R2014-104 ACCEPTING THE BID & AUTHORIZING CONTRACT FOR UNION STREET REHABILITATION PROJECT

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Attachment A Loan Recipient: City of Decatur L175280 Loan Agreement—Standard Conditions Illinois EPA Water Pollution Control Loan Program 1. PROJECT SCHEDULE For the purposes of this agreement, the start date will be the date the agreement is executed by the governmental entity and the complete date will be the date of final repayment. Any obligation of the State of Illinois and the Agency to make any disbursement of loan funds shall terminate unless this project work is initiated and completed in accordance with the schedule contained in the Loan Agreement. 2. DISBURSEMENTS Disbursement requests for project work will be processed based on costs incurred, subject to the appropriation of funds by�the Illinois General Assembly. Such disbursement requests will be monitored for compliance with applicable state and federal=laws and regulations, including Section 705/4(b)(2) of the Illinois Grant Funds Recovery Act (30 ILCS 705), and shall constitute;quarterly reports as required therein by describing the progress of the project and the expenditure of the loan funds related thereto,iAny loan funds remaining unexpended in the project account after all application loan conditions have been satisfied and a final loan amendment has been executed shall be returned to the State within forty-five (45) days of the execution date on the;pnal loan amendment. 3. REPAYMENT SCHEDULE—Nature of Obligations,Fixed Loan Rate,Interest,Loan Support and Principal Payments. a) In accordance with Ill. Adm. Code 365.440, the fixed rate is comprised of interest and loan support, both of which are established annually and reported at the Agency's public hearing. The term"interest"is used in this Loan Agreement as well as future correspondence,repayment schedules,etc.to reflect both interest and loan support. b) This Loan Agreement has been issued and entered into pursuant to an authorizing ordinance of the loan recipient. The recipient recites that it has taken-all required actions to enter into the Loan Agreement and has complied with all provisions of law in that regard. c) By this Loan Agreement, the loan recipient agrees to repay to the Agency (or, upon notice by the Agency to the loan recipient,the Agency's assignee)the principal amount of the loan with interest on the outstanding and unpaid principal amount of the loan from time to time until repaid in full,all as provided in this Loan Agreement. d) For purposes of determining the repayment amount, the principal amount of the loan shall be the total amount of loan disbursements made by the Agency under this Loan Agreement,plus interest treated as principal as provided in paragraph (g) below. The amount financed shall not exceed the amount identified in the approved authorizing ordinance. e) The final principal amount will be determined by the Agency after a final disbursement request, final inspection and project review have been made to ensure all applicable loan conditions have been satisfied. f) Simple interest on each loan disbursement will begin on the day after the date of the issuance of a warrant by the Comptroller of the State of Illinois. g) Interest and principal on the loan will be due on the dates and in the amounts as set forth in repayment schedules provided for in this paragraph. Upon the initiation of the loan repayment period, the Agency shall establish and notify the loan recipient of an interim repayment schedule in accordance with the terms of this loan. After the Agency conducts the final review of the costs of the project to establish the final principal amount, the Agency shall establish and notify the loan recipient of a final repayment schedule. For purposes of calculating the repayment schedules, the Agency shall consider principal of the loan to consist of all unrepaid disbursements plus all unrepaid interest accrued on these disbursements at the time the schedule period begins. Each of these repayment schedules shall provide for repayment installments consisting of principal plus simple interest on the unpaid principal balance. The installment repayment amount may change when the interim repayment schedule is replaced by the final repayment schedule. PAGE 1 OF 4