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b <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 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 <br /> Facilities Plan project which furthers the goals and objectives of the Washington State Public Works Trust <br /> Fund Program. The project will be undertaken by the LOCAL GOVERNMENT and will include the <br /> 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 federal, state and local laws <br /> and ordinances,which by 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 /> The BOARD, using funds appropriated from the Public Works Assistance Account,shall loan the LOCAL <br /> GOVERNMENT a sum not to exceed$100,000.00. The interest rate shall be zero percent(0%)per annum <br /> on the outstanding principal balance. The term of the loan shall not exceed six (6) years, with the final <br /> payment due July 1,2011. <br /> 4.02 Local Project Share <br /> The BOARD does not require local project share on improvements funded by the Public Works Planning <br /> Loan Program. <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 /> 2003 PLP Loan Agreement <br /> Printed 8/19/2005 <br /> 23 <br />