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6 <br /> • <br /> PART II: INTRODUCTION <br /> This loan agreement is made and entered into by and between the PUBLIC WORKS BOARD, or its <br /> successor, a department of the state of Washington (referred to as the "BOARD"), and EVERETT <br /> (referred to as the "LOCAL GOVERNMENT"). <br /> Acting under the authority of Chapter 43.155 RCW, the BOARD has selected the LOCAL <br /> GOVERNMENT to receive a Public Works Trust Fund loan for an approved public works project. <br /> PART III: PURPOSE <br /> The BOARD and the LOCAL GOVERNMENT have entered into this agreement to undertake a local <br /> public works project which furthers the goals and objectives of the Washington State Public Works <br /> Trust Fund Program. The project will be undertaken by the LOCAL GOVERNMENT and will include <br /> the activities described in ATTACHMENT I: SCOPE OF WORK. The project must be undertaken in <br /> accordance with PART IV: TERMS AND CONDITIONS, and all applicable state and Iocal laws and <br /> ordinances, which by this reference are incorporated into this agreement as though set forth fully <br /> herein. <br /> PART IV: TERMS AND CONDITIONS <br /> The parties to this agreement agree as follows: <br /> 4.01 Rate and Term of Loan <br /> The BOARD, using funds appropriated from the Public Works Assistance Account, shall loan the <br /> LOCAL GOVERNMENT a sum not to exceed$841,670.00. The interest rate shall be one-half percent <br /> (1/2%)per annum on the outstanding principal balance. The term of the loan shall not exceed 20 years, <br /> with the final payment due July 1, 2023. <br /> 4.02 Local Project Share <br /> The LOCAL GOVERNMENT pledges an amount of locally-generated revenue not less than fifteen <br /> percent (15%) of the total eligible portion of the project cost not funded by federal or state grants as <br /> identified in ATTACHMENT I: SCOPE OF WORK, to be verified at the time of project close-out. <br /> Any change in the percentage of locally-generated funds may require an adjustment in the loan amount <br /> or interest rate charged, or both. In such event, the LOCAL GOVERNMENT agrees to execute an <br /> amendment to this agreement adjusting the loan amount or interest rate, as appropriate. <br /> Page 2 <br /> 2003 PWTF Pre-Construction Loan Agreement <br /> 27 <br />