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DRINKING WATER STATE REVOLVING FUND <br />PLANNING LOAN AGREEMENT <br />DW590330 <br />THIS AGREEMENT is executed by the STATE OF FLORIDA DEPARTMENT OF <br />ENVIRONMENTAL PROTECTION (Department) and the CITY OF CASSELBERRY, <br />FLORIDA, (Project Sponsor) existing as a local governmental entity under the laws of the State <br />of Florida. Collectively, the Department and the Project Sponsor shall be referred to as "Parties" <br />or individually as "Party". <br />RECITALS <br />Pursuant to Section 403.8532, Florida Statutes, the Department is authorized to make loans to <br />finance the planning, design and construction of public water systems; and <br />The Project Sponsor has applied for financing of Planning Activities, and the Department has <br />determined that all requirements for a Loan have been met. <br />AGREEMENT <br />In consideration of the Department loaning money to the Project Sponsor, in the principal amount <br />and pursuant to the covenants set forth below, 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 Project Sponsor authorized <br />by ordinance or resolution to sign documents associated with the Loan. <br />(3) "Capitalized Interest' shall mean the interest accruing on Loan proceeds from the <br />time of disbursement until six months before the first Semiannual Loan Payment is due. <br />Capitalized Interest is financed as part of the Loan principal. <br />(4) "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 <br />savings and loan business in the State of Florida and insured by the Federal Deposit Insurance <br />Corporation. <br />(5) "Final Amendment' shall mean the final agreement executed between the parties that <br />establishes the final terms for the Loan such as the final Loan amount, the interest rate, Loan <br />Service Fee, amortization schedule and Semiannual Loan Payment amount. <br />