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<br />2 <br /> <br />1.5 5- year deferral for start-up systems <br />If the project financed by this Contract is to develop a system to deliver previously unavailable services, and <br />revenue from those services is to repay the loan, the new system is eligible for a deferral of loan payments <br />for sixty (60) months after the Contract execution date. The Contractor may provide a written request to the <br />BOARD requesting a 5-year deferral for an eligible system. The BOARD may approve the deferral request. <br /> <br />Interest accrues for the aforementioned sixty (60) months. The accrued interest only payment is due June <br />1 of the 6th year of the loan term. Interest and principal payments are due on June 1 of the 7th year of the <br />loan term. <br />1.6 Competitive Bidding Requirements <br />The Contractor shall comply with the provisions of RCW 43.155.060 regarding competitive bidding <br />requirements for projects assisted in whole or in part with money from the Public Works Program. <br />1.7 Default in Repayment <br />Loan repayments shall be made on the loan in accordance with Section 1.18 of this Contract. A payment <br />not received within thirty (30) days of the due date shall be declared delinquent. Delinquent payments shall <br />be assessed a monthly penalty beginning on the first (1st) day past the due date. The penalty will be <br />assessed on the entire payment amount. The penalty will be one percent (1%) per month or twelve percent <br />(12%) per annum. The same penalty terms shall apply at project completion if the repayment of loan funds <br />in excess of eligible costs are not repaid at the time of the Project Completion Amendment is submitted, as <br />provided for in Section 1.13. <br />The Contractor acknowledges and agrees to the BOARD’s right, upon delinquency in the payment of any <br />annual installment, to notify any other entity, creditors, or potential creditors of the Contractor of such <br />delinquency. <br />The Contractor shall be responsible for all legal fees incurred by the BOARD in any action undertaken to <br />enforce its rights under this section. <br />1.8 Investment Grade Audit <br />For projects involving repair, replacement, or improvement of a wastewater treatment plant, or other public <br />works facility for which an investment grade audit is obtainable, Contractor must undertake an investment <br />grade audit. <br />Costs incurred as part of the investment grade audit are eligible project costs. <br />1.9 Sub-Contractor Data Collection <br />Contractor will submit reports, in a form and format to be provided by the BOARD and at intervals as agreed <br />by the parties, regarding work under this Contract performed by sub-contractors and the portion of the <br />Contract funds expended for work performed by sub-contractors, including but not necessarily limited to <br />minority-owned, women-owned, and veteran-owned business sub-contractors. “Sub-Contractors” shall <br />mean sub-contractors of any tier. <br />1.10 Eligible Project Costs <br />The Eligible project costs must consist of expenditures eligible under Washington Administrative Code <br />(WAC) 399-30-030 and be related only to project activities described in the declared SCOPE OF WORK. <br />DocuSign Envelope ID: 221BB7AE-8D32-45F2-81A8-FA7F96A71710