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6 <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 the agreement is <br /> executed,the issuance of warrants will be delayed. Therefore, subject to the availability of funds, warrants <br /> shall be 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 exceed <br /> eighty five percent (85%) of the eligible actual project costs. The disbursement of loan proceeds shall be <br /> initiated by the LOCAL GOVERNMENT on a Washington State Invoice Voucher form. The loan funds <br /> 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 twenty percent(20%) <br /> of the approved Public Works Trust Fund loan shall be disbursed to the LOCAL GOVERNMENT. <br /> Within thirty (30) days of the execution of a Notice to Proceed, which follows the formal award of a <br /> construction contract,or contract for engineering services,a sum not to exceed twenty five percent(25%)of <br /> the approved Public Works Trust Fund loan shall be disbursed to the LOCAL GOVERNMENT. <br /> When the LOCAL GOVERNMENT certifies that 35% of the Public Works Trust Fund loan amount has <br /> been spent, a sum not to exceed twenty five percent (25%) of the approved Public Works Trust Fund loan <br /> shall be disbursed to the LOCAL GOVERNMENT. <br /> When the LOCAL GOVERNMENT certifies that 60% of the Public Works Trust Fund loan amount has <br /> been spent, a sum not to exceed twenty five percent (25%)of the approved Public Works Trust Fund loan <br /> shall be disbursed to the LOCAL GOVERNMENT. <br /> At the time of project completion,a Close-out Report, (refer to Section 4.19 for Close-out Report), shall be <br /> •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 five <br /> percent (85%) of the eligible project costs or the total of$10,000,000.00 whichever is less. The Close-out <br /> Report shall serve as a contract AMENDMENT for determining the final loan amount, interest rate, and <br /> local share. <br /> • <br /> In the event that the final costs identified in the Close-out Report indicate that the LOCAL GOVERNMENT <br /> has received Public Works Trust Fund monies in excess of eighty five percent (85%) of eligible costs, all <br /> funds in excess of eighty five percent (85%) shall be repaid to the Public Works Assistance Account by <br /> payment to the Department of Community, Trade and Economic Development, or its successor, within <br /> thirty(30)days of submission of the Close-out Report. <br /> Page 3 <br /> 2005 PWTF Construction Loan Agreement <br /> 14 <br />