HomeMy WebLinkAboutSRF Principal Forgiveness Award Terms-06.18.2024 •
June 18,2024 SRF
Quintin Hart, Mayor
City of Waterloo STATE
715 Mulberry Street REVOLVING FUND
Waterloo, Iowa 50703
RE: Clean Water State Revolving Fund (SRF)Additional Subsidy(Principal Forgiveness)Award Terms and
Conditions
Dear Mayor Hart:
I am writing to inform you of the Terms and Conditions for principal forgiveness being offered to the City of
Waterloo in connection to the City's loan through the Clean Water State Revolving Fund(CWSRF)Program.
Loan Information
SRF Loan Number C1378R
CWSRF Project Number CS1920884
Funding Information
Funding Source FFY 2023 CWSRF Bipartisan Infrastructure Law(BIL)General Supplemental Grant
Eligibility Criteria The Iowa SRF Program utilizes principal forgiveness to help make projects more
affordable for communities that meet the Program's definition of disadvantaged
community.
The amount of principal forgiveness offered for this project is determined by a
formula that combines the City of Waterloo's scores and corresponding
percentages for three categories:
Principal Forgiveness
Category Percent
Socioeconomic Assessment 15%
Project Priority Type 15%
Household Burden 15%
Total Principal Forgiveness 45%
Principal forgiveness is applied to the SRF portion of the construction costs for this
project.
INVESTING IN IOWA'S WATER
www.iowasrf,com
General Terms and Conditions
1. The City of Waterloo has executed a loan for$4,045,000.The SRF portion of construction costs for this
loan is$3,637,320.
2. Principal forgiveness of 45%off the final SRF eligible construction costs,not to exceed$1,636,794.00,will
be applied to the SRF loan once the project is complete and all SRF final documents have been completed
by the City.The remaining amount of the SRF loan will be subject to the usual terms of the SRF loan
program.
3. Prior to applying principal forgiveness,the original loan agreement must be amended. The City will need
to engage their Bond Counsel to prepare the proceedings for any required actions by the City Council.
4. The loan initiation fee assessed will be refunded to the City and applied as principal reduction to the
outstanding loan balance at the same time as the principal forgiveness is applied.
5. This principal forgiveness award is subject to compliance with all SRF Program requirements,as
applicable,including but not limited to American Iron and Steel Act, Environmental Review, Davis-Bacon
Act,Civil Rights Laws,and State of Iowa public bidding laws.
Specific Terms and Conditions
1. Signage Requirements:The BIL signage term and condition requires a physical sign displaying the official
Building a Better America emblem and EPA logo be placed at construction sites for BIL-funded projects,
and must be maintained in good condition throughout the construction period.
a. Building A Better America Emblem:The City will ensure that a sign is placed at construction sites
supported under this award displaying the official Building A Better America emblem and must
identify the project as a "project funded by President Biden's Bipartisan Infrastructure Law."
The City will ensure compliance with the guidelines and design specifications for using the official
Building A Better America emblem and corresponding logomark available at:
https://www.epa.gov/invest/investing-america-signage
b. EPA Logo:The City will ensure that signage displays the EPA logo along with the official Building A
Better America emblem.The EPA logo must not be displayed in a manner that implies that EPA
itself is conducting the project. Instead,the EPA logo must be accompanied with a statement
indicating that the City received financial assistance from EPA for the project.The City will ensure
compliance with the sign specifications provided by the EPA Office of Public Affairs(OPA)
available at:https://www.epa.gov/aboutepa/using-epa-seal-and-logo
Written acceptance of this principal forgiveness award and the associated Terms and Conditions is required;please
sign and return to me via my email listed below. Feel free to contact me if you have any questions or need more
information regarding this offer. Iowa Finance Authority SRF Program staff can also be reached at
waterquality@iowafinance.com or 1-800-432-7230.
Sincerely,
Theresa Enright Digitally signed by Theresa Enright
Date:2024.06.21 10:42:14-05'00'
Theresa Enright,SRF Coordinator
Iowa Department of Natural Resources
(515)214-3937 I theresa.enright@dnr.iowa.gov
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CC via email: Kelley Felchle,City Clerk
Harmen Mallhi,AECOM
Iowa Finance Authority
Acceptance of Award
The undersigned is duly authorized to accept this principal forgiveness award on behalf of the City of Waterloo and
agrees to the Terms and Conditions,as outlined above.
Authorized Signature: Date: (4 (9694Name and Title: Wittlin +Il i Aar-
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