2007/10/03 Council Agenda Packet

AMENDMENT NUMBER 2 PUBLIC WORKS TRUST FUND LOAN AGREEMENT LOAN NUMBER PW-05-691-PWP-209 BETWEEN THE PUBLIC WORKS BOARD AND CITY OF EVERETT The purpose of this amendment is to extend the project completion date of the Public Works Trust Fund Loan Agreement Number PW-05-m691=PWP-209 from August 27, 2007, to a new ending date of December 30, 2007 This amendment was approved by the Public Works Board (hereinafter referred to as the BOARD) on September 11, 2007. The Board found the extension was necessary for the following reason: The project completion date is nearing or past and an extension will be needed to complete closeout documentation. The BOARD and the CITY OF EVERETT (hereinafter referred to as the BORROWER) agree to amend the Public Works Trust Fund Loan Agreement Number PW-05-691-PWP-209 as described below. Section 4.05 Time of Performance is amended to read as follows: The BORROWER shall begin the activities identified within ATTACIIMENT I: SCOPE OF WORK no later than three (3) months after the date of loan agreement, and reach project completion no later than December 30, 2007. Failure to perform within the time frame described in the preceding paragraph may .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 deadline. This agreement shall be in place during the entire term of the loan regardless .of the time of actual projectcompletion. A copy of this amendment, consisting of two (2) pages, shall be attached to and incorporated into the original agreement between the BOARD and the BORROWER. Any reference in such agreement to the "agreement" shall mean "agreement as amended." All other items and conditions of the original loan agreement or prior amendments shall remain in full force and effect. 22 CITY OF EVERETT Page 1 9/17/2007