Ordinance 2001-136 - Laserfiche WebLink

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ARTICLE X - DETAILS OF FINANCING 10.01. PRINCIPAL AMOUNT OF LOAN. The principal amount of the Loan is $696,200, which includes $669,500 to be disbursed to the Local Government and $26,700 of Capitalized Interest. Capitalized Interest is not disbursed to the Local Government, but is amortized via periodic Loan repayments to the Department as if it were actually disbursed. Capitalized Interest is computed at the combined rate of interest and Grant Allocation Assessment, or rates, set for the Loan. It accrues and is compounded annually from the time when disbursements are made until six months before the first Semiannual Loan Payment is due. Capitalized Interest is estimated prior to establishment of the schedule of actual disbursements. 10.02. LOAN SERVICE FEE. The Loan Service Fee is $13,000 for the Loan amount authorized to date. The fee represents two percent of the Loan amount excluding the Loan Repayment Reserve and Capitalized Interest amounts; that is, two percent of $650,000. An additional Loan Service Fee amount will be assessed for any additional funding provided by amendment to the Agreement. The fee shall be adjusted downward if adjustment of Project costs results in a Loan decrease, provided that the decrease amendment is executed before the first Semiannual Loan Payment due date. Interest shall accrue on the Loan Service Fee at the combined rate of interest and Grant Allocation Assessment, or rates, set for the Loan until the fee is paid. Loan Service Fee interest shall be compounded annually from the effective date of the Loan until six months before the first Semiannual Loan Payment is due at which time it is capitalized. The estimated Loan Service Fee capitalized interest is $1,070. 10.03. INTERES~ AND GRANT ALLOCATION ASSESSMENT RATES. --... . The combined rate of interest and Grant Allocation Assessment on the unpaid principal of the Loan amount specified in Section 10.01 is 3.16 percent per annum. Individually, the interest rate is 1.58 percent per annum and the Grant Allocation Assessment rate is 1.58 percent per annum. However, if this Agreement is not executed by the Local Government and returned to the Department before October 1,2001 the interest and Grant Allocation Assessment rates may be adjusted. New interest and Grant Allocation Assessment rates may be established for any funds provided by amendment to this Agreement. ' 10.04. LOAN TERM. Unless the Loan term is extended by an amendment to this Agreement, the Loan shall be repaid in 20 Semiannual Loan Payments. 10.05. REPAYMENT SCHEDULE. The Semiannual Loan Payment shall be computed based upon the principal amount of the Loan plus the Loan Service Fee and Loan Service Fee capitalized interest and the principle of level debt service. The Department will deduct the Loan Service Fee and all associated interest from the first two payments. The Loan principal and Semiannual Loan Payment amounts may be revised by amendment of 13