Laserfiche WebLink
EXHIBIT A <br />FORM OF WIFIA BOND <br />CITY OF NORTH MIAMI BEACH, FLORIDA <br />NORWOOD WATER TREATMENT PLANT UPGRADE AND TRANSMISSION MAIN <br />IMPROVEMENTS AND REPLACEMENTS PROJECT <br />(WIFIA – N18118FL) <br />WIFIA BOND <br />Maximum Principal Amount: $44,204,486 <br />Effective Date: June 25, 2020 Due: August 1, 2060 <br />CUSIP#660899AA3 <br />CITY OF NORTH MIAMI BEACH, a municipality duly created and validly existing <br />under the laws of the State of Florida (the “Borrower”), for value received, hereby promises to <br />pay to the order of the UNITED STATES ENVIRONMENTAL PROTECTION AGENCY, <br />acting by and through the Administrator of the United States Environmental Protection Agency, <br />or its assigns (the “WIFIA Lender”), the lesser of (x) the Maximum Principal Amount set forth <br />above and (y) the aggregate unpaid principal amount of all disbursements (the “Disbursements”) <br />made by the WIFIA Lender (such lesser amount, being hereinafter referred to as the “Outstanding <br />Principal Sum”), together with accrued and unpaid interest (including, if applicable, interest at <br />the Default Rate, as defined in the WIFIA Loan Agreement (as defined below)) on the Outstanding <br />Principal Sum and all fees, costs and other amounts payable in connection therewith, all as more <br />fully described in the WIFIA Loan Agreement. The principal hereof shall be payable in the manner <br />and at the place provided in the WIFIA Loan Agreement in accordance with Exhibit F (WIFIA <br />Debt Service) to the WIFIA Loan Agreement, as revised from time to time in accordance with the <br />WIFIA Loan Agreement, until paid in full (which Exhibit F, as modified from time to time in <br />accordance with the terms of the WIFIA Loan Agreement, is incorporated in and is a part of this <br />WIFIA Bond). The WIFIA Lender is hereby authorized to modify the Loan Amortization <br />Schedule included in Exhibit F to the WIFIA Loan Agreement from time to time in accordance <br />with the terms of the WIFIA Loan Agreement to reflect the amount of each disbursement made <br />thereunder and the date and amount of principal or interest paid by the Borrower thereunder. <br />Absent manifest error, the WIFIA Lender’s determination of such matters as set forth on Exhibit <br />F to the WIFIA Loan Agreement shall be conclusive evidence thereof; provided, however, that <br />neither the failure to make any such recordation nor any error in such recordation shall affect in <br />any manner the Borrower’s obligations hereunder or under any other WIFIA Loan Document. <br />The interest rate on this WIFIA Bond shall be one and thirty-six one hundredths percent <br />(1.36%) per annum. Interest will accrue and be computed on the Outstanding Principal Sum (as <br />well as on any past due interest) from time to time on the basis of a three hundred sixty (360) day <br />year of twelve (12) thirty (30) day months; provided, that, upon the occurrence of an Event of <br />Default, the Borrower shall pay interest on the Outstanding Principal Sum at the Default Rate (as <br />defined in the WIFIA Loan Agreement to be the sum of (a) the WIFIA Interest Rate set forth above <br />EXHIBIT A-1 <br /> <br />