Okaloosa County BOCC — August 19, 2014 — SIB Loan Amendment — reading text

FM # 429994-1 OKALOOSA COUNTY, FLORIDA FIRST AMENDMENT TO THE FEDERAL-FUNDED STATE INFRASTRUCTURE BANK LOAN AGREEMENT BETWEEN THE STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION AND OKALOOSA COUNTY, FLORIDA FOR THE FIXED CAPITAL OUTLAY PORTIONS OF THE TAXI-WAY A REHABILITATION AND STORMWATER MASTER PLAN THIS FIRST AMENDMENT TO THE FEDERAL-FUNDED STATE INFRASTRUCTURE BANK LOAN AGREEMENT (“Amendment”) is between the State of Florida, Department of Transportation (“Department”) and Okaloosa County, Florida (“Agency”), and is effective as of the date last signed. RECITALS A. The Department and the Agency entered into a Federal-Funded State Infrastructure Bank Loan Agreement dated March 9, 2011 (“Original Agreement”) under which the Department made a loan to the Agency in the initial principal amount of Three Million and 00/100 Dollars ($3,000,000.00) for the Agency’s portion of the fixed capital outlay portions of the Taxiway A Rehabilitation and Stormwater Master Plan (“Project”). B. The Agency has completed the fixed capital outlay portions under the Original Agreement and the Disbursements expended by the Agency total Two Million Eight Hundred Three Thousand Two Hundred Fifty and 97/100 Dollars ($2,803,250.97). c. Pursuant to Paragraph 5.10 of the Original Agreement, this Amendment is required to establish the final Project costs. AGREEMENT The parties agree the terms of the Original Agreement are amended as follows: 1. Section 1.00 is deleted in its entirety and restated as follows: “1.00 Purpose of Loan Agreement: The purpose of this Agreement is to state the terms and conditions upon which a loan from the SIB account will be made to the Agency; establish an amount of the SIB loan, not to exceed $2,803,250.97; establish a loan disbursement schedule; establish a schedule for repayments to the SIB account; and identify revenue sources pledged for the repayment to the SIB.” 2. Section 3.00 is deleted in its entirety and restated as follows: “3.00 State Infrastructure Bank Funding: The Agency has requested the Department to loan to the Agency an amount not to exceed $2,803,250.97 from the SIB to be used for the project as identified in Exhibit “A.” Page 1 of 5 FM # 429994-1 OKALOOSA COUNTY, FLORIDA 3. The Loan amount referenced in Section 5.10 is amended to be $2,803,250.97. 4. Section 5.20 is deleted in its entirety and restated as follows: “5.20 Loan Payments: Loan Payments shall be made at the time and in the amounts stated in the Loan Disbursement/Payment Schedule attached as Exhibit B. Loan Payments shall be credited first to interest accrued on the principal amount of the Loan, if any, then to principal. Upon determination by the Department SIB Program Manager that a proposed prepayment will not adversely impact the Department’s Federal SIB program account, the Agency may prepay the Loan in full, or in part, without penalty.” 5s Section 14.30 is deleted in its entirety and restated as follows: “14.30 Completion of the Project: The parties acknowledge that the Agency completed the project on or before September 18, 2013. Completion of the project shall in no way be interpreted as to relieve the Agency of their indebtedness to the Department and the obligation to repay under the terms of Exhibits “A” and “B.’”” 6. Exhibit A to the Original Agreement is also attached as Exhibit A to this Amendment. Exhibit B to the Original Agreement is deleted in its entirety and replaced with Exhibit B attached to this Amendment. cs This Amendment may be executed in counterparts. 8. Other than as expressly stated in this Amendment, the terms and conditions of the Original Agreement remain in full force and effect. The remainder of this page intentionally left blank. Page 2 of 5 FM # 429994-1 OKALOOSA COUNTY, FLORIDA The parties have executed this Amendment on the date(s) below. ATTEST OKALOOSA COUNTY, FLORIDA CHAIRMAN Charles K. Windes, Jr. Date Print Name Date Legal Review: By: Date STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION By: Ananth Prasad, P.E., Secretary Date Legal Review: Date Page 3 of 5 FM # 429994-1 OKALOOSA COUNTY, FLORIDA EXHIBIT A Project Description and Responsibilities PROJECT NAME: Taxiway A Rehabilitation and Stormwater Master Plan PROJECT LOCATION: Bob Sikes Airport Okaloosa County Eglin Air Force Base, Florida PROJECT DESCRIPTION: The existing 8,000 foot by 50 foot asphalt taxiway at Bob Sikes Airport is approximately 20 years old and is exhibiting signs of deterioration. This project will rehabilitate the existing taxiway and associated connectors and will widen the width of the taxiway by 75 feet and increase centerline to centerline offset of 400 feet from the centerline of the runway. This project will also construct an aircraft holding area on the south end of the taxiway, construct storm water improvements, and relocate the existing taxiway edge lights and airfield guidance signs. The widening of the taxiway is necessary to meet FAA requirements for serving the anticipated aircraft at the airport. Currently, the centerline offset is a deviation from FAA design standards. The changes to the centerline will conform to FAA recommendations. Page 4 of 5 FM # 429994-1 OKALOOSA COUNTY, FLORIDA EXHIBIT B Loan Disbursement/Payment Schedule Okaloosa County Taxiway A Rehabilitation and Stormwater Master Plan 8/12/2011 $0.00. $253,638.89 $0.00 $253,638.89 $0.00 $0.00 $0.00 $253,638.89) 2014/42 10/1/2011 $253,638.89 $0.00 $1,042.35 $254,681.24 $0.00 $0.00 $0.00 $254,681.24 1116/2011 $254,681.24 $690,378.67 $0.00 $945,059.91 $0.00 $0.00 $0.00 $945,059.91 2/9/2012 $945,059.91 $616,350.93 $0.00 $1,561,410.84 $0.00 $0.00 $0.00 $1,561.410.84 7/8/2012 $1,561,410.84 $264,735.64 30.00 $1,826,146.48 $0.00 $0.00 $0.00 $1,826, 146.48 $1,826,146.48 $615,845.73 $0.00 $2,441,992.21 $0.00 $0.00 $0.00 $2,441,992.21 2012/13 fi $2,441,992.21 $0.00 $41,535.30 $2,483,527.51 $309,114.35 $42,577.65 $351,692.00) $2,131,835.51 11/28/2012 $2,131,835.51 $151,911.42 $0.00 $2.283.746.93 $0.00 $0.00 $0.00 $2.283.746.93 2/25/2013 $2,283.746.93 $68,944.78 $0.00 $2,352,691.71 $0.00 $0.00; $0.00 $2,352,691.71 2013/14 10/1/2013 $2,352,691,71 $0.00: $69,023.57 $2,421,715.28 $282,668.43 $69,023.57 $351,692.00 $2,070,023.28 12/16/2013 $2.070.023.28 $141,444.91 $0.00 $2.211.468.19 $0.00 $0.00 $0.00 $2,211,468.19 2014/15 | 10/1/2014 $2,211,468.19 $0.00 $65,460.50 $2,276,928.69 $286,231.50 $65,460.50 $351,692.00 $1,925,236.69) 2015/16 | 10/1/2015 $1,925,236.69 $0.00 $57,757.10 $1,982,993.79 $293,934.90 $57,757.10 $351,692.00 $1,631,301.79) 2016/17_| 10/1/2016 $1,631,301.79 $0.00 $48,939.05 $1,680,240.34) $302,752.95 $48,939.05 $351,692.00 $1,328,548.84) 2017/18 | 10/1/2017 $1,328.548.84 $0.00 $39,856.47 $1,368,405.31 $311,835.53 $39,856.47 $351,692.00. $1,016,713.31 2018/19 | 10/1/2018 $1,016.713.31 $0.00 $30,501.40 $1,047.214.70 $321,190.60 $30,501.40 $351,692.00 $695,522.70) 2019/20 | 10/1/2019 $695,522.70 $0.00 $20,865.68 $716,388.39 $330,826.32 $20,865.68 $351,692.00) $364,696.39 2020/21 | 10/1/2020 $364,696.39 $0.00 $10,940.89 $375,637.28 $340,751.11 $10,940.89 $351,692.00 $23,945.28 2021/22 | 10/1/2021 $23,945.28 $0.00 $718.36 $24,663.64 $23,945.28 $718.36 $24,663.64 $0.00) $2,803,250.97 $386,640.67 $2,803,250.97 $386,640.67} _$3,189.891.64 Interest begins accruing with the first disbursement and will accrue and compound annually each October | thereafter. until loan is completely repaid. These calculations assume the following disbursement dates: FY 2011/12 $1,560.368.49 FY 2012/13 $1,101,437.57 FY 2013/14 $141,444.91 If disbursements are made on dates other than those above. the interest calculations will be modified and this schedule updated according. Total Loan Amount $2,803.250.97 Total Interest $386,640.67 Total Repayments $3,189.891.64 Remit Payment to: Mailing Address: State Board of Administration of Florida Post Office Box 13300 Tallahassee, FL 32317-3300 Street Address: State Board of Administration of Florida 1801 Hermitage Boulevard, Suite 100 Tallahassee, FL 32308 Wiring Instructions: Bank of America ABA 30260-0959-3 Credit: State Board of Administration Account #: 003660048119 Note on Payment for "FDOT SIB Loan - 429994-1" Page 5 of 5