2011/12/28 Council Agenda Packet

1?. PROGRAM SPECIAL TERMS AND CONDITIONS 1.5. AMOUNT OF LOAN • _ The Board, using funds appropriated from the Drinking Water Assistance Account, shall loan the Contractor a sum not to exceed $1,066,377.00,which includes a loan fee of$10,558.19. 1.6. LOAN FEE The loan fee of$10,558.19 represents one percent (1%) of the loan request and shall not be reduced, regardless of the actual final loan amount at project completion. If the total loan amount is increased through an amendment, an additional loan fee equal to one percent(1%) of the additional loan amount will be assessed at amendment.execution. - 1.7. TERM OF LOAN The term of the loan shall not exceed 24 years, beginning at contract execution with the final payment due October 1, 2035. 1.8. RATE AND LOAN FORGIVENESS The interest rate shall be 1.50%per annum on the outstandingprincipal balance, based on a three . hundred and sixty(360) day year composed of twelve (12)thirty(30)day months. There shall be no loan forgiveness. 1.9.- DISBURSEMENT OF LOAN PROCEEDS AND REQUIRED DOCUMENTATION If funding or appropriation is not available at the time the Contractor submits a request for a loan: • disbursement, the issuance of a warrant will be delayed or suspended until suchtime funds become available. Therefore, subject to availability of funds, warrants shall be issued to the Contractor for payment of allowable expenses incurred by the Contractor while undertaking and administering approved project activities in accordance with Attachment I: Scope of Work. The loan funds will be disbursed to the Contractor as follows: Upon formal execution of this Contract, the disbursement of loan proceeds up to ninety percent(90%) of the loan amount may be requested. Ten percent(10%) of loan proceeds will be held until project completion.The total Drinking Water State Revolving Fund Loan shall not exceed-one hundred percent (100%) of the actual eligible project costs. When requesting reimbursement for costs incurred, the Contractor shall.submit a signed and completed Invoice Voucher(Form A19), referencing the ATTACHMENT I: SCOPE OF WORK project activity performed, and any appropriate documentation such as bills,invoices, and receipts. The purchase of any land necessary and integral to the project must be included in the Attachment I: Scope of Work and be documented with an appraisal or other market valuation and a valid purchase and sale agreement. The Invoice Voucher must be certified by an official of the Contractor with authority to bind the Contractor. The first Invoice Voucher(A19) request shall be for.the loan fee of$10,558.19. The loan fee will be assessed at contract execution. Each succeeding Invoice Voucher(Form A19) must be accompanied by a Project Status Report,which describes, in narrative form, the progress made on the.project since the last invoice was submitted, as well as a report of project status to date. The Board will not release payment for any reimbursement request received unless and until the Project Status Report is received. After approving the Invoice Voucher and the Project Status Report, the Board shall promptly remit a warrant to the Contractor. City of Everett Page 3 Contract Terms and Conditions DM11-952-011 12/15/2181 DWSRF NT Loan Contract(Municipal)