Fla. Admin. Code Ann. R. 73AER23-2 - Local Government Emergency Revolving Bridge Loan Program
(1) Definitions
(a) Applicant means a county or municipality
located in an area designated in the Federal Emergency Management Agency
disaster declarations. A county may also apply on behalf of a county school
district that is in an area designated in the Federal Emergency Management
Agency disaster declaration.
(b)
Department means the Florida Department of Commerce.
(c) Governmental Operations means costs
associated with continuing, expanding, or modifying local governmental
operations to meet disaster-related needs, and includes costs such as, but not
necessarily limited to, staff salaries and payroll. This term does not include
capital and equipment costs associated with the construction, repair, or
renovation of damaged public facilities or infrastructure.
(d) Maturity means when the principal balance
of the loan becomes due.
(e)
Disaster means any occasion or instance for which the Federal Emergency
Management Agency issues a disaster declaration.
(2) This rule applies to counties and
municipalities that wish to apply for loan funds and were impacted by Hurricane
Ian or any subsequent Disaster.
(3)
Applicants must submit the required information and documentation to the
Department at localgovernmentbridge@commerce.fl.gov or, when available, via the
electronic portal supplied and maintained by the Department for the purposes of
administering the Local Government Emergency Revolving Bridge Loan
program.
(4) Application Contents
Applicants must submit the following documentation and information to apply for a Local Government Emergency Revolving Bridge Loan:
(a) The name of the disaster
that impacted the Applicant;
(b) A
narrative describing the impacts of the disaster on the Applicant;
(c) The total amount of funding requested for
governmental operations;
(d) The
Applicant's most recently completed operational audit, if any;
(e) The Applicant's two most recent years of
audited financial statements;
(f)
Estimates in reductions in tax revenues, both in the form of dollars and a
percentage of revenues, since the time the disaster occurred;
(g) Estimates regarding reductions in future
tax revenues, both in the form of dollars and a percentage of revenues, over
the next 24 months, not to exceed 10 pages;
(h) A certification signed by the mayor,
board chair or chief executive officer (e.g., county manager, city manager) of
the county or municipality that loan funds will only be used to continue
governmental operations or to expand or modify such operations to meet
disaster-related needs;
(i) Any
additional or supporting documentation the Applicant believes may support
funding its application; and
(j)
Evidence of additional funding sources or revenues used to aid the county or
municipality in repaying the loan.
(5) Application Review
Applications will be reviewed as they are received for completeness and eligibility. In the event that sufficient funding is not available, then the Department may select the application that, based on the documentation provided, demonstrates a greater need for funding.
(6) Terms and Interest
(a) The term of any loan shall not exceed 30
months. This period includes any extensions that may be provided by the
Department pursuant to section 288.066 of the Florida Statutes.
(b) Interest will not accrue during the term
of the loan. At maturity, simple interest will accrue on any unpaid principal
balance at a rate of 10 percent.
(c) If an Applicant uses loan funds for a
purpose other than governmental operations, then the maturity of the loan will
automatically accelerate and interest will begin to accrue in accordance with
paragraph (b), above.
(7)
The Applicant must enter into an agreement with the Department prior to the
receipt of funds. The agreement shall be on terms acceptable to the Department
in its sole discretion.
Notes
Rulemaking Authority 288.066(8) FS. Law Implemented 288.066, F.S.
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