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6 <br /> PART II: INTRODUCTION <br /> This loan agreement is made and entered into by and between the PUBLIC WORKS BOARD, or <br /> its successor,(referred to as the"BOARD"), a department of the state of Washington,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 <br /> local public works project that furthers the goals and objectives of the Washington State Public <br /> Works Trust Fund Program. The project will be undertaken by the LOCAL GOVERNMENT and <br /> will include the activities described in ATTACHMENT I: SCOPE OF WORK. The project must <br /> be undertaken in accordance with PART IV: TERMS AND CONDITIONS, and all applicable state <br /> and local laws and ordinances, which by this reference are incorporated into this agreement as <br /> 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 <br /> LOCAL GOVERNMENT a sum not to exceed $7,000,000.00. The interest rate shall be one-half <br /> percent (1/2%) per annum on the outstanding principal balance. The term of the loan shall not <br /> exceed 20 years,with the final payment due July 1,2026. <br /> 4.02 Eligible Project Costs and Local Share <br /> The LOCAL GOVERNMENT pledges to use an amount of locally-generated revenue as match of <br /> not less than fifteen percent (15%) of the total eligible portion of the project cost not funded by <br /> federal or state grants as identified in ATTACHMENT I: SCOPE OF WORK, to be verified at the <br /> time of project close out. Any change in the percentage of locally generated funds may require an <br /> adjustment in the loan amount or interest rate charged, or both. In such event, the LOCAL <br /> GOVERNMENT agrees to execute an amendment to this agreement adjusting the loan amount or <br /> interest rate,as appropriate. <br /> Eligible project costs must consist of expenditures eligible under WAC 399-30-030(3) and be <br /> related only to project activities described in ATTACHMENT I: SCOPE OF WORK. Only those <br /> costs incurred after execution of this loan agreement can be reimbursed with Public Works Trust <br /> Fund monies. Expenditures made up to twelve (12) months prior to the execution of the loan <br /> agreement and verified at the time of project close out may be used as match for local project share. <br /> CITY OF EVERETT Page 2 2 4 <br /> 4/21/2006 <br />