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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 <br /> loan repayment. If funds are not available at the time the invoice is submitted, or when the <br /> agreement is executed, the issuance of warrants will be delayed. Therefore, subject to the <br /> availability of funds, warrants shall be issued to the LOCAL GOVERNMENT for payment of <br /> allowable expenses incurred by the LOCAL GOVERNMENT while undertaking and administering <br /> approved project activities in accordance with ATTACHMENT I: SCOPE OF WORK. In no event <br /> shall the total Public Works Trust Fund loan exceed eighty five percent(85%)of the eligible actual <br /> project costs. The disbursement of loan proceeds shall be initiated by the LOCAL <br /> GOVERNMENT on a Washington State Invoice Voucher form. The loan funds will be disbursed <br /> to the LOCAL GOVERNMENT as follows: <br /> Within thirty (30) days of the formal execution of this agreement, a sum not to exceed twenty <br /> percent (20%) of the approved Public Works Trust Fund loan shall be disbursed to the LOCAL <br /> GOVERNMENT. <br /> Within thirty(30)days of the execution of a Notice to Proceed,which follows the formal award of a <br /> construction contract, or contract for engineering services, and documented compliance with <br /> Governor Gregoire's Executive Order 05-05 Archeological and Cultural Resources or Section 106 <br /> of the National Historic Preservation Act, whichever applies to this project, a sum not to exceed <br /> twenty five percent (25%) of the approved Public Works Trust Fund loan shall be disbursed to the <br /> LOCAL GOVERNMENT. <br /> When the LOCAL GOVERNMENT certifies that 35% of the Public Works Trust Fund loan <br /> amount has been spent, a sum not to exceed twenty five percent (25%) of the approved Public <br /> Works Trust Fund loan shall be disbursed to the LOCAL GOVERNMENT. <br /> When the LOCAL GOVERNMENT certifies that 60% of the Public Works Trust Fund loan • <br /> amount has been spent, a sum not to exceed twenty five percent (25%) 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), <br /> shall be submitted to the BOARD by the LOCAL GOVERNMENT certifying total actual project <br /> costs. <br /> The final Public Works Trust Fund loan disbursement shall not bring the total loan in excess of <br /> eighty five percent (85%) of the eligible project costs or the total of$7,000,000.00 whichever is <br /> less. The Close out Report shall serve as a contract AMENDMENT for determining the final loan <br /> amount, interest rate, and local share. <br /> 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 eighty five percent <br /> (85%)of eligible costs, all funds in excess of eighty five percent(85%) shall be repaid to the Public <br /> Works Assistance Account by payment to the Department of Community, Trade and Economic <br /> Development,or its successor,within thirty(30)days of submission of the Close-out Report. <br /> CITY OF EVERETT Page 3 <br /> 4/21/2006 2 5 <br />