Section 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.Fla. Admin. Code Ann. R. 73AER23-2
Rulemaking Authority 288.066(8) FS. Law Implemented 288.066, F.S.
Adopted by Florida Register Volume 49, Number 168, August 29, 2023 effective 8/25/2023 (Emergency).