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• <br /> b <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. The disbursement of loan proceeds shall be initiated by the <br /> LOCAL GOVERNMENT on a Washington State Invoice Voucher form. The loan funds will be disbursed <br /> upon request to the LOCAL GOVERNMENT as follows: <br /> Within thirty(30)days of the formal execution of this agreement,a sum not to exceed fifteen percent(15%) <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 of Consultant Selection which follows the formal award <br /> of a professional services contract, a sum not to exceed seventy-five percent(75%) of the approved Public <br /> Works Trust Fund loan 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 Close-out Report shall serve as a contract AMENDMENT for determining the loan amount and local <br /> share. In the event that the final costs identified in the Close-out Report indicate that the LOCAL <br /> GOVERNMENT has received Public Works Trust Fund monies in excess of eligible costs, all funds in <br /> excess shall be repaid to the Public Works Assistance Account by payment to the Department of <br /> Community, Trade and Economic Development, or its successor, within thirty (30) days of submission of <br /> the Close-out Report. <br /> 4.04 Interest Earned on Public Works Trust Fund Monies <br /> All interest earned on Public Works Trust Fund Monies held by the LOCAL GOVERNMENT shall accrue <br /> to the benefit of the LOCAL GOVERNMENT and be applied to the eligible costs of the approved project. <br /> Benefits shall accrue in one of two ways: <br /> 1. Reduce the amount of the Public Works Trust Fund loan. <br /> 2. Pay any part of the eligible project costs that are in excess of ATTACHMENT I: <br /> SCOPE OF WORK estimates if there is an overrun of project costs. <br /> The LOCAL GOVERNMENT shall establish procedures to ensure that all monies received from the Public <br /> Works Trust Fund loan can be readily identified and accounted for at any time during the life of this loan <br /> agreement. Such procedures shall consist of the establishment of a separate fund, account, sub-account or <br /> any other method meeting generally accepted accounting principles. <br /> Page 3 <br /> 2003 PLP Loan Agreement <br /> Printed 8/19/2005 <br />