Fort Walton Beach Council agenda — 11-23-2010 Regular — reading text

hardship loans, 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, excluding capitalized interest is $ 2, 183, 598 The estimate of the capitalized interest is $ 105575 based on a financing rate of 2. 57% 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 useful life of the project or 20 years unless the project is to serve a small community qualifying as having a financial hardship. Loans to financial hardship communities may be amortized over the lesser of useful life of the project or 30 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. What is the useful life of the project? 40 ( years) Over how many years would you like to amortize the loan? 20 ( years) b) List all revenues that are to be pledged for repayment of this loan. Water & Sewer Utility Fund 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 0,10 of each repayment. What coverage is proposed for the loan? 1. 25% ( coverage percentage) d) Is any other financial assistance being applied to this project? ® Yes No If "Yes ", please list. ( Attachment # ) 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. Subject to the Department' s approval, a local government may establish a restricted or assigned reserve account, using its own funds, in an amount not less than the sum of two semiannual loan repayments in order to reduce the pledged revenue coverage requirement to as low as 1. 0 times the annual debt service. Is a reserve expected to be established using local funds? Yes ® No If "Yes," describe the locally funded reserve. ( Attachment # ) 5) INFORMATION ON LIENS. 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. Form 62- 503. 900( 2) Page 4 of 11 Effective Date 7 -29 -04  b) Using the Part V, Schedule ofPrior and Parity Liens, provide debt service information, if applicable, on each prior and parity obligation. c) 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 # ). d) Describe any other notes and loans payable from the revenues pledged to repay this loan. (Attachment # ). 6) ACTUAL AND PROJECTED REVENUES. a) Complete the Part V, Schedule of Actual Revenues and Debt Coverage for the past two fiscal years. b) Complete the Part V, 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 # ) 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. The fee along with interest thereon will be deducted from the first available repayments after the final amendment to the loan agreement. PART IV —AUTHORIZATION AND ASSURANCES 1) AUTHORIZATION. Provide an authorizing resolution of the Applicant's governing body or other evidence of authorization (Attachment # ) for the following: a) Pledging revenues to repay the loan. b) 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, rules, regulations, policies and conditions relating to the loan for this project. 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, as appropriate, in undertaking the Project: a) Assurances for capitalization grant projects. 1. Complete all facilities for which funding has been provided. 2. 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. 3. The Clean Air Act, 42 U.S. C. 7506( c), which requires conformance with State Air Quality Implementation Plans. 4. 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. 5. The Endangered Species Act, 16 U.S. C. 1531, et seq., which requires that projects avoid disrupting threatened or endangered species and their habitats. Form 62- 503. 900( 2) Page 5 of 11 Effective Date 7 -29 -04  6. Executive Order 11593, Protection and Enhancement of the Cultural Environment, regarding preservation, restoration and maintenance of the historic and cultural environment. 7. 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. 8. 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. 9. 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. 10. The Safe Drinking Water Act, Section 1424( e), PL 93 -523, as amended, regarding protection of underground sources of drinking water. 11. 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. 12. 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. 13. Executive Order 11246, Equal Employment Opportunity, which provides for equal opportunity for all qualified persons. 14. 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. 15. The Coastal Barrier Resources Act, 16 U. S. C. 3501 et seq., regarding protection and conservation of the coastal barrier resources. 16. The Farmland Protection Policy Act, 7 U.S. C. 4201 et seq., regarding protection of agricultural lands from irreversible loss. 17. 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. 18. 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. 19. 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. 20. 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. 21. 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. b) Assurances for other projects. 1. Chapter 161, Part I, F. S., " Beach and Shore Preservation Act" and Part III, "Coastal Zone Protection Act of 1985" which regulate coastal zone construction and all activities likely to affect the condition of the