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b <br /> Local project share must consist of expenditures eligible under WAC 399-30-030(3) and be related <br /> only to project activities described in ATTACHMENT I: SCOPE OF WORK. These expenditures may <br /> be made up to twelve (12) months prior to the execution of the loan agreement and verified at the time <br /> of project close-out. <br /> PUBLIC WORKS TRUST FUND MONIES MAY NOT BE USED TO REIMBURSE THE LOCAL <br /> GOVERNMENT FOR ANY COSTS INCURRED PRIOR TO EXECUTION OF THIS LOAN <br /> AGREEMENT. <br /> 4.03 Disbursement of Loan Proceeds <br /> The availability of funds in the Public Works Assistance Account is a function of tax collection and loan <br /> repayment. If funds are not available at the time the invoice is submitted,or when an agreement is executed, <br /> the issuance of warrants will be delayed. Therefore, subject to the availability of funds, warrants shall be <br /> issued to the LOCAL GOVERNMENT for payment of allowable expenses incurred by the LOCAL <br /> GOVERNMENT while undertaking and administering approved project activities in accordance with <br /> ATTACHMENT I: SCOPE OF WORK. In no event shall the total Public Works Trust Fund loan <br /> exceed eighty five percent (85%) of the eligible actual project costs. The disbursement of loan <br /> proceeds shall be initiated by the LOCAL GOVERNMENT on a Washington State Invoice Voucher <br /> form. The loan funds will be disbursed to the LOCAL GOVERNMENT as follows: <br /> Within thirty (30) days of the formal execution of this agreement, a sum not to exceed seventy-five <br /> percent (75%) of the approved Public Works Trust Fund loan shall be disbursed to the LOCAL <br /> GOVERNMENT. <br /> At the time of project completion, a Close-out Report, (refer to Section 4.18 for Close-out Report), <br /> shall be submitted to the BOARD by the LOCAL GOVERNMENT certifying total actual project costs. <br /> The final Public Works Trust Fund loan disbursement shall not bring the total loan in excess of eighty <br /> five percent (85%)of the eligible project costs or the total of$841,670.00, whichever is less, nor shall <br /> this disbursement occur prior to the completion of all project activities. The Close-out Report shall <br /> serve as a contract AMENDMENT for determining the final Ioan amount,interest rate,and local share. <br /> Page 3 <br /> 2003 PWTF Pre-Construction Loan Agreement <br /> `8 <br />