16
ARTICLE XI -EXECUTION OF AGREEMENT 18
•
ii
CLEAN WATER STATE REVOLVING FUND LOAN AGREEMENT
WW79103P
THIS AGREEMENT is executed by the STATE OF FLORIDA DEPARTMENT OF
ENVIRONMENTAL PROTECTION(Department)and the CITY OF DANIA BEACH,FLORIDA,
(Local Government)existing as a local governmental agency under the laws of the State of Florida.
WITNESSETH:
WHEREAS, pursuant to Section 403.1835, Florida Statutes,the Department is authorized to make loans
to local governmental agencies to finance the planning, design, and construction of wastewater pollution
control facilities; and
WHEREAS,the Local Government has made application for the financing of Preconstruction Activities,
and the Department has determined that all requirements for a loan have been met.
NOW, THEREFORE, in consideration of the Department loaning money to the Local Government, in the
principal amount and pursuant to the covenants hereinafter set forth, it is agreed as follows:
ARTICLE I-DEFINITIONS
1.01. WORDS AND TERMS.
• Words and terms used herein shall have the meanings set forth below:
(1) "Agreement" or "Loan Agreement" shall mean this agreement.
(2) "Authorized Representative" shall mean the official of the Local Government authorized by
ordinance or resolution to sign documents associated with the Loan.
(3) "Capitalized Interest" shall mean a finance charge that accrues at the Financing Rate on
Loan proceeds from the time of disbursement until six months before the first Semiannual Loan Payment
is due. Capitalized Interest is financed as part of the Loan principal.
(4) "Construction Related Costs" shall mean costs for Project construction, equipment,
materials, demolition, contingency, legal and technical services incurred after construction bid opening,
and Capitalized Interest associated with the foregoing costs.
(5) 'Depository" shall mean a bank or trust company, having a combined capital and
unimpaired surplus of not less than $50 million, authorized to transact commercial banking or savings
and loan business in the State of Florida and insured by the Federal Deposit Insurance Corporation.
(6) "Financing Rate"shall mean the charges, expressed as a percent per annum, imposed on the
unpaid principal of the Loan. The Financing Rate shall consist of an interest rate component and a Grant
Allocation Assessment rate component.
(7) "Grant Allocation Assessment" shall mean an assessment, expressed as a percent per
. annum, accruing on the unpaid balance of the Loan. It is computed similarly to the way interest charged
1
on the Loan is computed and is included in the Semiannual Loan Payment. The Department will use
Grant Allocation Assessment moneys for making grants to financially disadvantaged small communities
pursuant to Section 403.1835 of the Florida Statutes.
(8) "Gross Revenues" shall mean all income or earnings received by the Local Government
from the ownership or operation of its Water and Sewer Systems, including investment income, all as
calculated in accordance with generally accepted accounting principles. Gross Revenues shall not
include proceeds from the sale or other disposition of any part of the Water or Sewer System,
condemnation awards or proceeds of insurance, except use and occupancy or business interruption
insurance, received with respect to the Water or Sewer System.
(9) "Loan" shall mean the amount of money to be loaned pursuant to this Agreement and
subsequent amendments.
(10) "Loan Application" shall mean the completed form which provides all information required
to support obtaining loan financial assistance from the Department.
(11) "Loan Debt Service Account"shall mean an account, or a separately identified component
of a pooled cash or liquid account, with a Depository established by the Local Government for the
purpose of accumulating Monthly Loan Deposits and making Semiannual Loan Payments.
(12) "Loan Service Fee" shall mean an origination fee which shall be paid to the Department by
the Local Government.
(13) "Monthly Loan Deposit" shall mean the monthly deposit to be made by the Local
Government to the Loan Debt Service Account.
• (14) "Operation and Maintenance Expense" shall mean the costs of operating and maintaining
the Water and Sewer Systems determined pursuant to generally accepted accounting principles, exclusive
of interest on any debt payable from Gross Revenues, depreciation, and any other items not requiring the
expenditure of cash.
(15) "Pledged Revenues" shall mean the specific revenues pledged as security for repayment of
the Loan and shall be the Gross Revenues derived yearly from the operation of the Water and Sewer
Systems after payment of the Operation and Maintenance Expense and the satisfaction of all yearly
payment obligations on account of any senior obligations issued pursuant to Section 7.02 of this
Agreement.
(16) "Preconstruction Activities" shall mean the planning, administrative, and engineering work
necessary for the Local Government to qualify for Clean Water State Revolving Fund financing for
construction of wastewater transmission, collection, reuse, and treatment facilities.
(17) "Project" shall mean the construction of facilities planned and designed through the
Preconstruction Activities.
(18) "Semiannual Loan Payment" shall mean the payment due from the Local Government to the
Department at six-month intervals. It is comprised of principal, and as applicable, interest and Grant
Allocation Assessment computed using the interest rate and Grant Allocation Assessment rate,
respectively. In addition,the Loan Service Fee and all of the associated interest are deducted from the
first two payments.
2
(19) "Sewer System" shall mean all facilities owned by the Local Government for collection,
• transmission, treatment and reuse of wastewater and its residuals.
(20) "Water System" shall mean all facilities owned by the Local Government for supplying and
distributing water for residential, commercial, industrial, and governmental use.
1.02. CORRELATIVE WORDS.
Words of the masculine gender shall be understood to include correlative words of the feminine
and neuter genders. Unless the context shall otherwise indicate, the singular shall include the plural and
the word "person" shall include corporations and associations, including public bodies, as well as natural
persons.
ARTICLE II- WARRANTIES, REPRESENTATIONS AND COVENANTS
2.01. WARRANTIES, REPRESENTATIONS AND COVENANTS.
The Local Government warrants, represents and covenants that:
(1) The Local Government has full power and authority to enter into this Agreement and to
comply with the provisions hereof.
(2) The Local Government currently is not the subject of bankruptcy, insolvency, or
reorganization proceedings and is not in default of, or otherwise subject to, any agreement or any law,
administrative regulation,judgment, decree, note, resolution,charter or ordinance which would currently
• restrain or enjoin it from entering into, or complying with,this Agreement.
(3) There is no material action, suit, proceeding, inquiry or investigation, at law or in equity,
before any court or public body, pending or, to the best of the Local Government's knowledge,
threatened, which seeks to restrain or enjoin the Local Government from entering into or complying with
this Agreement.
(4) The Local Government knows of no reason why any future required permits or approvals
associated with the Project are not obtainable.
(5) The Local Government shall undertake Preconstruction Activities and the Project on its own
responsibility, to the extent permitted by law.
(6) To the extent permitted bylaw, 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, engineering, administrative, and construction
activities financed by this Loan or in its operation of Project facilities.
(7) All Local Government representations to the Department, pursuant to the Loan Application
and Agreement, were true and accurate as of the date such representations were made. The financi al
information delivered by the Local Government to the Department was current and correct as of the date
such information was delivered. The Local Government shall comply with Chapter 62-503, Floridn
Administrative Code, and all applicable State and Federal laws, rules, and regulations which are
identified in the Loan Application or Agreement. To the extent that any assurance, representation, or
•
3
covenant requires a future action, the Local Government shall take such action as is necessary for
• compliance.
(8) The Local Government shall maintain records using generally accepted accounting
principles established by the Governmental Accounting Standards Board. As part of its bookkeeping
system,the Local Government shall keep accounts of the Water and Sewer Systems separate from all
other accounts and it shall keep accurate records of all revenues, expenses, and expenditures relating to
the Water and Sewer Systems, and of the Pledged Revenues, Loan disbursement receipts, and Loan .Debt
Service Account.
(9) In the event the anticipated Pledged Revenues are shown by the Local Government's annual
budget to be insufficient to make the Semiannual Loan Payments for such Fiscal Year when due, the
Local Government shall include in such budget other legally available funds which will be sufficient,
together with the Pledged Revenues, to make the Semiannual Loan Payments. Such other legally
available funds shall be budgeted in the regular annual governmental budget and designated for the
purpose provided by this Subsection, and the Local Government shall collect such funds for application
as provided herein. The Local Government shall notify the Department immediately in writing of any
such budgeting of other legally available funds. Nothing in this covenant shall be construed as creating a
pledge, lien, or charge upon any such other legally available funds, or requiring the Local Government to
levy or appropriate ad valorem tax revenues, or preventing the Local Government from pledging to the
payment of any bonds or other obligations all or any part of such other legally available funds.
(10) Each year, beginning three months before the first Semiannual Loan Payment and ending
with the year during which the final Loan repayment is made,the Local Government's Authorized
Representative or its chief financial officer shall submit, no later than the date established in Section
10.07, a certification that: (a)Pledged Revenue collections satisfy, on a pro rata basis,the rate coverage
requirement; (b)the Loan Debt Service Account contains the funds required; and (c) insurance, including
that issued through the National Flood Insurance Program authorized under 42 U.S.C. secs. 4001-4128
when applicable, is in effect for the facilities generating the Pledged Revenues, and adequately covers the
customary risks to the extent that such insurance is available.
(11) Pursuant to Section 216.347 of the Florida Statutes, the Local Government shall not use the
Loan proceeds for the purpose of lobbying the Florida Legislature,the Judicial Branch, or a State agency.
(12) The Local Government agrees to complete the Preconstruction Activities and, if included by
an amendment to this Agreement,the Project, in accordance with the Preconstruction Activities schedule
set forth in Section 10.07 and a Project schedule added by amendment to this Agreement. Delays
incident to strikes, riots,acts of 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.
(13) The Local Government covenants that this Agreement is entered into for the purpose of
completing planning, engineering, and administrative activities in order to construct facilities which will,
in all events, serve a public purpose.
2.02. LEGAL AUTHORIZATION.
Upon signing this Agreement, the Local Government's legal counsel hereby expresses the
opinion, subject to laws affecting the rights of creditors generally,that:
4
(1) This Agreement has been duly authorized by the Local Government and shall constitute a
valid and legal obligation of the Local Government enforceable in accordance with its terms upon
• execution by both parties; and
(2) This Agreement specifies the revenues pledged for repayment of the Loan, and the pledge is
valid and enforceable.
2.03. AUDIT AND MONITORING REQUIREMENTS.
The Local Government agrees to the following audit and monitoring requirements.
(1) The financial assistance authorized pursuant to this Loan Agreement consists of the
following:
Federal Resources, Including State Match,Awarded to the Recipient Pursuant to this Agreement Consist of the
Following:
Federal State
Program Federal CFDA Funding Appropriation
Number Agency Number CFDA Title Amount Category
CS 120001-030 EPA 66.458 Capitalization Grants for $1 17,780 140131
State Revolving Funds
(2) Audits.
(a) In the event that the Local Government expends$500,000 or more in Federal awards in its
fiscal year,the Local Government must have a single or program-specific audit conducted in accordance
• with the provisions of OMB Circular A-133, as revised. Subsection 2.03(l) ofthis Agreement indicates
that Federal funds are awarded through the Department by this Agreement. In determining the Federal
awards expended in its fiscal year, the Local Government shall consider all sources of Federal awards,
including Federal resources received from the Department. The determination of amounts of Federal
awards expended should be in accordance with the guidelines established by OMB Circular A-133, as
revised. An audit of the Local Government conducted by the Auditor General in accordance with the
provisions of OMB Circular A-133,as revised, will meet the requirements of this part.
(b) In connection with the audit requirements addressed in the preceding paragraph (a),the
Local Government shall fulfill the requirements relative to auditee responsibilities as provided in
Subpart C of OMB Circular A-133, as revised.
(c) If the Local Government expends less than $500,000 in Federal awards in its fiscal year, an
audit conducted in accordance with the provisions of OMB Circular A-133, as revised, is not required. In
the event that the Local Government expends less than $500,000 in Federal awards in its fiscal year and
elects to have an audit conducted in accordance with the provisions of OMB Circular A-]33, as revised,
the cost of the audit must be paid from non-Federal resources (i.e.,the cost of such an audit must be paid
from Local Government resources obtained from other than Federal entities).
(d) The Local Government may access information regarding the Catalog of Federal Domestic
Assistance (CFDA)via the internet at littp:Haspe.os.dhiis.gov/cfda.
•
5
(3) Report Submission.
(a) Copies of reporting packages for audits conducted in accordance with OMB CircularA-133,
as revised, and required by Subsection 2.03(2)of this Agreement shall be submitted, when required by
Section .320 (d), OMB Circular A-133, as revised, by or on behalf of the Local Government directly to
each of the following:
(i) The Department at each of the following addresses:
Don W. Berryhill, P.E., Chief
Bureau of Water Facilities Funding
Florida Department of Environmental Protection
2600 Blair Stone Road, MS 3505
Tallahassee,Florida 32399-2400
Joe Aita,Audit Director
Office of the Inspector General
Florida Department of Environmental Protection
2600 Blair Stone Road, MS 40
Tallahassee, Florida 32399-2400
(ii) The Federal Audit Clearinghouse designated in OMB Circular A-133, as revised (the
number of copies required by Sections .320 (d)(1)and (2), OMB Circular A-133, as revised,
should be submitted to the Federal Audit Clearinghouse), at the following address:
Federal Audit Clearinghouse
Bureau of the Census
® 1201 East 10"' Street
Jeffersonville, IN 47132
(iii) Other Federal agencies and pass-through entities in accordance with Sections .320(e) and
(f), OMB Circular A-133, as revised.
(b) Pursuant to Section .320(f), OMB Circular A-133, as revised,the Local Government shall
submit a copy of the reporting package described in Section .320(c), OMB Circular A-133, as revised,
and any management letters issued by the auditor,to the Department at the two addresses listed under
Subsection 2.03(3)(a) of this Agreement.
(c) Any reports, management letters, or other information required to be submitted to the
Department pursuant to this Agreement shall be submitted timely in accordance with OMB Circular A-
133, Florida Statutes, or Chapters 10.550 (local governmental entities)or 10.650 (nonprofit and for-profit
organizations),Rules of the Auditor General, as applicable.
(d) Local Governments, when submitting financial reporting packages to the Department for
audits done in accordance with OMB Circular A-133, or Chapters 10.550 (local governmental entities) or
10.650(nonprofit and for-profit organizations), Rules of the Auditor General, should indicate the date
that the reporting package was delivered to the Local Government in correspondence accompanying the
reporting package.
6
(4) Project-Specific Audit.
Within 12 months after the amendment establishing final Project costs the Local Government
shall submit to the Department a Project-specific audit report for the Loan related revenues and
expenditures. The audit shall address Loan disbursements received,Project expenditures, and
compliance with Loan Agreement covenants. The Local Government shall cause the auditor to notify the
Department immediately if anything comes to the auditor's attention during the examination of records
that would constitute a default under the Loan Agreement. The audit findings shall set aside or question
any costs that are unallowable under Chapter 62-503, Florida Administrative Code. A final
determination of whether such costs are allowed shall be made by the Department.
However, notwithstanding the preceding paragraph,a Project-specific audit shall not be required
if the only disbursements of Loan proceeds under this Agreement, including amendments thereto,are for
the administrative, planning, and engineering allowances.
(5) Record Retention.
The Local Government shall retain sufficient records demonstrating its compliance with the
terms of this Agreement for a period of five years from the date the audit report is issued, and shall allow
the Department, or its designee, Comptroller, or Auditor General access to such records upon request.
The Local Government shall ensure that audit working papers are made available to the Department, or
its designee, Comptroller, or Auditor General upon request for a period of three years from the date the
audit report is issued, unless extended in writing by the Department.
(6) Monitoring.
In addition to reviews of audits conducted in accordance with OMB Circular A-133, as revised
(see audit requirements above), monitoring procedures may include,but not be limited to, on-site visits
by Department staff, limited scope audits as defined by OMB Circular A-133, as revised, and/or other
procedures. By entering into this Agreement, the Local Government agrees to comply and cooperate
with any monitoring procedures/processes deemed appropriate by the Department. In the event the
Department determines that a limited scope audit of the Local Government is appropriate,the Local
Government agrees to comply with any additional instructions provided by the Department to the Local
Government regarding such audit. The Local Government further agrees to comply and cooperate with
any inspections, reviews, investigations, or audits deemed necessary by the Comptroller or Auditor
General.
ARTICLE III-LOAN REPAYMENT ACCOUNT
3.01. LOAN DEBT SERVICE ACCOUNT.
The Local Government shall establish a Loan Debt Service Account with a Depository and begin
making Monthly Loan Deposits no later than the date set forth in Section 10.07 unless the date is revised
by amendment of this Agreement.
Beginning six months prior to each Semiannual Loan Payment, the Local Government shall make
six Monthly Loan Deposits. The first five deposits each shall be at least equal to one-sixth of the
Semiannual Loan Payment. The sixth Monthly Loan Deposit shall be at least equal to the amount
required to make the total on deposit in the Loan Debt Service Account equal to the Semiannual Loan
7
i
i Payment amount, taking into consideration investment earnings credited to the account pursuant to
Section 3.02.
Any month in which the Local Government fails to make a required Monthly Loan Deposit, the
Local Government's chief financial officer shall notify the Department of such failure. In addition, the
Local Government agrees to budget, by amendment if necessary, payment to the Department from other
legally available funds all sums becoming due before the same become delinquent. This requirement
shall not be construed to give superiority to the Department's claim on any revenues over prior claims of
general creditors of the Local Government, nor shall it be construed to give the Department the power to
require the Local Government to levy and collect any revenues other than Pledged Revenues.
3.02. INVESTMENT OF LOAN DEBT SERVICE ACCOUNT MONEYS.
Moneys on deposit in the Loan Debt Service Account shall be invested pursuant to the laws of
the State of Florida. Such moneys may be pooled for investment purposes. The maturity or redemption
date of investments shall be not later than the date upon which such moneys may be needed to make
Semiannual Loan Payments. The investment earnings shall be credited to the Loan Debt Service
Account and applied toward the Monthly Loan Deposit requirements.
3.03. LOAN DEBT SERVICE ACCOUNT WITHDRAWALS.
The withdrawal of moneys from the Loan Debt Service Account shall be for the sole purpose of
making the Semiannual Loan Payment or for discharging the Local Government's obligations pursuant to
Section 8.01.
® 3.04. ASSETS HELD IN TRUST.
The assets in all accounts created under this Loan Agreement shall be held in trust for the
purposes provided herein and used only for the purposes and in the manner prescribed in this Agreement;
and,pending such use, said assets shall be subject to a lien and charge in favor of the Department.
ARTICLE IV-PROGRAM 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. TITLE TO PROJECT SITE.
No later than the date established by Section 10.07, the Local Government shall have an interest
in real property sufficient for the construction and location of any facility planned and designed through
Preconstruction Activities free and clear of liens and encumbrances which would impair the useful ness of
such sites for the intended use. If a limited site title certification is accepted at that date, the Department
shall establish a date for submittal of a clear site title certification in an amendment or new agreement
which provides financing for construction of affected facilities.
4.03. RESERVED.
8
4.04. RESERVED.
4.05. PROHIBITION AGAINST ENCUMBRANCES.
The Local Government is prohibited from selling, leasing, or disposing of any part of the Water
or Sewer System which would materially reduce operational integrity or Gross Revenues so long as this
Agreement, including any amendment thereto, is in effect unless the written consent of the Department is
first secured.
4.06. COMPLETION MONEYS.
The Department covenants that the initial State Revolving Fund loan increment to finance
Construction Related Costs will be made available to the Local Government at no greater than the
Financing Rate set forth in Section 10.03 provided the Local Government complies with the schedule in
Section 10.07, requests and obtains a ranking of the Construction Related Costs on the fundable portion
of the Department's construction loan priority list, and submits a complete Loan Application. If all
Preconstruction Activities are not completed by the date specified in Section 10.07(5) due to any failing
of the Local Government, then the commitment to provide the initial loan increment for Construction
Related Costs at no greater than the Financing Rate specified in Section 10.03 shall be terminated.
In addition to the proceeds of this or subsequent loans, the Local Government covenants that it
has obtained, or will obtain, sufficient moneys from other sources to complete the Preconstruction
Activities. The Local Government also covenants that if additional Loan financing is provided for
Construction Related Costs by amendment of this Agreement, it will obtain sufficient moneys from other
sources as necessary to complete the Project.
4.07. CLOSE-OUT.
The Department may conduct a final inspection of the Preconstruction Activities records, or if
this Agreement is amended to fund Construction Related Costs,the Department shall conduct a final
inspection of the Project records. Following the inspection,deadlines for submitting additional
disbursement requests, if any, shall be established, along with deadlines for uncompleted Loan
requirements, if any. Deadlines shall be incorporated into the Loan Agreement by amendment. After
the Department establishes the final allowances and costs to be financed by the Loan, the itemized
amounts may be adjusted by amendment. The Loan principal shall be reduced by any excess over the
amount required to pay all approved allowances and costs. As a result of such adjustment,the
Semiannual Loan Payment shall be reduced accordingly, as addressed in Section 10.05.
4.08. LOAN DISBURSEMENTS.
Disbursements shall be made only by the State Comptroller 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 planning, engineering,
and administration allowances.
Requests by the Local Government for disbursements of the preconstruction funds shall be made
using the Department's disbursement request form but shall not require documentation of actual costs
incurred. One-half of the administrative and planning allowances shall be disbursed on request of the
Local Government after the Loan Agreement is executed. The remaining one-half of the administrative
and planning allowances and the initial one-half of the engineering allowance shall be disbursed on
9
request of the Local Government after the Department has accepted the planning documents. The
remaining one-half of the engineering allowance shall be disbursed on request of the Local Government
after the completed design documents have been accepted by the Department. Disbursements for
Construction Related Costs shall occur only as a result of an amendment to this Agreement. The
following allowance amounts will be disbursed after the specified milestone events unless the allowances
are reduced pursuant to Section 10.06:
Milestone Event Amount
Loan Agreement executed $ 24,040
Department acceptance of planning documents 58,890
Department acceptance of design documents 34,850
Total $ 117,780
ARTICLE V -RATES AND USE OF THE WATER AND SEWER SYSTEMS
5.01. RATE COVERAGE.
The Local Government shall maintain rates and charges for the services furnished by the Water
and Sewer Systems which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to
or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition,
the Local Government shall satisfy the coverage requirements of all senior and parity debt obligations.
5.02. NO FREE SERVICE.
The Local Government shall not permit connections to, or furnish any services afforded by, the
Water or Sewer System without making a charge therefor based on the Local Government's uniform
schedule of rates, fees, and charges.
5.03. MANDATORY CONNECTIONS.
The Local Government shall adopt, as necessary, and enforce requirements, consistent with
applicable laws, for the owner, tenant or occupant of each building located on a lot or parcel of land
which is served, or may reasonably be served, by the Sewer System to connect such building to the Sewer
System.
5.04.NO COMPETING SERVICE.
The Local Government shall not allow any person to provide any services which would compete
with the Water or Sewer System so as to materially and adversely affect Gross Revenues.
5.05. MAINTENANCE OF THE WATER AND SEWER SYSTEMS.
The Local Government shall operate and maintain the Water and Sewer Systems in a proper,
sound and economical manner and shall make all necessary repairs, renewals and replacements.
10
t
5.06. ADDITIONS AND MODIFICATIONS.
® The Local Government may make any additions, modifications or improvements to the Water
and Sewer Systems which it deems desirable and which do not materially reduce the operational integrity
of any part of the Water or Sewer System. All such renewals, replacements, additions, modifications and
improvements shall become part of the Water and Sewer Systems.
5.07. COLLECTION OF REVENUES.
The Local Government shall use its best efforts to collect all rates, fees and other charges due to
it. The Local Government shall establish liens on premises served by the Water or Sewer System for the
amount of all delinquent rates, fees and other charges where such action is permitted by law. The Local
Government shall, to the full extent permitted by law, cause to discontinue the services of the Water and
Sewer Systems and use its best efforts to shut off water service furnished to persons who are delinquent
beyond customary grace periods in the payment of Water and Sewer Systems rates, fees and other
charges.
ARTICLE VI-DEFAULTS AND REMEDIES
6.01. EVENTS OF DEFAULT.
Each of the following events is hereby declared an event of default:
(1) Failure to make any Monthly Loan Depositor to make any installment of the Semiannual
Loan Payment when it is due and such failure shall continue for a period of 30 days.
(2) Except as provided in Subsections 6.01(1) and (7), failure to comply with the provisions of
this Agreement or failure in the performance or observance of any of the covenants or actions required by
this Agreement and such failure shall continue for a period of 60 days after written notice thereof to the
Local Government by the Department.
(3) Any warranty, representation or other statement by, or on behalf of,tile Local Government
contained in this Agreement or in any information furnished in compliance with, or in reference to, this
Agreement,which is false or misleading.
(4) An order or decree entered, with the acquiescence of the Local Government, appointing a
receiver of any part of the Water or Sewer System or Gross Revenues thereof; or if such order or decree,
having been entered without the consent or acquiescence of the Local Government, shall not be vacated
or discharged or stayed on appeal within 60 days after the entry thereof.
(5) Any proceeding instituted, with the acquiescence of the Local Government, for the purpose
of effecting a composition between the Local Government and its creditors or for the purpose of
adjusting the claims of such creditors, pursuant to any federal or state statute now or hereafter enacted, if
the claims of such creditors are payable from Gross Revenues of the Water or Sewer System.
(6) Any bankruptcy, insolvency or other similar proceeding instituted by or against,the Local
Government under federal or state bankruptcy or insolvency law now or hereafter in effect and, if
instituted against the Local Government, is not dismissed within 60 days after filing.
11
t .
i
(7) Failure of the Local Government to give immediate written notice of default to the
4 Department and such failure shall continue for a period of 30 days.
6.02. REMEDIES.
Upon an event of default and subject to the rights of others having prior liens on the Pledged
Revenues,the Department may enforce its rights by any of the following remedies:
(1) By mandamus or other proceeding at law or in equity, cause to establish rates and collect
fees and charges for use of the Water and Sewer Systems, and to require the Local Government to fulfill
this Agreement.
(2) By action or suit in equity, require the Local Government to account for all moneys received
from the Department or from the ownership of the Water and Sewer Systems and to account for the
receipt, use, application, or disposition of the Pledged Revenues.
(3) By action or suit inequity, enjoin any acts or things which maybe unlawful or in violation
of the rights of the Department.
(4) By applying to a court of competent jurisdiction, cause to appoint a receiver to manage the
Water and Sewer Systems, establish and collect fees and charges, and apply the revenues to the reduction
of the obligations under this Agreement.
(5) By certifying to the Auditor General and the Comptroller delinquency on loan repayments,
the Department may intercept the delinquent amount plus a penalty from any unobligated funds due to
the Local Government under any revenue or tax sharing fund established by the State, except as
otherwise provided by the State Constitution. The Department may impose a penalty in an amount not to
exceed an interest rate of 18 percent per annum on the amount due in addition to charging the cost to
handle and process the debt. Penalty interest shall accrue on any amount due and payable beginning on
the 30th day following the date upon which payment is due.
(6) By notifying financial market credit rating agencies and potential creditors.
(7) By suing for payment of amounts due,or becoming due, with interest on overdue payments
together with all costs of collection, including attorneys'fees.
(8) By accelerating the repayment schedule or increasing the Financing Rate on the unpaid
principal of the Loan to as much as 1.667 times the Financing Rate for a default under Subsection
6.01(1).
6.03. DELAY AND WAIVER.
No delay or omission by the Department to exercise any right or power accruing upon an event
of default shall impair any such right or power or shall be construed to be a waiver of any such default or
acquiescence therein, and every such right and power may be exercised as often as may be deemed
expedient. No waiver or any default under this Agreement shall extend to or affect any subsequent event
of default, whether of the same or different provision of this Agreement, or shall impair consequent
rights or remedies.
12
F
f
{
Z
ARTICLE VII- THE PLEDGED REVENUES
• 7.01. SUPERIORITY OF THE PLEDGE TO THE DEPARTMENT.
From and after the effective date of this Agreement, the Department shall have a lien on the
Pledged Revenues, which along with any other Department State Revolving Fund liens on the Pledged
Revenues, will be prior and superior to any other lien, pledge or assignment with the following
exception. All obligations of the Local Government under this Agreement shall be junior, inferior, and
subordinate in all respects in right of payment and security to any additional senior obligations issued
with the Department's consent pursuant to Section 7.02. Any of the Pledged Revenues may be released
from the lien on such Pledged Revenues in favor of the Department if the Department makes a
determination, based upon facts deemed sufficient by the Department, that the remaining Pledged
Revenues will, in each Fiscal Year, equal or exceed 1.15 times the debt service coming due in each Fiscal
Year under the terms of this Agreement.
7.02. ADDITIONAL DEBT OBLIGATIONS.
The Local Government may issue additional debt obligations on a parity with, or senior to, the
lien of the Department on the Pledged Revenues provided the Department's written consent is obtained.
Such consent shall be granted if the Local Government demonstrates at the time of such issuance that the
Pledged Revenues, which may take into account reasonable projections of growth of the Water and
Sewer Systems and revenue increases, plus revenues to be pledged to the additional proposed debt
obligations will, during the period of time Semiannual Loan Payments are to be made under this
Agreement, equal or exceed l.15 times the annual combined debt service requirements of this Agreement
and the obligations proposed to be issued by the Local Government and will satisfy the coverage
requirements of all other debt obligations secured by the Pledged Revenues.
•
ARTICLE VIII-GENERAL PROVISIONS
8.01. DISCHARGE OF OBLIGATIONS.
All payments required to be made under this Agreement shall be cumulative and any deficiencies
in any Fiscal Year shall be added to the payments due in the succeeding year and all years thereafter until
fully paid. Payments shall continue to be secured by this Agreement until all of the payments required
shall be fully paid to the Department. If, at any time, the Local Government shall have paid, or shall
have made provision for the timely payment of, the entire principal amount of the Loan, and as
applicable, Loan Service Fee, interest, and Grant Allocation Assessment charges, the pledge of, and lien
on,the Pledged Revenues to the Department shall be no longer in effect. Deposit of sufficient cash,
securities, or investments, authorized by law, from time to time, may be made to effect defeasance of this
Loan. However, the deposit shall be made in irrevocable trust with a banking institution or trust
company for the sole benefit of the Department. There shall be no penalty imposed by the Department
for early retirement of this Loan.
8.02. RECORDS AND STATEMENTS.
Books,records,reports, engineering documents, contract documents, and papers shall be
available to the authorized representatives of the Department and the U.S. Environmental Protection
Agency's Inspector General for inspection at any reasonable time after the Local Government has
13
i
k
3
Z
received a disbursement and until five years after the date that the Project-specific audit report, required
under Subsection 2.03(4), is issued.
• 8.03. ACCESS TO WORK SITE.
The Local Government shall provide access to offices and other sites where PreCOnstruction
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.
8.04. ASSIGNMENT OF RIGHTS UNDER AGREEMENT.
The Department may assign any part of its rights under this Agreement after notification to the
Local Government. The Local Government shall not assign rights created by this Agreement without the
written consent of the Department.
8.05. AMENDMENT OF AGREEMENT.
This Agreement may be amended, except that no amendment shall be permitted which is
inconsistent with statutes, rules, regulations, executive orders, or written agreements between the
Department and the U.S. Environmental Protection Agency. A final amendment establishing the final
allowances and costs financed by this Loan shall be completed after the Department's final inspection of
relevant documents and records.
8.06. ANNULMENT OF AGREEMENT.
The Department may unilaterally annul this Agreement if the Local Government has not drawn
any of the Loan proceeds within eighteen months after the effective date of this Agreement. If the
Department unilaterally annuls this Agreement, the Department will provide written notification to the
Local Government.
8.07. SEVERABILITY CLAUSE.
If any provision of this Agreement shall be held invalid or unenforceable,the remaining
provisions shall be construed and enforced as if such invalid or unenforceable provision had not been
contained herein.
ARTICLE IX-RESERVED
ARTICLE X -DETAILS OF FINANCING
10.01. PRINCIPAL AMOUNT OF LOAN.
The principal amount of the Loan is $121,180, which includes $l 17,780 to be disbursed to the
Local Government and $3,400 of Capitalized Interest.
Capitalized Interest is not disbursed to the Local Government, but is amortized via periodic Loan
repayments to the Department as if it were actually disbursed. Capitalized Interest is computed at the
® Financing Rate, or rates, set for the Loan. It accrues and is compounded annually from the time w➢yen
14
disbursements are made until six months before the first Semiannual Loan Payment is due. Capitalized
Interest is estimated prior to establishment of the schedule of actual disbursements.
• 10.02. LOAN SERVICE FEE.
The Loan Service Fee is$2,356 for the Loan amount authorized to date. The fee represents two
percent of the Loan amount excluding Capitalized Interest; that is, two percent of$1 17,780. An
additional Loan Service Fee amount will be assessed for any additional funding provided by amendment
to the Agreement. The fee shall be adjusted downward if adjustment of Project costs results in a Loan
decrease, provided that the decrease amendment is executed before the first Semiannual Loan Payment
due date.
Interest shall accrue on the Loan Service Fee at the Financing Rate, or rates, set for the Loan
until the fee is paid. Loan Service Fee interest shall be compounded annually from the effective date of
the Loan until six months before the first Semiannual Loan Payment is due at which time it is capitalized.
The estimated Loan Service Fee capitalized interest is $140.
10.03. FINANCING RATE.
The Financing Rate on the unpaid principal of the Loan amount specified in Section 10.01 is
2.71 percent per annum. The Financing Rate equals the sum of the interest rate and the Grant Allocation
Assessment Rate. The interest rate is 1.355 percent per annum and the Grant Allocation Assessment rate
is 1.355 percent per annum. However, if this Agreement is not executed by the Local Government and
returned to the Department before July 1, 2004, the Financing Rate may be adjusted. A new Financing
Rate may be established for any funds provided by amendment to this Agreement.
• 10.04.LOAN TERM.
The Loan shall be repaid in 40 Semiannual Loan Payments.
10.05. REPAYMENT SCHEDULE.
The Semiannual Loan Payment shall be computed based upon the principal amount of the Loan
plus the Loan Service Fee and Loan Service Fee capitalized interest and the principle of level debt
service. The Department will deduct the Loan Service Fee and all associated interest from the first two
payments. The Loan principal and Semiannual Loan Payment amounts may be revised by amendment of
the Agreement. After the final disbursement of Loan proceeds,the Loan principal will be adjusted to
reflect the actual dates and amounts of disbursements. Accordingly, the Semiannual Loan Payment
amount shall be adjusted, taking into consideration any previous payments.
Until the principal amount of the Loan is amended, the Semiannual Loan Payment shall be in the
amount of$4,026. The interest and Grant Allocation Assessment portions of each Semiannual Loan
Payment shall be computed, using their respective rates, on the unpaid balance of the principal amount of
the Loan, which principal includes Capitalized Interest. Interest(at the Financing Rate) shall also be
computed on the unpaid balance of the Loan Service Fee and Loan Service Fee capitalized interest. The
interest and Grant Allocation Assessment on the unpaid balance shall be computed as of the due date of
each Semiannual Loan Payment.
Unless repayment is deferred by an amendment to this Agreement, Semiannual Loan Payments
shall be received by the Department beginning on February 15, 2007, and semiannually thereafter on
•
15
s
f
i
August 15 and February 15 of each year until all amounts due have been fully paid. Funds transfer shall
be made by electronic means.
The Semiannual Loan Payment amount is based on the total amount owed f �'Y o $123,676, Which
consists of the Loan principal plus the Loan Service Fee with its capitalized interest.
10.06.PROJECT RELATED COSTS.
The Local Government and the Department acknowledge that actual Project costs and
Preconstruction Activities allowances have not been determined as of the effective date of this
Agreement. An adjustment to Preconstruction Activities allowances may be made due to a reduction in
the scope of work proposed for construction or based on construction contract bid prices. Failure to
achieve Department acceptance of plans and specifications prior to the date specified in Section 10.07
may cause adjustment of the Preconstruction Activities allowances. Capitalized Interest will be
recalculated based on actual dates and amounts of Loan disbursements. The final allowance amounts,
and Project costs if financed by this Loan, shall be established in the final amendment. Changes in
Preconstruction Activities allowances or Project costs may also occur as a result of the Local
Government's audit or the Department's audit.
The Local Government agrees to the following estimates of Preconstruction Activities
allowances and related costs:
Administrative Allowance $ 12,000
Planning Allowance $ 36,080
Engineering Allowance $ 69,700
Subtotal (Disbursable Amount) $ 117,780
Capitalized Interest $ 3,400
TOTAL(Loan Principal Amount) $ 121,180
The listed allowances are based on estimated Construction Related Costs of$820,000, which
excludes Capitalized Interest.
10.07. SCHEDULE.
All Preconstruction Activities shall be completed no later than the completion of all
Preconstruction Activities date set forth below to preserve the Department's commitment to provide the
initial State Revolving Fund loan increment for Construction Related Costs at no greater than the
Financing Rate specified in Section 10.03. Planning activities shall be completed in time to enable the
Department to accept the planning documents as scheduled in Subsection (1)below.
(1) Acceptance of the planning documents by the Department(Design Authorization)no later
than June 15, 2004.
(2) Design of all Project facilities proposed for loan funding no later than June 15, 2005.
(3) Certification of availability of all sites for facilities proposed for loan funding no later than
June 15, 2005.
(4) Evidence that permitting requirements have been satisfied for all Project facilities proposed
for construction loan funding no later than January 15, 2006.
16
(5) Completion of all Preconstruction Activities for all Project facilities proposed for loan
funding no later than February 15,2006.
(6) Unless deferred by amendment, establish the Loan Debt Service Account and begin
Monthly Loan Deposits no later than August 15, 2006.
(7) Unless deferred by amendment, provide certifications under Subsection 2.01(10) beginning
November 15, 2006, and annually thereafter no later than September 30 of each year until the final
Semiannual Loan Payment is made.
(8) Unless this Agreement is amended to provide construction financing,the first Semiannual
Loan Payment in the amount of$4,026 shall be due February 15, 2007.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
•
17
ARTICLE XI-EXECUTION OF AGREEMENT
• This Loan Agreement WW79103P 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 Department has caused this Agreement to be executed on its
behalf by the Secretary of the Department and the Local Government has caused this Agreement to be
executed on its behalf by its Authorized Representative and by its affixed seal. The effective date of this
Agreement shall be as set forth below by the Secretary of the Department.
for „1
CITY OF DANIA BEACH
amity Manager
I attest to the opinion expressed in Section 2.02,
Attest entitled Legal Authorization, and as to,form and
legal sufficienJJ4 rX
cy
I
. City Clerk City, ttorney
SEAL
for
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
JUN 3 0 2004
cretary Date
•
18
Agenda Request Form
City of Dania Beach
f
Agenda 1tem:4?4 7a
Date of Commission meeting: 5/12/2004
Description of Agenda Item: Approval of Pre-Construction Loan from State Revolving Fund
Commission action being requested:
Adopt Resolution or Ordinance ® Expenditure ❑ Award BID / RFP ❑
Presentation ❑ General approval of item ❑ Continued from meeting
Other Please explain}
Summary pla tronE a'nd back round g
To submit a pre-construction loan application in the amount of$117,780 for pre-construction funds
under the State Revolving Fund for pre-construction activities involved with lift stations and
• infiltration projects and to subsequently enter into a loan agreement with the Department of
Environmental Protection.
Atta ed exhibits and additional backup materials (Please I s6
For purchasing requests ONLY
Department: Utilities Amount:
Fund: General: ❑ Water: ® Sewer: ❑ Stormwater: ❑ Grants: ❑ Capital: ❑
Account Name: Account Number:
Submitted by: Fernando Vazqu z Date: 5/3/2004
Department Director. Date: � �s
Admin. Services Director: Date:
® Finance Director. pvvaarney Date: 5/3/2004
City Manager: G C.— Date:
•
STATE OF FLORIDA
DEPARTMENT OF ENVIRONMENTAL PROTECTION
STATE REVOLVINGLOAN PROGRAM
FOR POLLUTION CONTROL
Dania Beach Pre construction Wastewater
' uWxWG12079s103Pa
L0AN APPLIC, ATION
MON..:
Florida Department of Environmental Protection
Bureau of Water Facilities Funding
Twin Towers Office Building
2600 Blair Stone Road
DEP Form 62-503.900(2) GFS Effective Date: 02/06/02
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............................................................................................... 1
(2) AUTHORIZED REPRESENTATIVE........................................................................................................ 1
(3) PRIMARY CONTACT............................................................................................ 1
(4) ADDITIONAL CONTACTS ..................................................................................................................... 1
(5) PROJECT NUMBER.................................................................................................................................. 1
(6) LOAN AGREEMENT DATE .................................................................................................................... 2
(7) CAPITALIZATION GRANT PROJECT REQUIREMENTS.................................................................... 2
(8) FINANCIAL HARDSHIP......................................... 2
(9) DIRECT AND LEVERAGED LOANS........................................................................ 2
(10) LIST OF ATTACHMENTS 2
PART II-PROJECT INFORMATION
PRECONSTRUCTION PROJECT
(1) ACTIVITIES............................................................................................................................................... 2
(2) SCHEDULE................................................................................................................................................ 3
(3) COST......................................................................................................................................................... 3
CONSTRUCTION PROJECT
(1) ACTIVITIES............................................................................................................................................... 3
* (2) SCHEDULE.......................................................................................................... 3
(3) COST.......................................................................................................................................................... 4
• OTHER THAN CONSTRUCTION PROJECT
(1) ACTIVITIES............................................................................................................................................... 4
(2) SCHEDULE................................................................................................................................................ 4
(3) COST.......................................................................................................................................................... 4
PART III-FINANCIAL INFORMATION
(1) PRINCIPAL ............................................................................................................................................... 4
(2) TERMS AND REPAYMENT.................................................................................................................... 4
(3) ANNUAL FUNDING LIMIT 5
(4) LOAN REPAYMENT RESERVE.............................................................................................................. 5
(5) INFORMATION ON LIENS...................................................................................................................... 5
(6) ACTUAL AND PROJECTED REVENUES.............................................................................................. 5
(7) AVAILABILITY OF PLEDGED REVENUES ......................................................................................... 5
(8) LOAN SERVICE FEE............................................................................................. 6
PART IV—AUTHORIZATION AND ASSURANCES
(1) AUTHORIZATION................................................................................................ 6
(2) ASSURANCES........................................................................................................................................... 6
PART V—SUPPLEMENTARY INFORMATION
(1) SCHEDULES
PRIOR AND PARITY LIENS.................................................................................................................... 8
ACTUAL REVENUES AND DEBT COVERAGE ............................................................ 9
PROJECTED REVENUES AND DEBT COVERAGE 10
(2) LIST OF ATTACHMENTS........................................................................................................................ 11
DEP Form 62-503.900(2) GFS Effective Date: 02/06/02
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 five parts: (1) ADMINISTRATIVE INFORMATION; (II) PROJECT
INFORMATION; (111) FINANCIAL INFORMATION; (IV) AUTHORIZATION AND ASSURANCES; and
(V) SUPPLEMENTARY INFORMATION.
(b) All information provided on this application must be typed. Monetary amounts may be rounded.
(c) Forms and attachments to be submitted are denoted with italic print.
(3) ASSISTANCE. Completion of Part I, Items (7) and (9); Part II, Item (2); and Part III Items (1) through (4) and (8); and
Part IV, Item(2) in this application may require information that can be obtained from Bureau of Water Facilities Funding
staff. Please call 850/488-8163 or SUNCOM 278-8163 for assistance in completing this application.
PART I - ADMINISTRATIVE INFORMATION
(1)PROJECT SPONSOR. City of Dania Beach
Federal Employer Identification Number. 59-6000302
(2)AUTHORIZED REPRESENTATIVE(person authorized to sign or attest loan documents).
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 to answer questions regarding this application).
Name Fernando Vazquez, P.E. Title Public Services Director
Telephone 954-924-3740 Fax 954-923-1109 E-Mail fvazquezgci.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#_1_).
Name: Patricia Varney Telephone 954-924-3620
Title: Finance Director Employer City of Dania Beach
Mailing Address 100 W. Dania Beach Blvd.
Dania Beach FL 33004
(5) PROJECT NUMBER(listed on the Department's priority list). WWG12079103P
06) LOAN AGREEMENT DATE. When do you expect to sign the Loan Agreement? 6/2004
(Allow time for Department preparation of agreement, Applicant review, and commission meeting if applicable.)
DEP Form 62-503.900(2) 1 of 11 GFS Effective Date: 02/06/02
(7) CAPITALIZATION GRANT PROJECT REQUIREMENTS. An Applicant may have to comply with certain
•
Federal requirements for loans from funds that, in aggregate, are equivalent to the amount of the federal grant
awarded to the Department to partially capitalize the State Revolving Fund. Please check with the Department to
determine if the project is subject to such requirements and document that determination with the appropriate
denotation as follows: Is this project subject to the special federal requirements? Yes x No. Each
year, a few projects sponsored by local governments are eligible for loans that will involve the federal
requirements under Section 212 of the amended Clean Water Act. Completing an EPA Preaward Compliance
Review Report is one such requirement. Attach the completed form if it is required. (Attachment # ) Note
also that there are special assurances required under Part IV of this application for a capitalization grant project.
(8) FINANCIAL HARDSHIP. If this application is for a financial hardship loan to a local government for a project
to serve a small community? Yes x No. If"Yes", please provide the following information:
(a) Name and county location of the community
(b) Median household income of the community as of the most recent decennial census
(c) Population of the community as of the most recent decennial census
(9) DIRECT AND LEVERAGED LOANS. A local government project sponsor that receives a loan from proceeds
of bonds issued by the Florida Water Pollution Control Financing Corporation will be subject to certain
limitations resulting from the tax exempt status of such bonds. Please check with the Department to determine if
the loan is subject to such limitations and document that determination with the appropriate denotation as
follows: Is this loan subject to the special leveraged loan limitations? _Yes _X_No.
(10) LIST OF ATTACHMENTS. This application requires the submittal of Attachments to provide supplemental
information. The application is not complete without the completed List of Attachments.
ART II—PROJECT INFORMATION
If you are applying for a loan to plan and design a project that will involve construction, complete only Subpart A
below. If you are applying for a loan to construct a project that is already planned and designed, complete only
Subpart B below. If you are applying for a loan to carry out activities that do not involve construction (such as a
non-structural best management practice),complete only Subpart C below.
A. PRECONSTRUCTION PROJECT
Information should be provided for each separate facility to be planned and designed as appropriate. For
designibuild projects or those where multiple facilities, segments, or phases are involved, please attach information
for activities, schedule, and cost for each. (Attachment#___)
(1) ACTIVITIES. Attach a brief description of the scope of planning and design activities to be financed by this
loan. Include a list of any specialized studies to be performed. (Attachment #_3__) Are these activities the
same as those scheduled on Request for Inclusion Form? _—Yes No. If "No", please explain.
(Attachment# )
•
DEP Form 62-503.900(2) 2 of 11 GFS Effective Date: 02/06/02
(2) SCHEDULE.
•(a) Provide proposed completion dates for the items. (Please call Department staff to discuss time frames needed to
complete required tasks.)
Planning documentation. complete
Engineering work. 12/04
Certification of site availability. complete
(b) Do you anticipate that an interlocal agreement with another party will be necessary to implement the project?
Yes. _x No. If"Yes", please explain. (Attachment#___)
(c)Is this a design/build project? Yes _x No.
(3) COST. Is the cost information submitted for the preconstruction loan priority list current? _x_Yes No. If
"No", please explain and submit revised cost information using the appropriate page of the Request for Inclusion
Form. (Attachment# ) Note that the disbursable amount will be limited to the priority list amount.
PRECONSTRUCTION LOAN APPLICANTS PROCEED TO PART III.
B. CONSTRUCTION PROJECT n/a
(1)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 # ).
• Are these contracts the same as those scheduled on Request for Inclusion Form? Yes No. If"No",
please explain. (Attachment# )
(b) Attach a copy of the Department letter(s) accepting the plans and specifications and all addenda (Attachment
# n/a—provided previously ).
(c)Was the planning and design for this project financed with a preconstruction loan?
_Yes. No. If"Yes", give the preconstruction loan number.
(d) Does this project involve an interlocal agreement with other local governments or other entities? Yes.
__No. If"Yes", attach a copy of the Department letter accepting the interlocal agreement. (Attachment
#__j Is the interlocal agreement, as accepted by the Department, fully executed and enforceable?
Yes. No. If"No", please explain (Attachment # ).
(e) Attach certification of site availability or evidence of the Department's previous acceptance of the certification.
(Attachment #___)
(f) Attach evidence that either a permit authorizing construction by the Department has been issued or that such a
permit is not required. (Attachment # )
(2) SCHEDULE.
(a)What is the estimated date for the start of construction? (month and year)
(b)What is the estimated date for construction completion? (month and year)
(c)What is the date for start up of the facilities? (month and year)
(3) COST. Is the cost information submitted for the priority list current? _ _Yes. No. If"No", please
• explain and submit revised cost information using the appropriate page of the Request for Inclusion Form.
(Attachment#___) Note that the disbursable amount will be limited to the priority list amount.
DEP Form 62-503.900(2) 3 of 11 GFS Effective Date: 02/06/02
CONSTRUCTION LOAN APPLICANTS PROCEED TO PART III.
C. OTHER THAN CONSTRUCTION PROJECT n/a
(1) ACTIVITIES.
(a) Attach a brief description of the activities to be financed by this loan and how the activities will be carried out.
(Attachment# )
(b) Attach a list of the planning activities completed for the project and evidence of the Department's acceptance of
them. (Attachment# ).
(c) Attach certification of site availability or evidence of the Department's previous acceptance of the certification.
(Attachment#)
(d) Attach evidence that either a permit from the Department is not required to authorize the activity or that such a
permit has been issued by the Department. (Attachment#_)
(e) Attach evidence of the procurement solicitation or a copy of the agreement(s) to be used in fulfilling the
activities. (Attachment# )
(2) SCHEDULE.
(a)When will the project activities begin? (month and year)
(b)When will the project activities be complete? (month and year)
(3) COSTS. Is the cost information submitted for the priority list current? Yes. No. If"no", please
explain and submit revised cost information using the appropriate page of the Request for Inclusion Form.
(Attachment# ) Note that the disbursable amount will be limited to the priority list amount.
PART III - FINANCIAL INFORMATION
Please check with the Department to establish estimates of the capitalized interest rate, financing rate, pledged
revenue coverage, limitations on annual loan amounts for large projects, applicability and amount of repayment
reserves, amount of the loan service fee and any other information needed to complete this form.
(1) PRINCIPAL. The requested amount of the loan, including capitalized interest (which is not disbursed), is
$ 117,780 . The estimate of the capitalized interest is $ 0 based on an interest rate of
2.97 %. Note that the disbursable amount will be limited to the priority list amount and must be consistent
with the project information provided under PART II of this application. Also note that the capitalized interest
is an inexact estimate, and it is subject to adjustment by the Department to reflect actual disbursement timing.
The principal amount of the loan does not include the loan service fee.
(2)TERMS AND REPAYMENT.
(a) Loans to local government project sponsors are amortized over the lesser of the useful life of the project or 20
years. Loans to non-governmental project sponsors are amortized over the lesser of the useful of the project or
10 years. Finance charges and principal are paid semiannually. Do you want to repay in fewer years?
Yes. x No. If "Yes", how many? years.
•
DEP Form 62-503.900(2) 4 of 11 GFS Effective Date: 02/06/02
&b) List all revenues that are to be pledged to repayment of this loan.
Water and sewer revenues
(c) Pledged revenue receipts or collections by the project sponsor must exceed the amount of the repayments due to
the Department unless there are other collateral provisions. The excess revenue, or coverage, generally is 15% of
each repayment. What coverage is proposed for the loan? 15% (coverage percentage)
(3) ANNUAL FUNDING LIMIT. Large project funding (generally, loans in excess of $10 million) may be
provided in increments pursuant to the initial loan agreement and subsequent amendments. Each increment shall
have a separate financing rate as established in the agreement or amendment providing that increment.
(4) LOAN REPAYMENT RESERVE. For direct loans only, the Applicant will be required to maintain a loan
repayment reserve to provide an interim remedy for any deficiency in pledged revenues receipts or collections.
The minimum reserve (and the amount that may be included in the principal) for loans to a local government is
0.03 times the total loan amount less the portion of the loan for capitalized interest and loan repayment reserve.
The minimum reserve (and the amount that may be included in the principal) for loans to other than a local
government is 0.12 times the total loan amount less the portion of the loan for capitalized interest and loan
repayment reserve. In certain situations involving pledged revenue coverage less than 15%, the project sponsor
must contribute its own funds to the reserve. Is a reserve expected to be established using any local funds?
Yes. No. If"Yes," describe the locally funded reserve. (Attachment# 3
(5) INFORMATION ON LIENS. The nature of the liens or revenues pledged to repay the loan will be different for
project sponsors that are local governments and those that are not.
(a) Describe, if applicable, all debt obligations having a prior or parity lien on the revenues pledged to repay this
loan. (Attachment # ) For 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, provide debt service information, if applicable, 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 # 5 )
(c) Describe all notes and other loans, if applicable, payable from the revenues pledged to repay this loan.
(Attachment # )
(6) ACTUAL AND PROJECTED REVENUES.
(a) Complete the Schedule of Actual Revenues and Debt Coverage for the past two fiscal years.
(b) Complete the Schedule of Projected Revenues and Debt Coverage, demonstrating the availability of pledged
revenues for loan repayment.
(7) AVAILABILITY OF PLEDGED REVENUES. All sources must be supported by a written legal opinion.
(Attachment # 8 ) The opinion must address the following:
(a) Availability of the revenues to repay the loan.
(b) Right to increase rates at which revenues shall be collected to repay the loan.
(c) Subordination of the pledge if pledged revenues are subject to a prior or parity lien.
(8) LOAN SERVICE FEE. A loan service fee is assessed on each loan. The fee is not part of the loan. It may be
paid at the time of loan agreement execution or it may be paid along with capitalized interest thereon no later
than by the time that the second semiannual loan repayment is due.
DEP Form 62-503.900(2) 5 of 11 GFS Effective Date: 02/06/02
The loan service fee amount is $ n/a
Will the loan service fee be paid directly to the Department upon loan execution? Yes X No.
PART IV—AUTHORIZATION AND ASSURANCES
(1) AUTHORIZATION. Provide an authorizing resolution (Attachment #_9 ) of the Applicant's governing body or
other evidence of authorization for the following:
(a) Pledging revenues to repay the loan.
(c) Designation of the Authorized Representative(s) to file this 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.
(2) ASSURANCES. The Applicant agrees to comply with the laws, rule, regulations, policies and conditions relating to the
loan for this project. Items (o) through(v) are revolving loan program requirements only for capitalization grant projects.
Applicants should seek further information from the Bureau of Water Facilities Funding staff as to the applicability of the
requirements if the necessity for the assurances are of concern. 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 planning documentation.
(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.
0(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 extend 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.
(i) 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.
(j) The Safe Drinking Water Act, Section 1424(e), PL 93-523, as amended, regarding protection of underground sources of
drinking water.
(k) 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.
(1) 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.
(m) Executive Order 11246,Equal Employment Opportunity,which provides for equal opportunity for all qualified persons.
(n) 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.
Oo) The Coastal Barrier Resources Act, 16 U.S.C. 3501 et seq., regarding protection and conservation of the coastal barrier
resources.
DEP Form 62-503.900(2) 6 of 11 GFS Effective Date: 02/06/02
(p) The Farmland Protection Policy Act, 7 U.S.C.4201 et seq.,regarding protection of agricultural lands from irreversible loss.
�(q) 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.
(r) The Demonstration Cities and Metropolitan Development Act of 1966,PL 89-754, as amended, which requires that projects
be carried out in accordance with area wide planning activities.
(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) The Davis-Bacon Act and related requirements of the Copeland Act and the Contract Work Hours and Safety Standards Act
which require compliance with labor standards for construction if required by the Environmental Protection Agency.
(v) 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.
Signed this Day of , 20
Authorized Representative Ivan Pato, City Manager
(signature) (name typed)
Attachments
•
DEP Form 62-503.900(2) 7 of 11 GFS Effective Date: 02/06/02
0 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 Wachoiva short-term SunTrust Capital SunTrust 2003
notes for water meter For Vehicles For Vehicles
Obligation
Coverage % % %
Insured? Yes x No Yes x No Yes x No
#4 #5 #6
Identify Each
Obligation
#7 #8
Identify Each
Obligation
Total Debt
Fiscal Annual Debt Service (Principal Plus Interest) Total Service Incl.
1 2 3 4 5 6 7 8 Debt w/o SRF TOTAL Debt
2003 $ 72,981 $ 70,937 $ 6,028 $ 149,946
2004 $ 53,977 $ 70,937 $ 12,055 $ 136,969
2005 $ 17,734 $ 12,055 $ 29,789
2006 $ 12,055 $ 12,055
2007 $ 12,055 $ 12,055
2008 $ -
2009 $
2010 $
2011 $
2012 $
2013 $
2014 $
2015 $
2016 $
2017 $
2018 $
2019 $
2020 $
2021 $
2022 $
2023 $
2024 $
2025 $
2026 $
DEP Form 62-503.900(2) 8 of 11 GFS Effective Date: 02/06/02
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.)
Interfund Transfers In/Out $ (302,356) $ 237,786
Net Revenues $ 1,007,766 $ 551,833
Debt Service (including coverage $ 12,861 $ 9,970
Excluding SRF Loans)
Debt Service (including coverage)
for Outstanding SRF Loans $ - $ -
Net $ 994,905 $ 541,863
(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# 6&7 )
(1) Attach worksheets reconciling this page with the appropriate financial statements (for example,
backing out depreciation and interest payments from operating expenses). (Attachment# 6&7
(j) If the net revenues were not sufficient to satisfy the debt service and coverage requirement, please
explain what corrective action was taken. (Attachment# )
DEP Form 62-503.900(2) 9 of 11 GFS Effective Date: 02/06/02
SCHEDULE OF PROJECTED REVENUES AND DEBT COVERAGE
0 FOR RATE-BASED SYSTEM PLEDGED REVENUE
(Begin with the fiscal year preceding first anticipated semiannual loan payment.)
Item 2004 2005 2006 2007 2008
a Ops revenues(Identify)
User Fees $ 4,896,542 $ 5,043,438 $ 5,194,741 $ 5,350,584 $ 5,511,101
b Interest Income $ 47,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
Non-OP
c Other Revenues(identify) $ 113,091 $ 114,000 $ 114,000 $ 114,000 $ 114,000
Misc. $ 71,000 $ 71,000 $ 71,000 $ 71,000 $ 71,000
d TOTAL $ 5,127,633 $ 5,278,438 $ 5,429,741 $ 5,585,584 $ 5,746,101
e Operating Expenses $ 4,241,859 $ 4,453,952 $ 4,676,650 $ 4,910,482 $ 5,156,006
f Interfund Transfers in/out $ (199,786) $ (220,275) $ (241,789) $ (264,379) $ (288,097)
g Net Revenues(g=d-e+f) $ 685,988 $ 604,211 $ 511,303 $ 410,723 $ 301,998
h Debt Service(including coverage $ 136,969 $ 29,789 $ 12,055 $ 12,055 $ -
Excluding SRF Loans)
i Debt Service(including coverage)
for Outstanding SRF Loans
I Total Ex.Debt(i=g+h) $ 136,969 $ 29,789 $ 12,055 $ 12,055 $
® j Projected Debt Service on Non-
SRF Future Projects(Incl Cov)
k Projected SRF Loan Debt
Service(including coverage) $ - $ - $ 160,425 $ 656,075 $ 759,575
1 New Debt(I=i+j+k)
Coverage
m NET $ 549,019 $ 574,422 $ 338,823 $ (257,407) $ (457,577)
(k)Identify the source of the above information and explain methods used to develop the projections
(Attachment#___). 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. NOTE: 5 year rate stud currently underway to
address 2007-2008 fiscal years.
(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 62-503.900(2) 10 of 11 GFS Effective Date: 02/06/02
• LIST OF ATTACHMENTS
Please list all attachments that you are including with this application form.
Attachment Number
List of Persons to Receive Correspondence 1
EPA Form 2
Scope of Project(Brief) 3
Loan Reserve Documentation 4
Prior Obligation Resolution 5
2002 CAFR Data 6
2003 CAFR Data 7
Legal Opinion Regarding Availability of Funds 8
Resolution for Loan 9
Site Certification 10
DEP Form 62-503.900(2) 11 of 11 GFS Effective Date: 02/06/02