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Page 32 of 45State of Washington Department of Ecology <br />Agreement No: <br />Project Title: <br />Recipient Name: <br />WQC-2026-EverPW-00408 <br />City of Everett Port Gardner Water Quality Program – Phase 2 Construction <br />City of Everett <br />principal and interest on this loan shall be due and payable no later than one year after the project completion date or <br />initiation of operation date, whichever comes first. <br />Thereafter, equal payments shall be due every six months. <br />If the due date for any semiannual payment falls on a Saturday, Sunday, or designated holiday for Washington State <br />agencies, the payment shall be due on the next business day for Washington State agencies . <br />Payments shall be mailed to: <br />Department of Ecology <br />Cashiering Unit <br />P.O. Box 47611 <br />Olympia WA 98504-7611 <br />In lieu of mailing payments, electronic fund transfers can be arranged by working with ECOLOGY’s Financial <br />Manager. <br />No change to the amount of the semiannual principal and interest payments shall be made without a mutually signed <br />amendment to this agreement. The RECIPIENT shall continue to make semiannual payments based on this <br />agreement until the amendment is effective, at which time the RECIPIENT’s payments shall be made pursuant to the <br />amended agreement. <br />2. Late Charges. If any amount of the Final Loan Amount or any other amount owed to ECOLOGY pursuant to this <br />agreement remains unpaid after it becomes due and payable, ECOLOGY may assess a late charge. The late charge <br />shall be one percent per month on the past due amount starting on the date the debt becomes past due and until it is <br />paid in full. <br />3. Repayment Limitations. Repayment of the loan is subject to the following additional limitations, among others: <br />those on defeasance, refinancing and advance refunding, termination, and default and recovery of payments. <br />4. Prepayment of Loan. So long as ECOLOGY shall hold this loan, the RECIPIENT may prepay the entire unpaid <br />principal balance of and accrued interest on the loan or any portion of the remaining unpaid principal balance of the <br />Loan Amount. Any prepayments on the loan shall be applied first to any accrued interest due and then to the <br />outstanding principal balance of the Loan Amount . If the RECIPIENT elects to prepay the entire remaining unpaid <br />balance and accrued interest, the RECIPIENT shall first contact ECOLOGY’s Revenue/Receivable Manager of the <br />Fiscal Office. <br />K. Loan Security <br />Due Regard: For loans secured with a Revenue Obligation: The RECIPIENT shall exercise due regard for <br />Maintenance and Operation Expense and the debt service requirements of the Senior Lien Obligations and any other <br />outstanding obligations pledging the Gross Revenue of the Utility, and it has not obligated itself to set aside and pay <br />into the loan Fund a greater amount of the Gross Revenue of the Utility than, in its judgment, shall be available over <br />and above such Maintenance and Operation Expense and those debt service requirements. <br />Where collecting adequate gross utility revenue requires connecting additional users, the RECIPIENT shall require <br />the sewer system connections necessary to meet debt obligations and expected operation and maintenance expenses. <br />Levy and Collection of Taxes (if used to secure the repayment of the loan): For so long as the loan is outstanding, the <br />RECIPIENT irrevocably pledges to include in its budget and levy taxes annually within the constitutional and <br />statutory tax limitations provided by law without a vote of its electors on all of the taxable property within the <br />boundaries of the RECIPIENT in an amount sufficient, together with other money legally available and to be used <br />therefore, to pay when due the principal of and interest on the loan, and the full faith, credit and resources of the <br />RECIPIENT are pledged irrevocably for the annual levy and collection of those taxes and the prompt payment of that <br />principal and interest. <br />Not an Excess Indebtedness: For loans secured with a general obligation pledge or a general obligation pledge on <br />special assessments: The RECIPIENT agrees that this agreement and the loan to be made do not create an <br />indebtedness of the RECIPIENT in excess of any constitutional or statutory limitations . <br />Pledge of Net Revenue and ULID Assessments in the ULID (if used to secure the repayment of this loan): For so long <br />Template Version 12/10/2020 <br />Docusign Envelope ID: D814CB0A-309D-42B0-8AE7-7273045711DF