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• 1.5 <br /> Required documentation supporting a request for disbursement for the purchase of land necessary and integral <br /> to the project includes a valid purchase and sale agreement An appraisal or other market valuation may also <br /> be required. Expenses incurred after March 1,2006,are eligible for reimbursement. <br /> In the event that the BORROWER receives reimbursement for costs that are later determined by the BOARD to be <br /> ineligible,these funds shall be repaid to the Drinking Water Assistance Account by payment to the Department of <br /> Community,Trade and Economic Development,or its successor,within thirty(30)days of written notification to the <br /> BORROWER. <br /> A loan fee will be assessed in the following manner: <br /> The first request for reimbursement shall include a Ioan fee of$40,000,which is 1% of $4,000,000. This fee <br /> shall not be reduced, regardless of the actual final loan amount. If the total loan amount is increased through <br /> an amendment, an additional loan fee equal to 1% of the additional loan amount will be assessed at contract <br /> close-out. <br /> In no case shall loan funds be disbursed for construction activities until the following conditions have been <br /> met: <br /> ♦ The BORROWER issues a Notice to Proceed which follows the formal award of a construction contract; <br /> • The BORROWER has completed the State Environmental Review Process; <br /> • The BORROWER has complied with all provisions of Section 106 of the National Historic Preservation Act <br /> of 1966; <br /> • The Washington State Department of Health(DOH)has approved a project report and related construction <br /> documents for all applicable activities described in ATTACHMENT I: SCOPE OF WORK; <br /> ♦ The project includes installation of source meters,if applicable,per WAC 246-290; - <br /> ♦ Any other loan conditions per DOH. <br /> At the time of project completion, a Close-out report (refer to section 4.05 for Close-out Report) shall be <br /> submitted to the BOARD by the BORROWER certifying total actual project costs. The Close-out Report <br /> shall include a copy of the approved Certification of Construction Form from the Washington State <br /> Department of Health. <br /> The final Drinking Water State Revolving Fund loan disbursement for project activities shall not bring the <br /> total loan in excess of One Hundred Percent (100%) of the eligible project costs. The Close-out Report shall <br /> serve as a contract AMENDMENT for determining the final loan amount. <br /> 4.03 Time of Performance <br /> The.BORROWER shall begin the activities identified within ATTACHMENT I: SCOPE OF WORK no later <br /> "than ninety(90) days after loan agreement execution, and reach project completion no later than thirty-six (36) <br /> months after the date of agreement execution. <br /> Failure to perform within the time frame described in the preceding paragraph may constitute default of this <br /> agreement. In the event of extenuating circumstances, the BORROWER may request, in writing, that the <br /> BOARD extend the deadline for project completion. The BOARD may,by a two-thirds vote,extend the time of <br /> completion. <br /> The term of this agreement shall be for the entire term of the loan, irrespective of actual project completion, <br /> unless terminated sooner as provided herein. <br /> 7 7 Page 3 <br /> SRF Loan Agreement <br /> Municipal Systems <br />