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<br />CLEAN WATER STATE REVOLVING FUND LOAN AGREEMENT <br />SW12089701P <br /> <br />THIS AGREEMENT is executed by the STATE OF FLORIDA DEPARTMENT OF <br />ENVIRONMENTAL PROTECfION (Department) and the CITY OF SUNNY ISLES BEACH, <br />FLORIDA, (Local Government) existing as a local governmental agency under the laws of the State of <br />Florida. <br /> <br />WIlNESSETH: <br /> <br />WHEREAS, pursuant to Section 403.1835, Florida Statutes, the Department is authorized to make loans <br />to local government agencies to finance the planning, design, and construction of stormwater pollution <br />control facilities; and <br /> <br />WHEREAS, the Local Government has made application for the financing of Preconstruction Activities, <br />and the Department has determined that all requirements for a loan have been met. <br /> <br />NOW, THEREFORE, in consideration of the Department loaning money to the Local Government, in <br />the principal amount and pursuant to the covenants hereinafter set forth, it is agreed as follows: <br /> <br />ARTICLE I - DEFINITIONS <br /> <br />1.01. WORDS AND TERMS. <br /> <br />Words and terms used herein shall have the meanings set forth below: <br /> <br />(1) "Agr$ement" or "Loan Agreement" shall mean this agreement. <br />->~ <br /> <br />(2) "AuthorizeCt Representative" shall mean the official of the Local Government authorized by <br />ordinance or resolution to sign documents associated with the Loan. <br /> <br />(3) "Capitalized Interest" shall mean the interest accruing on Loan proceeds from the time of <br />disbursement until six months before the first Semiannual Loan Payment is due. Capitalized Interest is <br />financed as part of the Loan principal. <br /> <br />(4) "Construction Related Costs" shall mean costs for construction, equipment, materials, <br />demolition, contingency, legal and technical services incurred after construction bid opening, and the <br />incremental portion of the Loan repayment reserve disbursement and Capitalized Interest associated with <br />the foregoing costs. <br /> <br />(5) "Depository" shall mean a bank or trust company, having a combined capital and <br />unimpaired surplus of not less than $50 million, authorized to transact commercial banking or savings <br />and loan business in the State of Florida and insured by the Federal Deposit Insurance Corporation. <br /> <br />(6) "Grant Allocation Assessment" shall mean an assessment, expressed as a percent per <br />annum, accruing on the unpaid balance of the Loan. It is computed similarly to the way interest charged <br />on the Loan is computed and is included in the Semiannual Loan Payment. The Department will use <br /> <br />I <br />