Fort Walton Beach Council agenda — 01-08-13--regular — reading text

............................................ .................. ARTICLE III 17 LOAN REPAYMENT ACCOUNT..._ ............................................... ............................... 3. 01. 17 LOAN DEBT SERVICE ACCOUNT ...................................................... ............................... 3. 02. 17 INVESTMENT OF LOAN DEBT SERVICE ACCOUNT MONEYS ... ............................... 3. 03. LOAN DEBT SERVICE ACCOUNT WITHDRAWALS ........... ......... ........... ......... .... 17 3. 04. 17 ASSETS HELD INTRUST . ......................... _ ................... _ .... .................. .......................... 18 ARTICLE IV - PROJECT INFORMATION ............................................................... ............................... 4. 01. PROJECT CHANGES . .................................................... _ .................... _ ................... 18 4. 02. TITLE TO PROJECT SITE . ........................................................................ ................ 18 4. 03. PERMITS AND APPROVALS . ............ ....... ................. ,... _ ...................... ____ ...... 18 4. 04. ENGINEERING SERVICES ................................................................... ...............................18 4. 05. PROHIBITION AGAINST ENCUMBRANCES..__....._ .......................... ................... 18 4. 06. COMPLETION MONEYS ..... ....... ......................................... .... ,........ ........... ... _ ........... 18 4. 07. CLOSE- OUT. ........... ... ...................... _ ... ........ ...................... ................................... 18 19 4. 08. LOAN DI SBURSEMENTS . ....................... ......... ... ........ ... ........... ____ ............. ... ............ ARTICLE V - RATES AND USE OF THE WATER AND SEWER SYSTEMS ...... ...............................20 5, 01. RATECOVERAGE ..................................... _...___.......... ............................... _.._................ 20 5. 02, NO FREE SERVICE . ........... ...... ....................................................... ................................ 20 5. 03. 20 MANDATORY CONNECTIONS . ......................................................................................... 20 5. 04. NO COMPETING SERVICE . ............................................................................ ................... 5. 05. MAINTENANCE OF THE WATER AND SEWER SYSTEMS .............. .............................20 5. 06. ADDITIONS AND MODIFICATIONS . ..................... .................... .............. .................... 20 5. 07. COLLECTION OF REVENUES . .... ............. ..................... _____ ...................... ..............20 21 ARTICLE VI - DEFAULTS AND REMEDIES ... ___ ........................... _...., _.. ...... ... ...... .... ... _.,.,............ 6. 01. 21 EVENTS OF DEFAULT..... . ........... ._ ................. _ _.............._...__..... ......__.__.................... 6. 02. REMEDI ES..._ ................ ............. ............ .............___.__........._......... ................._..._....,.... 21 6. 03. 22 DELAY AND WAIVER . ................................ ........................... ........................... ........... ARTICLE VII - THE PLEDGED REVENUES ...................... _.._................... ............................... 22 7. 01. SUPERIORITY OF THE PLEDGE TO THE CORPORATION ....................... _..................22 7. 02. 23 ADDITIONAL DEBT OBLIGATIONS .................................................. ............................... 23 ARTICLE VIII - GENERAL PROVISIONS......__ ..................................................... ............................... 23 8. 01. DISCHARGE OF OBLIGATIONS ......................................................... ............................... 8. 02. PROJECT RECORDS AND STATEMENTS . ...................... ... ...................... _ ...............23 Packet Pg. 91  14.2. 6 24 8. 03. ACCESS TO PROJECT SITE ................... ............................... 24 8. 04. ASSIGNMENT OF RIGHTS UNDER AGREEMENT............ 24 8. 05. AMENDMENT OF AGREEMENT .......... ............................... 8. 06. ANNULMENT OF AGREEMENT . ....................................... 24 8. 07. SEVERABILITY CLAUSE_ ............................. ....... ...... .... 8. 08. USE AS MATCHING FUNDS ...... ..... ............................... 125 8. 09. COMPLIANCE VERIFICATION... ...................... ........... .. . 25 ARTICLE IX - CONSTRUCTION CONTRACTS AND INSURANCE .. _ .................... _........... 25 9. 01. AUTHORIZATION TO AWARD CONSTRUCTION CONTRACTS . ..... ............. 25 9. 02. SUBMITTAL OF CONSTRUCTION CONTRACT DOCUMENTS__ . ...............................26 9. 03. INSURANCE REQUIRED . ......................................... ._ ... _ ............................. .... 26 26 ARTICLE X - DETAILS OF FINANCING ..................................................... _ ................. _ ............... 26 10. 01. PRINCIPAL AMOUNT OF LOAN ......................................................... ............................... 10. 02. LOAN SERVICE FEE ............................. .... ...... ................................................ 27 10. 03. FINANCING RATE ................. ..... ... ............................... .................... .................... 27 10. 04. LOAN TERM... ... ....................... ............. ................... ........ .......................................... 27 10. 05. 27 REPAYMENT SCHEDULE .......... .................... ........ .... ____ ............. ........... .................. 10.06. PROJECTCOSTS.._.__.._ .................................. ....................... .............. ....... _ .... 28 10. 07, 29 PROJECT SCHEDULE ........................................................................... ............................... 10. 08. SPECIAL CONDITION ....... ...................... ......... ... ............................ .................... 29 30 ARTICLE XI - EXECUTION OF AGREEMENT ......................... ..... _--- .., ............ ,.................................. wMN Packet Pg. 92  F-14 .2. b CLEAN WATER STATE REVOLVING FUND LOAN AGREEMENT WW284100 THIS AGREEMENT is executed by the FLORIDA WATER POLLUTION CONTROL FINANCING CORPORATION ( the " Corporation ") and the CITY OF FORT WALTON BEACH, FLORIDA ( the " Local Borrower "), existing as a local governmental agency under the laws of the State of Florida. WITNESSETH: WHEREAS, pursuant to Sections 403. 1835 and 403. 1837, Florida Statutes ( the " State Act), the Corporation is authorized to make loans to local government agencies to finance or refinance the construction of wastewater pollution control facilities, the planning and design of which have been reviewed by the State of Florida Department of Environmental Protection ( the Department'); and WHEREAS, in accordance with the provisions of the State Act and a Service Contract dated as of June 1, 2001 ( as amended from time to time, the " Service Contract") between the Corporation and the Department, the Department has responsibility for the performance of various activities in connection with such loans; and WHEREAS, funding is provided from the State Revolving Fund program repayments and interest, which are Federally protected but which are subject to state audit requirements; and WHEREAS, the Local Borrower has made application for the financing of the Project ( as hereinafter defined), and the Corporation and the Department have determined that such Project meets all requirements for a loan and have agreed to