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Jefferson County
Board of Commissioners
Agenda Request
To: Board of Commissioners
Philip Morley, County Administrator
From: Frank Gifford, Public Works Director ~.+d
Agenda Date: December 17, 2012
Subject: Amendment to 2012 Public Works Trust Fund Loan Agreement
Statement of Issue: On March 5, 2012, Jefferson County Public Works entered into a Public
\Norks Trust Fund (PWTF) loan contract with the State Public Works Board for $lOM as part of the
funding and financing plan for the Port Hadlock Wastewater Facility project. There was an error in
the Agreement end date which the attached Amendment corrects, and a need to specify the first
payment date after the 5-year deferral period offered to new facilities, which the Amendment also
provides.
Analysis/Strategic Goals/Pro's Et Con's:
This amendment specifies the deferred start date for loan repayment to be June 1, 2017 and
corrects the loan term end date to June 1, 2046.
Fiscal Impact/Cost Benefit Analysis:
The loan terms are 35 years (5-year payment deferral + 30-year payment schedule including
interest accrued during deferral period) at 0.5% interest. This amendment does not affect the
number of years to repay the loan or the payment amounts.
Recommendation:
Jefferson County Public Works recommends that the Board execute the contract Amendment by
signing each of two originals provided and return them to the Public Works Department for further
processing.
Department Contact:
Joel Peterson 385-9173
Reuie+~ed By:
Philip Morle county Adminjstrator Date
Dcccmitor i. 3012
Joel Frierson
Jcttca'~un ~nlilnlV
R[:: :lmendmerx to Luau Ag[eema[L'CinxraCt P( 1 ~-`F_.I-115'.
Dear \ I; pcter;uu:
Attached is an amendment that the Public \lbrks Board requests you to sign. The amendment was
needed due to a processine error where the loan teen year as stated in vnc section of the contract does not
correspond with the date stated in soother seetion. 'I'o avoid confusion later, tvele elected to Formally
alter the completion dale on the contract Face Sheet, and in Section I . hl and Section i.l'. This
amendment does not affect the numbc;r of years you have to repay the loan or your payment amounts.
[vlauy Ihanks for your assistance.
Sinccrcly.
Jef(Ilincklc
P\\'fi ~rafl'
.letl'.hinchle'rr;ci+mntcroc.wa.eov
f ncktsures
AMENDMENT DECLARATIONS
CLIENT INNOTL~tATIOV
Legal Name luflcrson Cuunu
Loan Number P( I'-9~ i -ilj_
i~xi),IrcT rnrox~~nTloN
~~Title i'orl Hxdk+ck 1Vn~tcv,:ucr ti?wont
Project City N~+rt I u?cnon
ProjecLS[ate \\'ashin~tun
ProiectZip 9S_(>S
LOAN TERMS and CONDITIONS
Loan Amount IC+.UOO.U1i~:?.l?Q
Loan term ~?
Interest Rate O.jll
Loan Reimbursement
Date
PaymentMOnth lone I
Time of Performance (ill mi>m.hs from Contract L:SCCLIIIVII to I'ri+jrct Cnml?lotion date.
AMENDMENT DECLARATIONS (continued)
Loan Number PC I'?-9~ I -0>'
Title I'r~r~ Hadlock lhaste~~ah~r Scstcm
Scope of Work 1 he C'uunty will eonsn•uct a new ~~as;e~~:+ter s_atcm sin in~• the IrunJalc fort
I Iztdlocl. l: rh:ur <irow1lt Aria, to allu+v the Cotuvv to ntcet h~cal. Mate. and
lateral standards. Costs nuty include. but are nut limited to, hid dactrmcnts
and crtn,uuction of a ne~+ ~~ostci~utcr trcauncm plan;. reuse sstcnt, and Phase
I collccti~n .stem: htnd.'ri~~ht-c+f•-wad acquisiti~tn: cultural :md hi<torical
.
resource revie~~: cm ironntintal rep ie~r: ~ermiu: and ublic im;ilcrment.
AMENDMENT FACE SHEET
Loan Number: PC12-951-052
Amendment Number: A
Washington State Department of Commerce
PUBLIC WORKS BOARD
Construction Loan Contract
Jeftuson Count\ N!A
42. Sheridan sl
3. Contractor Representative (only if updated) 4. Public Works Board Representative (only if
N/A NiA
5. Original Contract Amount 6. Amendment 7. New Contract Amount
Amount
8. Amendment Funding Source 9. Amendment Stag Date 10. Contract End Date
Federal: _ State: G Other: ^ N/A:
NIA NiA
.. ... r.,.....
of This amendment is to correct a processing error that caused the contract completion dates to be
lisplayed it the contract document. _
defined as the Washington State Puolic Works Board, and Borrower/Contractor acknowledge and accept
this Agreement/Contract As Amended and attachments and have executed tnis Contract cn the date below
[.~:_ ~_.- ~[ -........~..... TL.n ..n l.~n and n4.Gn nKnnn of Mn.l. nn.l:nn +n Ih{n Amm~n~nn{/(`nnir-~n1 Ar Amnnrl~rl
Amendment shat! be attached to and made a
Borrower/Contractor Anv re`.erence ,n the or
Amended" or "Coot acl As Amended," respec
John LaRocque. ExecuTve Director
APPROVED AS TO FORM ONLY
This 18~ Day of December 2G08
Rob McKenna
Attorney General
Approved as ~ form
AMENDMENT TERMS AND CONDITIONS
R'ashinKton State Department of Commerce
PUBLIC 1Yt)RICS BUAI2ll
Constructipn Loan Contract
Convactor'I3orrower: .IciFcr,on County
Contract Nwnber: I'C I~-9i I-0~^_ -
Amcndmcnt ?~urnbcr: A
The Public Works 8oartl (or its successors). a department of the State of Washington, (hereafter referred to as
the "8oartl") and the Contractor, listed on the Face Sheet, agree to amend the declared loan by modifying the
contract completion dates in the following sections to reflect the term and completion date as set for below.
Contract Face Sheet:
(item 8: Contract End Date)
Cortract Ecd Date: June ' ~c;<?~~.
Part 1 Special Terms and Conditions:
1.14. Rate and Term of Loan
(2nd sentence rnod;iied to read as tollowsJ:
The terra of the loan shall not exceed 35 years, with the final payment due June 1, 2~4~.
1.17, Repayment
(1st paragraph, 2nd sentence is moCified to read as follows):
The first loan repayment is due .' um. I . ~ ~? I -.
(2nd paragraph, 3rd sentence is modified to read as follows):
The fines payment shall be on or before June 1 ~ OaS, of an amount sufficient to bring the loan balance to
zero.
JeNerson County Page 2 Loan End Date Amendment
PC12-95?-052 12;3.r2012 All Programs