2007/05/16 Council Agenda Packet

4.03 Time of Performance U From the date of loan agreement execution,the BORROWER shall: • begin the activities identified within ATTACHMENT I: SCOPE OF WORK no later than ninety(90)days; • reach project completion no later than thirty-six(36)months. Failure to meet Time of Performance within the time frame described in the preceding paragraph shall constitute default of this agreement. In the event of extenuating circumstances, the BORROWER may request, in writing, that the BOARD extend the deadline for project completion. The BOARD may,by a two-thirds vote, extend the time of completion. The term of this agreement shall be for the entire term of the loan,regardless of actual project completion,unless terminated sooner as provided herein. 4.04Project Completion and Closeout Requirements, The BORROWER is required to complete a Certified Closeout Amendment when the activities identified in ATTACHMENT I: SCOPE OF WORK are completed. In the Certified Closeout Amendment,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). At the time of project completion, the BORROWER shall submit a Certified Closeout Amendment to the BOARD. The approved Certified Closeout Amendment with the final loan amount shall serve as a contract amendment for determining the final loan amount. The BOARD shall provide the Certified Closeout Amendment documents upon request. 4.05 Repayment • Loan repayment installments are due on October l'of each year during the 20-year fixed term of the loan. The first loan repayment is due October 1, 2008. Interest only will be charged for this payment if a draw is made prior to this date. All subsequent payments shall consist of principal and accrued interest due on October ls` of each year during the remaining term of the loan. Repayment of the loan under this agreement shall include an interest rate of 1.5% per annum based on a 360 day year of twelve 30 day months. Interest will begin to accrue from the date each warrant is issued to the BORROWER. The final payment shall be on or before October 1, 2027of an amount sufficient to bring the loan balance to zero. 10 CITY OF EVERETT Page 4 4/24/2007