Laserfiche WebLink
State of Washington Department of Ecology <br />City of Everett <br />Beverly Lake Water Quality Retrofit Project <br />Agreement No. WQC-2020-COE-00091 <br />Page 6 of 17 <br />(Centennial) Loan made pursuant to this loan agreement. <br />"Loan Amount" means either an Estimated Loan Amount or a Final Loan Amount, as applicable. <br />"Loan Fund" means the special fund created by the RECIPIENT for the repayment of the principal of and interest on the <br />loan. <br />"Loan Security" means the mechanism by which the RECIPIENT pledges to repay the loan. <br />"Loan Term" means the repayment period of the loan. <br />"Maintenance and Operation Expense" means all reasonable expenses incurred by the RECIPIENT in causing the Utility to <br />be operated and maintained in good repair, working order, and condition including payments to other parties, but will not <br />include any depreciation or RECIPIENT levied taxes or payments to the RECIPIENT in lieu of taxes. <br />"Net Revenue" means the Gross Revenue less the Maintenance and Operation Expense. <br />"Original Engineer's Estimate" means the engineer's estimate of construction costs included with bid documents. <br />"Principal and Interest Account" means, for a loan that constitutes Revenue -Secured Debt, the account created in the loan <br />fund to be first used to repay the principal of and interest on the loan. <br />"Project" means the project described in this agreement. <br />"Project Completion Date" means the date specified in the agreement on which the Scope of Work will be fully completed. <br />This term is only used in loan agreements. <br />"Project Schedule" means that schedule for the project specified in the agreement. <br />"Revenue -Secured Debt" means an obligation of the RECIPIENT secured by a pledge of the revenue of a utility and one not <br />a general obligation of the RECIPIENT. <br />"Reserve Account" means, for a loan that constitutes a Revenue Secured Debt and if specifically identified as a term and <br />condition of the funding agreement, the account of that name created in the loan fund to secure the payment of the principal of <br />and interest on the loan. <br />"Risk -Based Determination" means an approach to sub -recipient monitoring and oversight based on risk factors associated to <br />a RECIPIENT or project. <br />"Scope of Work" means the tasks and activities constituting the project. <br />"Section 319" means the section of the Clean Water Act that provides funding to address nonpoint sources of water pollution. <br />"Senior Lien Obligations" means all revenue bonds and other obligations of the RECIPIENT outstanding on the date of <br />execution of this loan agreement (or subsequently issued on a parity therewith, including refunding obligations) or issued after <br />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 <br />claim or lien of the loan, subject only to Maintenance and Operation Expense. <br />"State Water Pollution Control Revolving Fund (Revolving Fund)" means the water pollution control revolving fund <br />established by Chapter 90.50A.020 RCW. <br />"Termination Date" means the effective date of ECOLOGY's termination of the agreement. <br />"Termination Payment Date" means the date on which the RECIPIENT is required to repay to ECOLOGY any outstanding <br />balance of the loan and all accrued interest. <br />"Total Eligible Project Cost" means the sum of all costs associated with a water quality project that have been determined to <br />be eligible for ECOLOGY grant or loan funding, including any required recipient match. <br />"Total Project Cost" means the sum of all costs associated with a water quality project, including costs that are not eligible for <br />ECOLOGY grant or loan funding. <br />"ULID" means any utility local improvement district of the RECIPIENT created for the acquisition or construction of <br />additions to and extensions and betterments of the Utility. <br />"ULID Assessments" means all assessments levied and collected in any ULID. Such assessments are pledged to be paid into <br />the Loan Fund (less any prepaid assessments permitted by law to be paid into a construction fund or account). ULID <br />Assessments will include principal installments and any interest or penalties which may be due. <br />"Utility" means the sewer system, stormwater system, or the combined water and sewer system of the RECIPIENT, the Net <br />Revenue of which is pledged to pay and secure the loan. <br />SECTION 2: THE FOLLOWING CONDITIONS APPLY TO ALL RECIPIENTS OF WATER QUALITY COMBINED <br />FINANCIAL ASSISTANCE FUNDING. <br />The Water Quality Financial Assistance Funding Guidelines are included in this agreement by reference and are available on <br />ECOLOGY's Water Quality Program website. <br />A. Architectural and Engineering Services: The RECIPIENT certifies by signing this agreement that the requirements of <br />Chapter 39.80 RCW, "Contracts for Architectural and Engineering Services," have been, or shall be, met in procuring <br />qualified architectural/engineering services. The RECIPIENT shall identify and separate eligible and ineligible costs in the final <br />architectural/engineering services contract and submit a cony of the contract to ECOLOGY. <br />Template Version 10/30/2015 <br />