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Home My WebLink AboutDNRC - SRF LoanDEPARTMENT OF NATURAL RESOURCES AND CONSERVATION ~F~BRIAN SCHWEITZER, GOVERNOR MONTANA 1625 ELEVENTH AVENUE MEMO PO BOX 201601 HELENA, MONTANA 59620-1601 To: From: Subject: Kenneth E Olson Mayor POBox 10 Laurel, MT 59044 Anna M. Miller, Financial Advisor Date: August 18, 2005 Laurel will be closing its loan September 16, 2005. On September 16, 2005, the local government can start drawing its loan funds. The Bond Resolution was adopted August 16, 2005. This first disbursement draw will then be ready for the closing. To draw on your loan funds a Loan Disbursement Report must be submitted and approved by both the Department of Environmental Quality (DEQ) and the Department of Natural Resources and Conservation (DNRC). I have started the disbursement form for the first draw. To execute your first draw we need this back by ten working days before the closing date or September 6, 2005. Add your additional expenses and complete this first draw request. Laurel will need to draw at least $43,300 in total on this first draw. More can be drawn if necessary. First Draw Box 1 - Has the Local Government's Name and Address, also Employer ID#. Please verify that these are correct. Box 2 - Has the Project Name, the DEQs Project Number. There is also a place for the project number of yours (the Borrower) if you want to use it. Box 3 & 4 - This is the loan amount. It will be the same amount as in your Bond Resolution· This loan amount will be $866,000. CENTRALIZED SERVICES CONSERVATION & RESOURCE RESERVED WATER RIGHTS OIL & GAS TRUST LAND MANAGEMENT DIVISION DIVISION COMPACT COMMISSION DIVISION DIVISION (406~ 444-2~74 (406} 444-6667 (406) 444-6841 (406) 444-6675 (406) 444-2074 Box 5 - Disbursement Number. Each time a Disbursement Report is made it should be numbered in sequential order. You will number each form. This will allow DEQ and DNRC to be sure we have processed all the disbursements submitted. Box 6 - Time period the report covers. You will fill in the time period covered by the disbursement requested. Box 7 - Payment instructions. A direct wire will put the funds in your bank account. We will wire these funds to your account. You will need to provide the necessary information. Also the name and phone number of the contact person at your bank that we can call. Box 8 - Use of funds. This box details what types of expenditures you will be drawing for your loan funds. You can submit any number of claims on this form. For example, you can have a claim for your engineer for $5,000 and a contractor for $6,000 on the same disbursement report. This disbursement would reflect a $I 1,000 subtotal on line G. There must be accompanying documentation for the expenditures. DEQ will verify this information as accurate and valid project expenditures. The first column represents the draw you are requesting, the cumulative amount will grow as your draws are made. Line H & I - Have already been filled in. These will only be used on the first draw for Laurel. This is a one time only charge. These expenses are for the State's Cost of Issuance of Bonds and the Administrative Fee. Line J - Subtotal Computation. Line K - A computation which will be made each time a draw is made. This amount will be put in the Reserve Account, which by your Bond Resolution must be deposited in a reserve account that you establish. This reserve cannot be expended for construction. This account, along with the others you are required to maintain, are detailed in the Bond Resolution. This amount has already been filled in. Line L ~ A subtotal adding J & K together. Line M - Will be used by the state. Leave it blank. Line N - We would like a percentage here showing how the project is progressing. Box 9 - This is for your signatures and your engineer or other representatives. Box 10 - This is where DEQ and DNRC sign after we have reviewed and verified your disbursement report. DEQ and the DNRC will review this. The disbursement report will then be processed by our trustee. They will wire the funds to you according to your instructions in Box 7. We will need this ~led out with documentation to the DEQ by 10 working days before the closing so the funds for your loan can be disbursed. DEQ will forward the request to DNRC. There are extra blank disbursement forms for you to fill out as you need to draw funds for the project in the future. I am also enclosing a copy of your payment schedule for the $866,000 loan. Please call me if you have questions on this. Thank you for helping us get this processed. enclosures dh CCi Mae Nan Ellingson - D & W w/ Mary Embleton - Laurel w/ Nathan Tubergen - w/ Laurel SRF-06143 Loan File $866,000 - w/ Debbie Kuykendall - US Bank, Seattle w/ Sharyl Saver - US Bank, St. Paul w/ Diana Hoy - CARDD w/ Mike Abrahamson - DEQ w/ BORROWER: Laurel PROJECT NAME: SRF-06143 LOAN COMMITMENT: $866,000 LOAN AMOUNT: 866,000 INTEREST RATE: 3.75% STATE OF MONTANA GENERAL OBLIGATION BONDS WASTEWATER (REVOLVING FUND PROGRAM) SER 05 FINAL LOAN PAYMENT: 7/1/2025 # OF LOAN PAYMENTS: 40 PROJECT NUMBER: DATE OF FUNDING: 9/16/2005 Preliminary Schedule PAYMENT LOAN LOSS ADM EXPENSE INTEREST PRINCIPAL O/S LOAN TOTAL AMOUNT DUE RESERVE SURCHARGE PAYMENT PAYMENT BALANCE OF PAYMENT 1 1/1/2006 2,525.83 1,894.38 5,051.67 15,000.00 851,000.00 $24,471.88 2 7/1/2006 4,255.00 3,191.25 8,510.00 15,000.00 836,000.00 $30,956.25 3 I/1/2007 4,180.00 3,135.00 8,360.00 15,000.00 821,000.00 $30,675.00 4 7/1/2007 4,105.00 3,078.75 8,210.00 16,000.00 805,000.00 $31,393.75 5 1/1/2008 4,025.00 3,018.75 8,050.00 16,000.00 789,000.00 $31,093.75 6 7/1/2008 3,945.00 2,958.75 7,890.00 16,000.00 773,000.00 $30,793.75 7 1/l/2009 3,865.00 2,898.75 7,730.00 16,000.00 757,000.00 $30,493.75 8 7/1/2009 3,785.00 2,838.75 7,570.00 17,000.00 740,000.00 $31,193.75 9 1/1/2010 3,700.00 2,775.00 7,400.00 17,000.00 723,000.00 ' $30,875.00 10 7/l/2010 3,615.00 2,711.25 7,230.00 17,000.00 706,000.00 $30,556.25 II 1/1/2011 3,530.00 2,647.50 7,060.00 18,000.00 688,000.00 $31,237.50 12 7/1/2011 3,440.00 2,580.00 6,880.00 18,000.00 670,000.00 $30,900.00 13 1/1/2012 3,350.00 2,512.50 6,700.00 18,000.00 652,000.00 $30,562.50 14 7/1/2012 3,260.00 2,445.00 6,520.00 19,000.00 633,000.00 $31,225.00 15 1/1/2013 3,165.00 2,373.75 6,330.00 19,000.00 614,000.00 $30,868.75 16 7/1/2013 3,070.00 2,302.50 6,140.00 19,000.00 595,000.00 $30,512.50 17 1/1/2014 2,975.00 2,231.25 5,950.00 20,000.00 575,000.00 $31,156.25 18 7/1/2014 2,875.00 2,156.25 5,750.00 20,000.00 555,000.00 $30,781.25 19 I/1/2015 2,775.00 2,081.25 5,550.00 21,000.00 534,000.00 $31,406.25 20 7/1/2015 2,670.00 2,002.50 5,340.00 21,000.00 513,000.00 $31,012.50 21 I/1/2016 2,565.00 1,923.75 5,130.00 21,000.00 492,000.00 $30,618.75 22 7/1/2016 2,460.00 1,845.00 4,920.00 22,000.00 470,000.00 $31,225.00 23 1/1/2017 2,350.00 1,762.50 4,700.00 22,000.00 448,000.00 $30,812.50 24 7/1/2017 2,240.00 1,680.00 4,480.00 23,000.00 425,000.00 $31,400.00 25 I/1/2018 2,125.00 1,593.75 4,250.00 23,000.00 402,000.00 $30,968.75 26 7/1/2018 2,010.00 1,507.50 4,020.00 23,000.00 379,000.00 $30,537.50 27 1/1/2019 1,895.00 1,421.25 3,790.00 24,000.00 355,000.00 $31,106.25 28 7/1/2019 1,775.00 1,331.25 3,550.00 24,000.00 331,000.00 $30,656.25 29 I/1/2020 1,655.00 1,241.25 3,310.00 25,000.00 306,000.00 $31,206.25 30 7/1/2020 1,530.00 1,147.50 3,060.00 25,000.00 281,000.00 $30,737.50 31 I/1/2021 1,405.00 1,053.75 2,810.00 26,000.00 255,000.00 $31,268.75 32 7/1/2021 1,275.00 956.25 2,550.00 26,000.00 229,000.00 $30,781.25 33 1/1/2022 1,145.00 858.75 2,290.00 27,000.00 202,000.00 $31,293.75 34 7/1/2022 1,010.00 757.50 2,020.00 27,000.00 175,000.00 $30,787.50 35 1/1/2023 875.00 656.25 1,750.00 28,000.00 147,000.00 $31,281.25 36 7/1/2023 735.00 551.25 1,470.00 28,000.00 119,000.00 $30,756.25 37 1/1/2024 595.00 446.25 1,190.00 29,000.00 90,000.00 $31,231.25 38 7/I/2024 450.00 337.50 900.00 29,000.00 61,000.00 $30,687.50 39 1/I/2025 305.00 228.75 610.00 30,000.00 31,000.00 $31,143.75 40 7/I/2025 155.00 116.25 310.00 31,000.00 0.00 $31,581.25 $24,471.88 $61,631.25 $62~487.50 $61,287.50 $62,068.75 $61,793.75 $61,462.50 $62,093.75 $61,668.75 $62,187.50 $61,631.25 $62,037.50 $62,368.75 $61,643.75 $61,862.50 $62,006.25 $62,075.00 $62,068.75 $61,987.50 $61,831.25 $ 31,581.25 97,665.83 73,249.38 195,331.67 866,000.00 1,232,246.88