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State of Washington Department of Ecology <br />Agreement No: WQC-2023-EverPW-00118 <br />Project Title: Regional Stormwater Facility Planning <br />Recipient Name: City of Everett <br />Page 29 of 46 <br />ULID Assessments therein pledged to pay the principal of and interest on the loan (for revenue secured lien obligations); or <br />(iii) the levy and collection of the taxes pledged to pay the principal of and interest on the loan (for general obligation -secured <br />loans and general obligation payable from special -assessment -secured loans); or <br />(iv) in any manner questioning the proceedings and authority under which the agreement, the loan, or the project are <br />authorized. Neither the corporate existence, or boundaries of the RECIPIENT nor the title of its present officers to their <br />respective offices is being contested. No authority or proceeding for the execution of this agreement has been repealed, <br />revoked, or rescinded. <br />I. Loan Interest Rate and Terms: This loan agreement shall remain in effect until the date of final repayment of the loan, unless <br />terminated earlier according to the provisions herein. <br />When the Project Completion Date has occurred, ECOLOGY and the RECIPIENT shall execute an amendment to this loan <br />agreement which details the final loan amount (Final Loan Amount), and ECOLOGY shall prepare a final loan repayment <br />schedule. The Final Loan Amount shall be the combined total of actual disbursements made on the loan and all accrued <br />interest to the computation date. <br />The Estimated Loan Amount and the Final Loan Amount (in either case, as applicable, a "Loan Amount") shall bear interest <br />based on the interest rate identified in this agreement as the `Effective Interest Rate," per annum, calculated on the basis of a <br />365 day year. Interest on the Estimated Loan Amount shall accrue from and be compounded monthly based on the date that <br />each payment is mailed to the RECIPIENT. The Final Loan Amount shall be repaid in equal installments, semiannually, over <br />the term of this loan "Loan Term" as outlined in this agreement. <br />J. Loan Repayment: <br />Sources of Loan Repayment <br />1. Nature of RECIPIENT's Obligation. The obligation of the RECIPIENT to repay the loan from the sources identified <br />below and to perform and observe all other agreements and obligations on its part, contained herein, shall be absolute and <br />unconditional, and shall not be subject to diminution by setoff, counterclaim, or abatement of any kind. To secure the <br />repayment of the loan from ECOLOGY, the RECIPIENT agrees to comply with all of the covenants, agreements, and <br />attachments contained herein. <br />2. For General Obligation. This loan is a General Obligation Debt of the RECIPIENT. <br />3. For General Obligation Payable from Special Assessments. This loan is a General Obligation Debt of the RECIPIENT <br />payable from special assessments to be imposed within the constitutional and statutory tax limitations provided by law without <br />a vote of the electors of the RECIPIENT on all of the taxable property within the boundaries of the RECIPIENT. <br />4. For Revenue -Secured: Lien Position. This loan is a Revenue -Secured Debt of the RECIPIENT's Utility. This loan shall <br />constitute a lien and charge upon the Net Revenue junior and subordinate to the lien and charge upon such Net Revenue of any <br />Senior Lien Obligations. <br />In addition, if this loan is also secured by Utility Local Improvement Districts (ULID) Assessments, this loan shall constitute <br />Template Version 12/10/2020 <br />