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n <br /> 0 <br /> PART II: INTRODUCTION <br /> This Agreement is made and entered into by and between the BOARD, or its successor a <br /> department of the State of Washington, and the BORROWER. <br /> Acting under the authority of RCW 70.119A.170 and 43.155.040,the BOARD has awarded the <br /> BORROWER a Drinking Water State Revolving Fund loan for an approved project. The <br /> BORROWER will be a sub-recipient of funds provided by the United States Environmental <br /> Protection Agency, CFDA Number 66.468,Title: Safe Drinking Water State Revolving Fund, <br /> award year: 2006. <br /> PART III: PURPOSE <br /> The BOARD and the BORROWER have entered into this agreement to undertake a local <br /> project that furthers the goals and objectives of the Drinking Water State Revolving Fund Loan <br /> Program. The project will be undertaken by the BORROWER and will include the activities <br /> described in ATTACHMENT I: SCOPE OF WORK. The project must be undertaken in <br /> accordance with PART IV: TERMS AND CONDITIONS and all applicable federal, state and <br /> local laws and ordinances, including but not limited to those specifically enumerated in <br /> ATTACHMENT III. <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 Drinking Water Assistance Account, shall <br /> loan the BORROWER a sum not to exceed $3,030,000. The interest rate shall be 1.5% per <br /> annum on the outstanding principal balance. The term of the loan shall not exceed Twenty(20) <br /> years,with the fmal payment due October 1,2027. <br /> 4.02 Disbursement of.Loan Proceeds and Required Documentation <br /> The availability of funds in the Drinking Water Assistance Account is a function of loan <br /> repayments, fund interest earnings, deposit of federal funds, state authorized transfers of <br /> funds from other accounts and legislative appropriation. If funding or appropriation is not <br /> available at the time the invoice is submitted, or when the agreement is executed, the <br /> issuance of warrants will be delayed or suspended until such time funds become available. <br /> Therefore, subject to availability of funds,warrants shall be issued to the BORROWER for <br /> payment of allowable expenses incurred by the BORROWER while undertaking and <br /> administering approved project activities in accordance with ATTACHMENT I: SCOPE OF <br /> WORK. The total Drinking Water State Revolving Fund Loan shall not exceed One <br /> Hundred Percent(100%) of the eligible actual project costs. <br /> 105 <br /> CITY OF EVERETT Page 2 4/24/2007 <br />