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HomeMy WebLinkAboutDNRC - SRF Loan Program AgreeDEPARTMENT OF NATURAL RESOURCES AND CONSERVATION BRIAN SCHWE1TZER, GOVERNOR 1625 ELEVENTH AVENUE STATE OF MONTANA DIRECTOR'S OFFICE (406) 444-2074 TELEFAX NUMBER (406) 444-2684 PO BOX 201601 HELENA, MONTANA 59620-1601 August 4, 2005 City of Laurel Dear Mayor Ken Olson: LETTER OF APPROVAL FOR STATE REVOLVING FUND LOAN PROGRAM IN LIEU OF COMMITMENT AUG 5 2005 i~.-~Y CITY 0F LAUREL The State of Montana, through its State Revolving Fund Program, has been approved by the Environmental Protection Agency (the EPA) to make loans for wastewater projects. Note the August I, 2005 letter had the incorrect amount. The purpose of this letter is to formally apprise you that the state has approved a loan to the City of Laurel in the amount of $866,000, which loan will be represented and secured by the city's Wastewater System Revenue Bond in the amount of $866,000, payable over a term of 20 years at an interest rate of 3.75% per annum. The bond shall be issued pursuant to a Bond Resolution adopted by the city council in substantially the form of the Bond Resolution used by the city's Bond Counsel in previous revolving fund loans, subject to appropriate references and changes for any currently outstanding city wastewater system revenue bonds. The city has notified DNRC of its desired closing in September 2005, on the loan and DNRC will work with the city and its Bond Counsel to have the loan properly closed. We have included the sample loan payment schedule. Please do not hesitate to call if there are any questions or comments. Financial Advisor Conservation and Resource Development Bureau CENTRALIZED SERVICES DIVISION (406)444-2074 Mae Nan Ellingson - Dorsey & Whitney w/ Laurel SRF File w/ Deb Meling - Morrison Maiefle w/ Nancy Guccione - TSEP w/ Mary Embleton - Laurel w/ Nathan Tubergen w/ CONSERVATION & RESOURCE DIVISION (406) 444-6667 Mike Abrahamson - DEQ w/ Diana Hoy- DNRC w/ Debbie Kuykendall - US Bank w/ Bob Fischer- DNRC w/ Crystal Bennett - ME&A RESERVED ~VATER RIGHTS OiL & GAS TRUST LAND MANAGEMENT COMPACT COMMISSION DIVISION DIVISION (406) 444-6841 (406) 444-6675 (406) 444-20?4 G:(CARDM-GENIL4L~NNA ISRF~oproval Ltr Lauretdoc Laurel WasteWater LoanS. East 1st Tranldine ~Total oatreet 2004 2005 2006 11,375 13,097 24,472 2007~ 28,606 33,025 61,631 2008 28,081 33,425 61,506 2009 28,556 33,769 62,325 2010 28,975 33,094 62,069 2011 28,375 33,419 61,794 2012 28,775 33,687 62,462 2013 29,119 32,937 6¢,056 2014 28,444 33,187 61,631 2015 28,769 33,38I 62,150 2016 29,037 32,556 61,593 2017 28,287 33,713 62,000 2018 28,537 33,813 62,350 2019 28,731 33,894 62,625 2020 27,906 32,919 60,825 2021 29~063 33,925 62,988 2022 28,163 32,875 61,038 2023 29,244 33,806 63,050, 2024 28,269 32,681 60,950 2025 28,294 33,537 61,831 2026 14,262 17,31~ 31,581 2027 l'otal$ 568,868 $ 664,059 $ 1,232,927 STATE OF MONTANA GENERAL OBLIGATION BONDS WASTEWATER (REVOLVING FUND PROGRAM) SER05 7/1/2025 40 Preliminary Schedule BORROWER: Laurel-E 1st Street PROJECT NAME: FINAL LOAN PAYMENT: LOAN COMMITMENT: $400,000 # OF LOAN PAYMENTS: LOAN AMOUNT: 400,000 PROJECT NLrlvlBER: INTEREST RATE: 3.75% DATE OF FUND/NG: 9/16/2005 PAYMENT LOAN LOSS ADM EXPENSE EqTEREST PRINCIPAL O/S LOAN TOTAL AMOUNT DUE RESERVE SURCHARGE PAYMENT PAYMENT BALANCE OF PAYMENT I 1/1/2006 2 7/1~2006 3 1/I/2007 4 7/1/2007 5 1/1/2008 6 7/1/2008 7 1/1/2009 8 7/1/2009 9 1/1/2010 10 7/1/2010 11 I/1/2011 12 7/1/2011 13 1/I/2012 14 7/1/2012 15 i/I/2013 16 7/1/2013 17 1/I/2014 18 7/1/2014 19 1/1/2015 20 7/1/2015 21 1/1/2016 22 7/I/2016 23 1/1/2017 24 7/1/2017 25 1/I,'2018 26 7/1/2018 27 1/1/2019 28 7/I/2019 29 1/i/2020 30 7/1/2020 31 1/I/2021 32 7/I/2021 33 1/1/2022 34 7/1/2022 35 I/1/2023 36 7/1/2023 37 1/I/2024 38 7/1/2024 39 I/1/2025 40 7/1/2025 1,166.67 875.00 2,333.33 7,000.00 393,000.00 $11,375.00 $ 11,375.00 1,965.00 1,473.75 3,930.00 7,000.00 386,000.00 $14,368.75 1,930.00 1,447.50 3,860.00 7,000.00 379,000.00 $14,237.50 $ 28,606.25 1,895.00 1,421.25 3,790.00 7,000. O0 372,000.00 $14,106.25 1,860.00 1,395.00 3,720.00 7,000.00 365,000.00 $13,975.00 $ 28,081.25 1,825.00 1,368.75 3,650.00 7,000.00 358,000.00 $13,843.75 1,790.00 1,342.50 3,580.00 8,000.00 350,000.00 $14,712.50 $ 28,556.25 1,750.00 1,312.50 3,500.00 8,000.00 342,000.00 $14,562.50 1,710.00 1,282.50 3,420.00 8,000.00 334,000.00 $14,412.50 $ 28,975.00 1,670.00 1,252.50 3,340.00 8,000.00 326,000.00 $14,262.50 1,630.00 1,222.50 3,260.00 8,000.00 318,000.00 $I4,112.50 $ 28,375.00 1,590.00 1,192.50 3,180.00 8,000.00 310,000.00 $13,962.50 1,550.00 1,162.50 3,100.00 9,000.00 301,000.00 $14,812.50 $ 28,775.00 1,505.00 1,128.75 3,010.00 9,000.00 292,000. O0 $14,643.75 1,460.00 1,095.00 2,920.00 9,000.00 283,000.00 $14,475.00 $ 29,118.75 1,415.00 1,061.25 2,830.00 9,000.00 274,000.00 $14,306.25 1,370.00 1,027.50 2,740.00 9,000.00 265,000.00 $14,137.50 $ 28,443.75 1,325.00 993.75 2,650.00 9,000.00 256,000.00 $13,968.75 1,280.00 960.00 2,560.00 10,000.00 246,000.00 $14,800.00 $ 28,768.75 1,230.00 922.50 2,460.00 10,000.00 236,000.00 $14,612.50 1,180.00 885.00 2,360.00 10,000.00 226,000.00 $14,425.00 $ 29,037.50 1,130.00 847,50 2,260.00 10,000.00 216,000.00 $I4,237.50 1,080.00 810.00 2,160.00 10,000.00 206,000.00 $14,050.00 $ 28,287.50 1,030.00 772.50 2,060.00 10,000.00 196,000.00 $13,862.50 980.00 735.00 1,960.00 11,000.00 185,000.00 $14,675.00 $ 28,537.50. 925,00 693.75 1,850.00 I 1,000.00 174,000.00 $14,468.75 870.00 652.50 1,740.00 11,000.00 163,000.00 $14,262.50 $ 28,731.25 815.00 611.25 1,630.00 11,000.00 152,000.00 $14,056.25 760.00 570.00 1,520.00 11,000.00 i41,000.00 $13,850.00 $ 27,906.25 705.00 528.75 1,410.00 12,000.00 129,000.00 $14,643.75 645.00 483.75 1,290.00 12,000.00 117,000.00 $14,418.75 $ 29,062.50 585.00 438.75 1,170.00 12,000.00 105,000.00 $14,193.75 525.00 393.75 1,050.00 12,000.00 93,000.00 $13,968.75 $ 28,162.50 465.00 348.75 930.00 13,000.00 80,000.00 $14,743.75 400.00 300.00 800.00 13,000.00 67,000.00 $14,500.00 $ 29,243.75 335.00 251.25 670.00 I3,000.00 54,000.00 $14;256.25 270.00 202.50 540.00 13,000.00 41,000.00 $14,012.50 $ 28,268.75 205.00 153.75 410.00 13,000.00 28,000.00 $13,768.75 140.00 I05.00 280.00 14,000.00 14,000.00 $14,525.00 $ 28,293.75 70.00 52.50 140.00 14,000.00 0.00 $14,262.50 $ 14,262.50 45,031.67 33,773.75 90,063.33 400,000.00 568,868.75 STATE OF MONTANA GENERAL OBLIGATION BONDS WASTEWATER (REVOLVING FUND PROGRAM) SER 05 7/1/2025 40 Preliminary Schedule BORROWER: Laurel-Trunkline PROJECT NAME: FINAL LOAN PAYMENT: LOAN COMMITMENT: $466,000 # OF LOAN PAYMENTS: LOAN AMOUNT: 466,000 PROJECT NUMBER: INTEREST RATE: 3.75% DATE OF FUNDING: 9/16/2005 PAYMENT LOAN LOSS ADM EXPENSE INTEREST PRINCIPAL O/$ LOAN TOTAL AMOUNT DUE RESERVE SURCHARGE PAYMENT PAYMENT BALANCE OF PAYIVIENT I 1/1/2006 2 7/1/2006 3 I/1/2007 4 7/1/2007 5 1/1/2008 6 7/I/2008 7 1/1/2009 8 7/1/2009 9 1/1/2010 lO 7/I/2010 11 1/1/201] 12 7/1/2011 13 I/1/2012 14 7/I/2012 15 1/1/2013 16 7/1/2013 1 7 1/1/2014 18 7/1/2014 I9 1/1/2015 20 7/1/2015 21 1/1/2016 22 7/1/2016 23 I/U2017 24 7/1/2017 25 1/1/2018 26 7/1/2018 27 I/1/2019 28 7/I/2019 29 I/1/2020 30 7/1/2020 31 1/I/2021 32 7/i/2021 33 I/1/2022 34 7/1/2022 35 1/1/2023 36 7/1/2023 37 1/1/2024 38 7/1/2024 39 1/I/2025 40 7/112025 1,359.17 1,019.38 2,718.33 8,000.00 458,000.00 $13,096.88 $ 13,096.88 2,290.00 1,717.50 4,580.00 8,000.00 450,000.00 $16,587.50 2,250.00 1,687.50 4,500.00 8,000.00 442,000.00 $16,437.50 $ 33,025.00 2,210.00 1,657.50 4,420.00 8,000.00 434,000.00 $16,287.50 2,170.00 1,627.50 4,340.00 9,000.00 425,000.00 $17,137.50 $ 33,425.00 2,125.00 1,593.75 4,250.00 9,000.00 416,000.00 $16,968.75 2,080.00 1,560.00 4,160.00 9,000.00 407,000.00 $16,800.00 $ 33,768.75 2,035.00 1,526.25 4,070.00 9,000.00 398,000.00 $16,631.25 1,990.00 1,492.50 3,980.00 9,000.00 389,000.00 $16,462.50 .. $ 33,093.75 1,945.00 1,458.75 3,890.00 9,000.00 380,000.00 $16,293.75 1,900,00 1,425.00 3,800.00 10,000.00 370,000.00 $17,125.00 $ 33,418.75 1,850.00 1,387.50 3,700.00 10,000.00 360,000.00 $16,937.50 1,800.00 1,350.00 3,600.00 ' I0,000.00 350,000.00 $16,750.00 $ 33,687.50 1,750.00 1,312.50 3,500.00 10,000.00 340,000.00 $16,562.50 1,700.00 1,275.00 3,400.00 10,000.00 330,000.00 $16,375.00 $ 32,937.50 ] ,650.00 1,237.50 3,300.00 10,000.00 320,000.00 $16,187.50 1,600.00 1,200.00 3,200.00 II,000.00 309,000.00 $17,000.00 $ 33,187.50 1,545.00 1,]58.75 3,090.00 11,000.00 298,000.00 $16,793.75 1,490.00 1,I17.50 2,980.00 11,000.00 287,000.00 $16,587.50 $ 33,381.25 1,435.00 1,076.25 2,870.00 11,000.00 276,000.00 $16,381.25 1,380.00 1,035.00 2,760.00 . 11,000.00 265,000.00 $16,175.00 $ 32,556.25 1,325.00 993.75 2,650.00 12,000.00 253,000.00 $ ] 6,968.75 1,265.00 948.75 2,530.00 12,000.00 241',000.00 $16,743.75 $ 33,712.50 I '205.00 903.75 2,410.00 12,000.00 229,000.00 $16,518.75 1,145.00 858.75 2,290.00 12,000.00 217,000.00 $16,293.75 $ 32,812.50 1,085.00 813.75 2,170.00 13,000.00 204,000. O0 $17,068.75 1,020.00 765.00 2,040.00 I3,000.00 191,000.00 $16,825.00 $ 33,893.75 955.00 716.25 1,910.00 13,000.00 178,000.00 $16,581.25 890.00 667.50 1,780.00 13,000.00 165,000.00 $16,337.50 $ 32,918.75 825.00 618.75 1,650.00 14,000.00 151,000.00 $I7,093.75 755.00 566.25 1,510.00 14,000.00 137,000.00 $16,831.25 $ 33,925.00 685.00 513.75 1,370.00 14,000.00 123,000.00 $16,568.75 615.00 46L25 1'230.00 14,000.00 109,000.00 $16,306.25 $ 32,875.00 545.00 408.75 1,090.00 15,000.00 94,000.00 $17,043.75 470.00 352.50 940.00 15,000.00 79,000.00 $16,762.50 $ 33,806.25 395.00 296.25 790.00 15,000.00 64,000.00 $16,48] .25 320.00 240.00 640.00 15,000.00 49,000.00 $16,200.00 $ 32,681.25 245.00 183.75 490.00 16,000.00 33,000.00 $16,918.75 165.00 123.75 330.00 16,000.00 17,000.00 $16,618.75 $ 33,537.50 85.00 63.75 170.00 17,000.00 0.00 $I7,318.75 $ 17,318.75 52,549.17 39,4] 1.88 105,098.33 466,000.00 663,059.38