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LOAN AGREEMENT DRINKING WATER PROJECT: L17-2552 <br /> d) The final principal amount will be determined by the Agency after a final disbursement request, final inspection and project <br /> review have been made to ensure all applicable loan conditions have been satisfied. <br /> e) Principal on the loan will be due on the dates and in the amounts as set forth in repayment schedules provided for in this <br /> paragraph. Upon initiation of the loan repayment period, the Agency shall establish and notify the loan recipient of an interim <br /> repayment schedule in accordance with the terms of this loan. After the Agency conducts the final review of the costs of the <br /> project to establish the final principal amount, the Agency shall establish and notify the loan recipient of a final repayment <br /> schedule. The repayment amount may change when the interim repayment schedule is replaced by the final repayment schedule. <br /> f) The Loan Agreement shall be subject to prepayment at any time in whole or in part, at the option of the loan recipient, by <br /> payment of the outstanding principal. <br /> 4. Modified or Subsequent Ordinance <br /> The ordinance authorizing entry into this Loan Agreement or dedicating the source of revenue shall not be amended or suspended <br /> substantively or materially without the prior written consent of the Agency. <br /> 5. Disadvantaged Business Enterprise (DBE) Reporting Requirements <br /> The loan recipient is required to comply with the requirements of 40 CFR Part 33. <br /> 6. Compliance With Act and Regulations <br /> The Agency shall not make any payments under this loan offer if the construction project has been completed and is being operated in <br /> violation of any of the provisions of the Environmental Protection Act (415 ILCS 5/1 et. seq.) or Public Water Supply Regulations of <br /> Illinois (Title 35: Subtitle F: Chapter I: Pollution Control Board Regulations and Chapter II: Agency Regulations) adopted <br /> thereunder. <br /> 7. Final Inspection <br /> The loan recipient must notify the Agency in writing within 30 days of the completion of project construction and submit the final <br /> change order, along with the contractor's final costs. The plans of record should be forwarded to the appropriate Agency regional <br /> field office. The Agency will schedule the final inspection provided all change orders have been submitted and approved by the <br /> Agency. <br /> 8. Operation and Maintenance of the Project <br /> The Agency shall not approve the final inspection for the project unless the loan recipient has certified that the training and <br /> operation and maintenance documents have been provided in accordance with 35 Ill. Adm. Code 664.740(Operation and Maintenance of the <br /> Project). <br /> 9. Flood Insurance <br /> Evidence must be provided that flood insurance has been acquired on eligible structures constructed under this Loan Agreement as <br /> soon as structures are insurable. <br /> 10. Delinquent Loan Repayments <br /> a) In the event that a repayment is not made by a loan recipient according to the loan schedule of repayment, the loan recipient <br /> shall notify the Agency in writing within 15 days after the repayment due date in accordance with 35 Ill. Adm. Code 664.1120 <br /> (Delinquent Loan Repayments). <br /> b) After the reciept of this notification, the Agency shall confirm in writing the acceptability of the loan recipient's response to <br /> take appropriate action. <br /> c) In the event that the loan recipient fails to comply with the above requirements, the Agency shall promptly issue a notice of <br /> delinquency which requires a written response within 30 days. <br /> d) Failure to take appropriate action shall cause the Agency to pursue the collection of the amounts past due, the outstanding loan <br /> balance and the costs thereby incurred, either pursuant to the Illinois State Collection Act of 1986 (30 ILCS 210) or by any other <br /> reasonable means as may be provided by law. <br /> 11. Single Audit Act <br /> Federal funds from Capitalization Grants for the Drinking Water State Revolving Fund (i .e. see Catalogue of Federal and Domestic <br /> Assistance number 66.468) which the Agency receives from the U.S. Environmental Protection Agency, may be used for this loan. <br /> Receipt of federal funds may require an annual audit which conforms to the Single Audit Act and O.M.B. Circular A-133. If a Single <br /> REPORT VA LN03 LOG # 006824 PAGE 3 OF 4 <br />