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6 <br /> The same penalty terms shall apply to delinquent repayment of funds paid in excess of eligible costs as <br /> provided for in Section 4.03. _ <br /> The LOCAL GOVERNMENT acknowledges and agrees to the BOARD'S right, upon delinquency in the <br /> payment of any annual installment,to notify any other entity, creditors,or potential creditors of the LOCAL <br /> GOVERNMENT of such delinquency including, without limitation, the state government and the United <br /> States of America or its agencies,credit rating agencies,and the municipal finance market. <br /> The LOCAL GOVERNMENT shall pay the costs and reasonable legal fees incurred by the BOARD in any <br /> action undertaken to enforce its rights under this section. <br /> 4.09 Loan Security <br /> The LOCAL GOVERNMENT must select one of the following three options for securing repayment of <br /> the loan. Please initial the appropriate option. <br /> 1. General Obligation: This loan is a general obligation of the LOCAL GOVERNMENT. <br /> OR <br /> 60 2. Revenue Obligation: This option may be used only if the entire project is a domestic <br /> water, sanitary sewer, storm sewer or solid waste utility project. LOCAL GOVERNMENTS performing <br /> a storm sewer project that have not created a storm sewer utility or a combined sanitary sewer/storm <br /> sewer utility may not use this option. Projects providing for a mixture of bridge, road, domestic water, <br /> sanitary sewer, and storm sewer activities may not use this option. <br /> This loan is a revenue obligation of the LOCAL GOVERNMENT payable solely from the net revenue of <br /> the utility system indicated below. Payments shall be made from the net revenue of the utility after the <br /> payment of the principal and interest on any revenue bonds, notes, warrants or other obligations of the <br /> utility having a lien on that net revenue. As used here, "net revenue" means gross revenue minus <br /> expenses of maintenance and operations. The BOARD grants the LOCAL GOVERNMENT the right to <br /> issue future bonds and notes that constitute a lien and charge on net revenue superior to the lien and <br /> charge of this loan agreement. <br /> Please choose and initial one of the following utility systems: <br /> Water <br /> Sanitary Sewer(Wastewater) <br /> Stormwater <br /> 0Water/Sanitary Sewer <br /> Stormwater/Sanitary Sewer <br /> Solid Waste <br /> Page 5 <br /> 2003 PLP Loan Agreement <br /> Printed 8/19/2005 <br /> • L; b <br />