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• <br /> CLEAN WATER STATE REVOLVING FUND LOAN AGREEMENT <br /> SW 12089701 P <br /> THIS AGREEMENT is executed by the STATE OF FLORIDA DEPARTMENT OF <br /> ENVIRONMENTAL PROTECTION(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 /> WITNESSETH: <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 /> 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 /> ARTICLE I - DEFINITIONS <br /> 1.01. WORDS AND TERMS. <br /> Words and terms used herein shall have the meanings set forth below: <br /> (1) "Agreement" or "Loan Agreement" shall mean this agreement. <br /> (2) "Authorized Representative" shall mean the official of the Local Government authorized by <br /> ordinance or resolution to sign documents associated with the Loan. <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 /> (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 /> (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 /> (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 /> 1 <br />