2006/06/14 Council Agenda Packet

15 4.04 Project Completion The BORROWER is required to complete a Close-out Report when the activities identified in ATTACHMENT I: SCOPE OF WORK are completed. In the report, the BORROWER will provide the following information to the BOARD: 1_ A certified statement of the actual dollar amounts spent, from all fund sources, in completing the project as described. 2. Certification that all costs associated with the project have been incurred. Costs are incurred when goods and services are received and/or contract work is performed. 3_ Evidence establishing that DOH has received the completed Construction Completion Report(s)and As- builts for projects that may qualify for submittal exception,per WAC 246-290-120(5),246-290-125(2)(b) or WAC 246-290-125(3). 4.05 Final Draw and Close-out Requirements At the time of project completion, the BORROWER shall submit a Close-out Report to the BOARD. The approved Close-out Report with the fmal loan amount shall serve as a contract amendment for determining the final loan amount. The BOARD shall provide the Close-out Report form to the BORROWER. 4.06 Repayment The first loan repayment under this agreement is due October I, 2007 and subsequent installments are due on October 1 of each year during the term of the loan. The first repayment under this agreement shall consist of interest only at the rate of one and one-half(1.5%) per annum, calculated on a 360-day year of twelve 30-day months,applied to funds received. Interest will begin to accrue from the date each warrant is issued. Subsequent repayments shall consist of the principal due divided by the loan term remaining plus interest on the unpaid balance of the loan. The fmal payment shall be an amount sufficient to bring the loan balance to zero. The BORROWER has the right to repay the unpaid balance of the loan in full at any time, and the right to repay at a faster rate than is provided in this agreement, provided that any such payment must equal or exceed the principal amount normally due on an annual basis. The BORROWER will repay the loan in accordance with the preceding conditions through the use of a check, money order, or equivalent means made payable to the Washington State Public Works Board, or its successor, and sent to: Washington State Public Works Board P.O. Box 48319 Olympia,WA 98504-8319 or to such other address as may be specified from time to time by the PUBLIC WORKS BOARD, or the successor or either,by notice to the LOCAL GOVERNMENT. 78 Page 4 SRF Loan Agreement Municipal Systems