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

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h) Interest on each loan disbursement shall be calculated on the basis of the total number of days from the date the interest begins to accrue to the beginning of the repayment period and will be calculated on a daily basis using a 365 day year. All interest due on the principal of the loan during the repayment period is calculated on a periodic basis. i) The Loan Agreement shall be subject to prepayment at any time in whole or in part, at the option of the loan recipient,by payment of the outstanding principal plus accrued and unrepaid interest on that principal accrued to the date of prepayment. 4. MODIFIED OR SUBSEQUENT ORDINANCES The ordinance authorizing entry into this Loan Agreement or dedicating the source of revenue shall not be amended or superseded substantively or materially without the prior written consent of the Agency. 5. DBE REPORTING REQUIREMENTS The loan recipient is required to comply with the Disadvantaged Business Enterprise(DBE)reporting requirements as established and mandated by federal law and implemented in federal code: 40 CFR Part 33. Compliance with the code will necessarily involve satisfaction of the six(6)good faith efforts as set forth in the federal DBE program, and will require the use of the particular contract specifications and language for advertising of the project. More information and guidance on the DBE requirements is available on the IEPA web site at: http://NN�vw.epa.state.il.us/water/forin s.htin1#financial-assistance 6. COMPLIANCE WITH ACT AND REGULATIONS The Agency shall not make any payments under this loan offer if the construction project has been completed and is being.operated in violation of any of the provisions of the Clean Water Act, Environmental Protection Act (415 ILCS 5/1 et seq.) or Watery Pollution Control Regulations of Illinois (Title 35: Subtitle C: Chapter 1: Pollution Control Board Regulations and Chapter IT.'. Agency Regulations)adopted thereunder. 7. FINAL INSPECTION The loan recipient shall notify the Agency's Infrastructure Financial Assistance Section's (IFAS) Post Construction Unit in writing within 30 days from the construction completion date and shall submit the final change order, along with the contractor's final costs. Within 90 days from the construction completion date the loan recipient shall forward two(2)copies of the final plans of record to the appropriate Agency regional field office along with a formal written request for a final inspection (a copy of the written request shall be sent to the Agency's IFAS Post Construction Unit). The regional field office will contact the loan recipient to schedule the final inspection within 60 days of the written request for a final inspection. 8. OPERATION AND MAINTENANCE OF THE PROJECT The Agency shall not approve the final inspection for the project unless the loan recipient has certified that the training and operation and maintenance documents have been provided in accordance with 35 Ill. Adm.Code 365.740. 9. FLOOD INSURANCE Evidence must be provided that flood insurance has been acquired on eligible structures constructed under this Loan Agreement as soon as structures are insurable. 10. DELINQUENT LOAN REPAYMENTS a) In the event that a repayment is not made by a loan recipient according to the loan schedule of repayment, the loan recipient shall notify the Agency in writing within 15 days after the repayment due date in accordance with 35 Ill. Adm. Code 365.1120 Delinquent Loan Repayments. PAGE 2 OF 4