AGENDA REPORTS - Laserfiche WebLink

Name of Recipient Agreement No.: XX-XXX-550 Project No.: C-06-XXXX-XXX provisions of this Agreement. All right, title, and interest in the Project shall immediately vest in the Recipient on the date of execution and delivery of this Agreement without further action on the part of the Recipient or the State Water Board. The State Water Board's disbursement of funds hereunder is contingent on the Recipient's compliance with the terms and conditions of this Agreement. 3.2 Amounts Payable by the Recipient. (a) Installment Payments. The Recipient's obligations under this Agreement shall be secured by and payable solely from Net Revenues. Repayment of the Project Funds, together with all interest accruing thereon, shall be repaid in annual installments commencing on the date that is one(1) year after Completion of Construction, and shall be fully amortized by the date specified in Exhibit B. /� f, The Installment Payments are based on a standard fully amortized assistance amount with equal annual payments. The remaining balance is,the previous balance, plus the disbursements, plus the accrued interest on both, less the InstallmentPayment- Installment calculations will be made beginning one (1)year after Completion'of tonstructiori and:shall be fully amortized not later than the date specified in Exhibit B. Ezhibit'C is a payment'schedule based on the provisions of this article and an estimated disbursement schedule. 'Actual payments will be based on actual disbursements. Upon Completion of Construction and submission of necessary reports by the Recipient, the Division will prepare an appropriate.payment schedule and supply the same fettle Recipient. The Division may amend this Schedule-as necessary\to accurately reflect amounts due under this Agreement. The Division will prepare-any necessary-amendments to the payment schedule and send them to the Recipient. The Recipient agrees to make each installment payment-on or before the due date therefor. A ten (10)day graceeperiod wilt be allowed, after which time a penalty in the amount of costs incurred to the State Water•Board will be assessed for late payment. These costs may include, but are not limited to, lost interest earnings, staff time, bond debt service default penalties, if any, and other costs incurred. Fot purposesof penalty assessment, payment will be deemed to have been made if payment is deposited in the UeS. Mail within the grace period with postage prepaid and properly.addres'sed. Any,penalties assessed will'not be added to the assistance amount balance, ,'but will be treated:es, separate account and `obligation of the Recipient. The interest penalty will be'assessed from the payment due date. TheRecipient as a whole is.obligated to make all payments required by this Agreement to the • State Water Board, notwithstanding any individual default by its constituents or others in the payment to the Recipient of fees, charges, taxes, assessments, tolls or other charges ("Charges") levied or imposed by the Recipient. The Recipient shall provide for the punctual payment to the State Water Board of all amounts which become due under this Agreement and which are received from constituents or others in the payment to the Recipient. In the event of failure, neglect or refusal of any officer of the Recipient to levy or cause to be levied any Charge to provide payment by tlie'Recipient under this Agreement, to enforce or to collect such Charge, or to pay over to the State Water Board any money collected on account of such Charge necessary to satisfy any amount due under this Agreement, the State Water Board may take such action in a court of competent jurisdiction as it deems necessary to compel the performance of all duties relating to the imposition or levying and collection of any of such Charges and the payment of the money collected therefrom to the State Water Board. Action taken pursuant hereto shall not deprive the State Water Board of, or limit the application of, any other remedy provided by law or by this Agreement. Each Installment Payment shall be paid by check and in lawful money of the United States of America. 11