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WQC-2025-EverPW-00177 <br />Lenora Regional Stormwater Facility <br />City of Everett <br />Page 17 of 42State of Washington Department of Ecology <br />Agreement No: <br />Project Title: <br />Recipient Name: <br />“Davis Bacon Prevailing Wage Act” means the federal law mandating on -site workers on public works projects be paid certain <br />wages, benefits, and overtime (also known as “prevailing wage” on all government-funded construction, alteration, and repair <br />projects. <br />“Defease” or “Defeasance” means the setting aside in escrow or other special fund or account of sufficient investments and <br />money dedicated to pay all principal of and interest on all or a portion of an obligation as it comes due. <br />“Effective Date” means the earliest date on which eligible costs may be incurred . <br />“Effective Interest Rate” means the total interest rate established by Ecology that includes the Administrative Charge . <br />“Estimated Loan Amount” means the initial amount of funds loaned to the RECIPIENT . <br />“Estimated Loan Repayment Schedule” means the schedule of loan repayments over the term of the loan based on the <br />Estimated Loan Amount and the estimated schedule for completion of the project . <br />“Equivalency” means the amount of State Revolving Fund (SRF) funding each funding cycle equivalent to the EPA grant to <br />Ecology. <br />“Equivalency Project” means State Revolving Fund (SRF) funded project(s) designated by ECOLOGY to receive federal <br />funding and meet additional federal requirements. <br />“Expiration Date” means the latest date on which eligible costs may be incurred. <br />“Final Accrued Interest” means the interest accrued beginning with the first disbursement of funds to the RECIPIENT through <br />such time as the loan is officially closed out and a final loan repayment schedule is issued . <br />“Final Loan Amount” means all principal of and accrued interest on the loan from the Project Start Date through the Project <br />Completion Date. <br />“Final Loan Repayment Schedule” means the schedule of loan repayments over the term of the loan based on the Final Loan <br />Amount and the initiation of operation or completion date, whichever comes first. <br />“Forgivable Principal” means the portion of a loan that is not required to be paid back by the borrower . <br />“General Obligation Debt” means an obligation of the RECIPIENT secured by annual ad valorem taxes levied by the <br />RECIPIENT and by the full faith, credit, and resources of the RECIPIENT. <br />“General Obligation Payable from Special Assessments Debt” means an obligation of the RECIPIENT secured by a valid <br />general obligation of the Recipient payable from special assessments to be imposed within the constitutional and statutory tax <br />limitations provided by law without a vote of the electors of the RECIPIENT on all the taxable property within the boundaries of <br />the RECIPIENT. <br />“Gross Revenue” means all of the earnings and revenues received by the RECIPIENT from the maintenance and operation of <br />the Utility and all earnings from the investment of money on deposit in the Loan Fund, except (i) Utility Local Improvement <br />Districts (ULID) Assessments, (ii) government grants, (iii) RECIPIENT taxes, (iv) principal proceeds of bonds and other <br />obligations, or (v) earnings or proceeds (A) from any investments in a trust, Defeasance, or escrow fund created to Defease or <br />refund Utility obligations or (B) in an obligation redemption fund or account other than the Loan Fund until commingled with <br />other earnings and revenues of the Utility or (C) held in a special account for the purpose of paying a rebate to the United States <br />Government under the Internal Revenue Code. <br />“Guidelines” means the ECOLOGY's Funding Guidelines that that correlate to the State Fiscal Year in which the project is <br />funded. <br />“Initiation of Operation Date” means the actual date the facility financed with proceeds of the loan begins to operate for its <br />intended purpose. (For loans only) <br />“Iron and Steel Products” means products made primarily of iron or steel including but may not be limited to: lined or unlined <br />pipes and fittings, manhole covers and other municipal castings, hydrants, tanks, flanges, pipe clamps and restraints, valves, <br />structural steel, reinforced precast concrete, and construction materials. <br />“Loan” means the Washington State Water Pollution Control Revolving Fund Loan or Centennial Clean Water Fund <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 />Template Version 12/10/2020