Laserfiche WebLink
<br />4 <br /> <br /> <br />Should the Contractor submit the Certified Project Com pletion Report within forty-eight (48) months of the <br />date of Contract execution, the Contractor may choose one of the two following incentives upon project <br />completion: <br />Option A: The repayment period will be increased by twenty-four (24) months, not to exceed the life <br />of the asset, OR: <br />Option B: The interest rate will be decreased by one-quarter of one percent (0.25%). <br /> <br />Should the Contractor submit the Certified Project Completion Report within thirty-six (36) months of the <br />date of Contract execution, the Contractor may choose one of the following two incentives upon project <br />completion: <br />Option C: The repayment period will be increased by sixty (60) months, not to exceed the life of the <br />asset, OR; <br />Option D: The interest rate will be decreased by up to one-half of one percent (0.50%). <br /> <br />Once an option is selected, the Contract shall be modified to note the appropriate change and no further <br />adjustment to the Contract for Performance Incentives shall be authorized. Irrespective of the performance <br />incentive chosen, at no point in time shall the minimum loan interest rate be less than 0.25%. <br /> <br />The calculation of interest rate and term adjustments will apply to the remaining payments beginning from <br />the date the Project Completion report is certified. <br /> <br />1.13 Project Completion Amendment and Certified Project Completion Report <br />The Contractor shall complete a Certified Project Completion Report when all activities identified in the <br />SCOPE OF WORK are complete. The BOARD will supply the Contractor with the Certified Project <br />Completion Report form, which shall include: <br />A. A certified statement that the project, as described in the declared SCOPE OF WORK, is complete and, <br />if applicable, meets required standards. <br />B. A certified statement of the actual dollar amounts spent, from all funding sources, in completing the <br />project as described in the SCOPE OF WORK. <br />C. Certification that all costs associated with the project have been incurred and have been accounted for. <br />Costs are incurred when goods and services are received and/or Contract work is performed. <br />D. A final voucher for the remaining eligible funds. <br />E. Pictures of Completed Project. <br />The Contractor will submit the Certified Project Completion Report together with the last Invoice Voucher for <br />a sum not to exceed the balance of the loan amount. The final Invoice Voucher payment shall not occur <br />prior to the completion of all project activities identified in the SCOPE OF WORK and the BOARD's receipt <br />and acceptance of the Certified Project Completion Report. <br />The Project Completion Amendment shall serve as an amendment to this Contract determining the final <br />loan amount, local share, term, and interest rate. <br />1.14 Project Signs <br />If the Contractor displays, during the period covered by this Contract, signs or markers identifying those <br />agencies participating financially in the approved project, the sign or marker must identify the Washington <br />State Public Works Board as a participant in the project. <br />DocuSign Envelope ID: 221BB7AE-8D32-45F2-81A8-FA7F96A71710