Public Works Board Loan Contract Number PC23-96103-132

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DocuSign Envelope lDi 221887 AE-8D32-45F2-81 A8-FA7F96A71 71 0 1.5 5- vear deferral for start-up svstems lf the project financed by this Contract is to develop a system to deliver previously unavailable services, and revenue from those services is to repay the loan, the new system is eligible for a deferral of loan payments for sixty (60) months after the Contract execution date. The Contractor may provide a written request to the BOARD requesting a S-year deferral for an eligible system. The BOARD may approve the deferral request. lnterest accrues for the aforementioned sixty (60) months. The accrued interest only payment is due June 1 of the 6th year of the loan term. lnterest and principal payments are due on June 1 of the 7th year of the loan term. 1.6 Competitive Biddinq Requirements The Contractor shall comply with the provisions of RCW 43.155.060 regarding competitive bidding requirements for projects assisted in whole or in part with money from the Public Works Program. 1.7 Default in Repavment Loan repayments shall be made on the loan in accordance with Section 1 .1 8 of this Contract. A payment not received within thirty (30) days of the due date shall be declared delinquent. Delinquent payments shall be assessed a monthly penalty beginning on the first (1st) day past the due date. The penalty will be assessed on the entire payment amount. The penalty will be one percent (1%) per month or twelve percent (12o/ol per annum. The same penalty terms shall apply at project completion if the repayment of loan funds in excess of eligible costs are not repaid at the time of the Project Completion Amendment is submitted, as provided for in Section 1 .13. The Contractor acknowledges and agrees to the BOARD's right, upon delinquency in the payment of any annual installment, to notify any other entity, creditors, or potential creditors of the Contractor of such delinquency. The Contractor shall be responsible for all legal fees incurred by the BOARD in any action undertaken to enforce its rights under this section. 1.8 lnvestment Grade Audit For projects involving repair, replacement, or improvement of a wastewater treatment plant, or other public works facility for which an investment grade audit is obtainable, Contractor must undertake an investment grade audit. Costs incurred as part of the investment grade audit are eligible project costs. 1.9 Sub-ContractorDataGollection Contractor will submit reports, in a form and format to be provided by the BOARD and at intervals as agreed by the parties, regarding work under this Contract performed by sub-contractors and the portion of the Contract funds expended for work performed by sub-contractors, including but not necessarily limited to minority-owned, women-owned, and veteran-owned business sub-contractors. "Sub-Contractors" shall mean sub-contractors of any tier. 1.{0 Eliqible Proiect Gosts The Eligible project costs must consist of expenditures eligible under Washington Administrative Code WAC) 399-30-030 and be related only to project activities described in the declared SCOPE oF wORK. 2