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6 <br /> The LOCAL GOVERNMENT will repay the loan in accordance with the preceding conditions <br /> through the use of a check, money order, or equivalent means made payable to the Washington <br /> State Public Works Board,or its successor,and sent to: <br /> Washington State Public Works Board <br /> P.O.Box 48319 <br /> Olympia,Washington 98504-8319 <br /> 4.07 Repayment Account <br /> The LOCAL GOVERNMENT shall repay the loan according to the option designated in Section <br /> 4.09 Loan Security.The name of the fund,account,or sub-account shall be Z10/ oh I.)- . <br /> 4.08 Default in Repayment <br /> Loan repayments shall be made on the loan in accordance with Section 4.06 of this agreement. A <br /> payment not received within thirty (30) days of the due date shall be declared delinquent. <br /> Delinquent payments shall be assessed a daily penalty beginning on the thirty-first(31)day past the <br /> due date. The penalty will be assessed on the entire payment amount. The penalty will be twelve <br /> percent(12%)per annum calculated on a 360-day year for the delinquent amount. <br /> The same penalty terms shall apply to delinquent repayment of funds paid in excess of eligible costs <br /> as provided for in Section 4.03. <br /> The LOCAL GOVERNMENT acknowledges and agrees to the BOARD'S right, upon <br /> delinquency in the payment of any annual installment, to notify any other entity, creditors, or <br /> potential creditors of the LOCAL GOVERNMENT of such delinquency including, without <br /> limitation, the state government and the United States of America or its agencies, credit rating <br /> agencies, and the municipal finance market. <br /> The LOCAL GOVERNMENT shall pay the costs and reasonable legal fees incurred by the <br /> BOARD in any action undertaken to enforce its rights under this section. <br /> 2i <br /> CITY OF EVERETT Page 5 <br /> 4/21/2006 <br />