2007/05/16 Council Agenda Packet

n U The loan funds will be disbursed to the BORROWER as follows: The disbursement of loan proceeds shall be initiated by the BORROWER on a Washington State Invoice Voucher form. All expenses must have been incurred by the BORROWER at the time of voucher submittal. Disbursement requests must be supported by bills or invoices as evidence that costs have been incurred. The purchase of land necessary and integral to the project must be in the ATTACHMENT I: SCOPE OF WORK and be documented with an appraisal or other market valuation and a valid purchase and sale agreement. Expenses incurred after March 1,2007, are eligible for reimbursement. In the event that the BORROWER receives reimbursement for costs that are later determined by the BOARD to be ineligible,these funds shall be repaid to the Drinking Water Assistance Account by payment to the Department of Community,Trade and Economic Development,or its successor,within thirty(30)days of written notification to the BORROWER. A loan fee will be assessed in the following manner: The first request for reimbursement shall include a loan fee of$30,000.00, which is 1% of $3,000,000. This fee shall not be reduced, regardless of the actual final loan amount. If the total loan amount is increased through an amendment, an additional loan fee equal to 1% of the additional loan amount will be assessed at contract closeout. In no case shall loan funds be disbursed for construction activities until the following conditions have been met: • The BORROWER issues a Notice to Proceed which follows the formal award of a construction contract; • The BORROWER has completed the State Environmental Review Process; • The BORROWER has complied with all provisions of Section 106 of the National Historic Preservation Act of 1966; • The Washington State Department of Health (DOH) has approved a project report and related construction documents for all applicable activities described in ATTACHMENT I:' SCOPE OF WORK; • The project includes installation of source meters, if applicable, per WAC 246-290; • Any other loan conditions per DOH. At the time of project completion, the BORROWER shall submit, to the BOARD, a Certified CIoseout Amendment certifying the total actual project costs. The Certified Closeout Amendment shall include a copy of the approved Washington State Department of Health Certification of Construction Form The final Drinking Water State Revolving Fund loan disbursement for project activities shall not bring the total loan in excess of One Hundred Percent (100%) of the eligible project costs. 103 CITY OF EVERFI] Page 3 4/24/2007