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Committee signs off on amended ICE advance agreement, corrects revolving facility to $90 million
Summary
The Finance Committee approved an amended and restated ICE advance agreement that corrects a math error and sets the revolving ICE facility at $90 million; the change is part of a broader settlement and amended project agreements to be finalized at upcoming board meetings.
The Diversion Authority Finance Committee voted Dec. 17 to approve an amendment to the ICE advance agreement that corrects a calculation and sets the intended revolving facility at $90,000,000.
Mr. Shockley told the committee the change fixes a mathematical error that had produced a figure of $86,400,000 in an earlier calculation; the amendment restores the intended $90,000,000 revolving facility. He framed the amendment as one piece of a package of definitive documents to be presented to the board: an amended and restated settlement agreement, an amended project agreement and the amended ICE advance agreement.
Shockley summarized elements of the settlement and statement of principles approved by the board in July: the settlement resolved about $400,000,000 of claims for a $57,000,000 payment, included milestone-triggered installment payments, provided a $10,000,000 initial payment and a $10,000,000 payment after corrective work, and established a $10,000,000 risk-sharing incentive fund. He described the ICE advanced-payment mechanism under which eligible pay units can receive up to 80% of their value as an advance, subject to documentation, third-party inspection and completion requirements.
The amendment was moved and seconded in committee and approved by roll call; Shockley said the definitive settlement and amended agreements will be brought before the full board for final execution.
