18-3037 Drinking Water State Revolving Fund Planning Loan Agreement

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(12) The Project Sponsor covenants that this Agreement is entered into for the purpose of completing planning activities in order to construct facilities which will, in all events serve a public purpose. 2.02. LEGAL AUTHORIZATION. Upon signing this Agreement, the Project Sponsor's legal counsel hereby expresses the opinion, subject to laws affecting the rights of creditors generally, that: (1) This Agreement has been duly authorized by the Project Sponsor and shall constitute a valid and legal obligation of the Project Sponsor enforceable in accordance with its terms upon execution by both parties; and (2) This Agreement identifies the revenues pledged for repayment of the Loan, and the pledge is valid and enforceable. 2.03. AUDIT AND MONITORING REQUIREMENTS. The Project Sponsor agrees to the following audit and monitoring requirements. (1) The financial assistance authorized pursuant to this Loan Agreement consists of the following: State Resources Awarded to the Project Sponsor Pursuant to this Agreement Consist of the Following: State CSFA Title or State Program CSFA Fund Source Funding Appropriation Number Funding Source Number Description Amount Category Original Drinking Water Drinking Agreement Revolving Loan 37.076 Water Facility $250,000 140129 TF Construction (2) Audits. (a) In the event that the Project Sponsor expends a total amount of state financial assistance equal to or in excess of $750,000 in any fiscal year of such Project Sponsor, the Project Sponsor must have a State single or project -specific audit for such fiscal year in accordance with Section 215.97, Florida Statutes; applicable rules of the Department of Financial Services; and Chapters 10.550 (local governmental entities) or 10.650 (nonprofit and for-profit organizations), Rules of the Auditor General. In determining the state financial assistance expended in its fiscal year, the Project Sponsor shall consider all sources of state financial assistance, including state financial assistance received from the Department, other state agencies, and other nonstate entities. State financial assistance does not include Federal direct or pass-through awards and resources received by a nonstate entity for Federal program matching requirements. (b) In connection with the audit requirements addressed in the preceding paragraph (a); the Project Sponsor shall ensure that the audit complies with the requirements of Section 215.97(7), Florida Statutes. This includes submission of a financial reporting package as defined 19