WA ST Dept of Ecology 12/9/2021 - Laserfiche WebLink

State of Washington Department of Ecology Page 5 of 16 City of Everett Beverly Lake Water Quality Retrofit Project Agreement No.WQC-2020-COE-00091 (Centennial)Loan made pursuant to this loan agreement. "Loan Amount"means either an Estimated Loan Amount or a Final Loan Amount,as applicable. "Loan Fund"means the special fund created by the RECIPIENT for the repayment of the principal of and interest on the loan. "Loan Security"means the mechanism by which the RECIPIENT pledges to repay the loan. "Loan Term"means the repayment period of the loan. "Maintenance and Operation Expense"means all reasonable expenses incurred by the RECIPIENT in causing the Utility to be operated and maintained in good repair,working order,and condition including payments to other parties,but will not include any depreciation or RECIPIENT levied taxes or payments to the RECIPIENT in lieu of taxes. "Net Revenue"means the Gross Revenue less the Maintenance and Operation Expense. "Original Engineer's Estimate"means the engineer's estimate of construction costs included with bid documents. "Principal and Interest Account"means,for a loan that constitutes Revenue-Secured Debt,the account created in the loan fund to be first used to repay the principal of and interest on the loan. "Project"means the project described in this agreement. "Project Completion Date"means the date specified in the agreement on which the Scope of Work will be fully completed. This term is only used in loan agreements. "Project Schedule"means that schedule for the project specified in the agreement. "Revenue-Secured Debt"means an obligation of the RECIPIENT secured by a pledge of the revenue of a utility and one not a general obligation of the RECIPIENT. "Reserve Account"means,for a loan that constitutes a Revenue Secured Debt and if specifically identified as a term and condition of the funding agreement,the account of that name created in the loan fund to secure the payment of the principal of and interest on the loan. "Risk-Based Determination"means an approach to sub-recipient monitoring and oversight based on risk factors associated to a RECIPIENT or project. "Scope of Work"means the tasks and activities constituting the project. "Section 319"means the section of the Clean Water Act that provides funding to address nonpoint sources of water pollution. "Senior Lien Obligations"means all revenue bonds and other obligations of the RECIPIENT outstanding on the date of execution of this loan agreement(or subsequently issued on a parity therewith,including refunding obligations)or issued after the date of execution of this loan agreement having a claim or lien on the Gross Revenue of the Utility prior and superior to the claim or lien of the loan, subject only to Maintenance and Operation Expense. "State Water Pollution Control Revolving Fund(Revolving Fund)"means the water pollution control revolving fund established by Chapter 90.50A.020 RCW. "Termination Date"means the effective date of ECOLOGY's termination of the agreement. "Termination Payment Date"means the date on which the RECIPIENT is required to repay to ECOLOGY any outstanding balance of the loan and all accrued interest. "Total Eligible Project Cost"means the sum of all costs associated with a water quality project that have been determined to be eligible for ECOLOGY grant or loan funding,including any required recipient match. "Total Project Cost"means the sum of all costs associated with a water quality project,including costs that are not eligible for ECOLOGY grant or loan funding. "ULID"means any utility local improvement district of the RECIPIENT created for the acquisition or construction of additions to and extensions and betterments of the Utility. "ULID Assessments"means all assessments levied and collected in any ULID. Such assessments are pledged to be paid into the Loan Fund(less any prepaid assessments permitted by law to be paid into a construction fund or account). ULID Assessments will include principal installments and any interest or penalties which may be due. "Utility"means the sewer system,stormwater system,or the combined water and sewer system of the RECIPIENT,the Net Revenue of which is pledged to pay and secure the loan. SECTION 2: THE FOLLOWING CONDITIONS APPLY TO ALL RECIPIENTS OF WATER QUALITY COMBINED FINANCIAL ASSISTANCE FUNDING. The Water Quality Financial Assistance Funding Guidelines are included in this agreement by reference and are available on ECOLOGY's Water Quality Program website. A.Architectural and Engineering Services: The RECIPIENT certifies by signing this agreement that the requirements of Chapter 39.80 RCW,"Contracts for Architectural and Engineering Services,"have been,or shall be,met in procuring qualified architectural/engineering services. The RECIPIENT shall identify and separate eligible and ineligible costs in the final architectural/engineering services contract and submit a cony of the contract to ECOLOGY. Template Version 10/30/2015