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6 <br /> PART II: INTRODUCTION <br /> This loan agreement is made and entered into by and between the PUBLIC WORKS BOARD, or its <br /> successor, (referred to as the "BOARD"), a department of the state of Washington, and CITY OF <br /> EVERETT(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 public <br /> works project that furthers the goals and objectives of the Washington State Public Works Trust Fund <br /> Program. The project will be undertaken by the LOCAL GOVERNMENT and will include the activities <br /> described in ATTACHMENT I: SCOPE OF WORK. The project must be undertaken in accordance with <br /> ' PART IV: TERMS AND CONDITIONS, and all applicable state and local laws and ordinances,which by <br /> this reference are incorporated into this agreement as though set forth fully 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 /> • <br /> The BOARD,using funds appropriated from the Public Works Assistance Account, shall loan the LOCAL <br /> GOVERNMENT a sum not to exceed $10,000,000.00. The interest rate shall be one-half percent (1/2%) <br /> per annum on the outstanding principal balance. The term of the loan shall not exceed 20 years, with the <br /> final payment due July 1,2025. <br /> 4.02 Local Project Share <br /> The LOCAL GOVERNMENT pledges an amount of locally-generated revenue not less than fifteen percent <br /> (15%) of the total eligible portion of the project cost not funded by federal or state grants as identified in <br /> ATTACHMENT I: SCOPE OF WORK, to be verified at the time of project close-out. Any change in the <br /> percentage of locally-generated funds may require an adjustment in the loan amount or interest rate charged, <br /> or both. In such event, the LOCAL GOVERNMENT agrees to execute an amendment to this agreement <br /> adjusting the loan amount or interest rate,as appropriate. <br /> Local project share must consist of expenditures eligible under WAC 399-30-030(3)and be related only to <br /> project activities described in ATTACHMENT I: SCOPE OF WORK. These expenditures may be made up <br /> to twelve (12) months prior to the execution of the loan agreement and verified at the time of project <br /> 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 /> Page 2 <br /> 2005 PWTF Construction Loan Agreement <br /> 13 <br />