Florida Administrative Code › 62 - DEPARTMENT OF ENVIRONMENTAL PROTECTION › 62 - Departmental › Chapter 62-554 - WATER STORAGE FACILITY LOAN PROGRAM › Section 62-554.400 - Loan Application and Agreements

Current through Reg. 50, No. 138; July 16, 2024
(1) General.
(a) To receive a loan, a project sponsor must
				submit a complete loan application, provide reasonable assurance that it has
				the financial capability to complete the project and repay the loan, and enter
				into a written loan agreement. A complete loan application, Water Storage
				Facility Loan Program, Loan Application, Form 2, effective 7-19-18, adopted and
				incorporated by reference shall be submitted to the Department within 120 days
				after the after the project sponsor receives confirmation of award. The project
				sponsor may incorporate into the loan application, by reference, any
				information previously submitted to the Department. This form is available from
				the Department's Drinking Water State Revolving Fund Program, 3900 Commonwealth
				Blvd., Tallahassee, Florida 32399-3000, or at
http://www.flrules.org/Gateway/reference.asp?No=Ref-09537
.
(b) If a project sponsor does not submit a
				complete loan application within 120 days, or a loan agreement is not executed
				within 210 days after sponsor receives confirmation of award, the notice of
				award will be rescinded and the next highest priority project that did not
				receive complete requested funding will be awarded those funds; unless the
				project sponsor can show good cause prior to that meeting documenting why the
				application was not submitted or why the agreement was not executed by the
				appropriate deadline. For the purpose of this paragraph, good cause shall mean
				unforeseen circumstances outside of the sponsor's control or a showing that the
				sponsor is making a diligent effort to complete or execute the loan application
				or loan agreement.
(c) Project
				sponsors shall provide financial assurance that project activities will be
				completed, including requirements for service providers and equipment suppliers
				or manufacturers to provide performance guarantees, insurance covering workers'
				compensation, comprehensive general liability, vehicle liability, and property
				damage to the extent that coverage is available for project
				activities.
(d) A loan service fee
				between two and four percent of the total loan amount less capitalized interest
				shall be estimated at the time of execution of the loan agreement, revised with
				any increase or decrease amendment, and shall be finalized in the final loan
				amendment based on the total loan disbursed. The loan recipient shall pay the
				loan service fee from the first repayment(s) following the final amendment. The
				Loan Service Fee shall not be included in the principal of the loan.
(e) Before approval of a loan, the local
				government or water supply entity must, at a minimum, submit all the following
				to the department:
1. A proposed repayment
				schedule.
2. Evidence that all
				required permits have been obtained, or written documentation from the
				applicable permitting authorities that the project will be permitted, or that a
				permit is not required.
3. Plans
				and specifications, biddable contract documents, or other documentation of
				appropriate procurement of goods and services.
4. Written assurance that records will be
				kept using generally accepted accounting principles and that the department or
				its agents and the Auditor General will have access to all records pertaining
				to the loan.
5. If the facility is
				primarily for the purpose of water supply for consumptive use as provided in
				paragraph  373.475(4)(e),
				F.S., documentation that it will be self-supporting.
6. Documentation that the water management
				district's governing board within whose boundaries the facility will be located
				has approved the facility. If the facility crosses jurisdictional boundaries,
				approval from each applicable district must be documented and provided to the
				department.
7. Survey of property
				to be mortgaged and title opinion, as applicable.