2014/03/19 Council Agenda Packet

4.1 J • T• DEPARTMENT OF ECOLOGY State of Washington AMENDMENT NO. 5 FINAL TO LOAN AGREEMENT NO.L1000022 BETWEEN '1'HE STATE OF WASHINGTON DEPARTMENT OF ECOLOGY AND THE CITY OF EVERETT PURPOSE: To amend the above-referenced (LOAN) agreement between the state of Washington Department of Ecology (DEPARTMENT) and the City of Everett (RECIPIENT) for the Bond Street Combined Sewer Overflow Control Facilities Project (PROJECT). This amendment is needed to officially close out the project, de-obligate the remaining funds, and establish a final loan repayment schedule. IT IS MUTUALLY AGREED that the LOAN agreement is amended as follows: • The original LOAN amount is decreased by. $488,771.40, from$2,403,145 to $1,914,373.60 based upon the final eligible costs for the PROJECT. In addition, $80,123.84 of interest has accrued from previous disbursements and is included in the final LOAN amount. • In accordance with Chapter 90.50A RCW and Chapter 173-98 WAC, an administration charge was established for the State Revolving Fund, effective 12/21/2013. The interest rate for your loan, also known as the effective interest rate, of 2.9 percent consists of 1.9 percent interest and 1 percent administration charge. Interest received will go to the State Revolving Fund account. Administration charges received will go to the Administration Charge account to pay for the DEPARTMENT's cost to administer the State Revolving Fund program. • The PROJECT Completion Date is May 31, 2013, and based on the Initiation of Operation Date of March 6, 2013,loan repayment will commence no later than March 6,2014. • The attached FINAL LOAN REPAYMENT SCHEDULE Number 2000 created on February 26, 2014,replaces all previous ESTIMATED LOAN REPAYMENT SCHEDULE(s). FURTHER, this amendment is effective upon the date of signature by the Water Quality Program Manager of the DEPARTMENT. 16 •