2005/04/06 Council Agenda Packet

6 The LOCAL GOVERNMENT will repay the loan in accordance with the preceding conditions through the use of a check, money order, or equivalent means made payable to the Department of Community, Trade and Economic Development,or its successor, and sent to: Department of Community,Trade and Economic Development Administrative Services Division/Fiscal Unit 906 Columbia Street S.W. P.O.Box 48300 Olympia,Washington 98504-8300 4.07 Repayment Account The LOCAL GOVERNMENT shall repay the loan according to the option designated in Section 4.09 Loan Security.The name of the fund,account, or sub-account shall be ft) 1 4101 U Ii ),h Z S 4.08 Default in Repayment Loan repayments shall be made on the loan in accordance with Section 4.06 of this agreement. A payment not received within thirty(30)days of the due date shall be declared delinquent. Delinquent payments shall be assessed a daily penalty beginning on the thirty-first (31) day past the due date. The penalty will be assessed on the entire payment amount. The penalty will be twelve percent(12%)per annum calculated on a 360-day year for the delinquent amount. The same penalty terms shall apply to delinquent repayment of funds paid in excess of eligible costs as provided for in Section 4.03. The LOCAL GOVERNMENT acknowledges and agrees to the BOARD'S right, upon delinquency in the payment of any annual installment, to notify any other entity, creditors, or potential creditors of the LOCAL GOVERNMENT of such delinquency including, without limitation, the state government and the United States of America or its agencies,credit rating agencies,and the municipal finance market. The LOCAL GOVERNMENT shall pay the costs and reasonable legal fees incurred by the BOARD in any action undertaken to enforce its rights under this section. Page 5 2005 PWTF Construction Loan Agreement 16