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HomeMy WebLinkAboutRes 21-93 04/21/1993 RESOLUTION NO. 21-93 A RESOLUTION ACCEPTING AND AUTHORIZING T~_E EXECUTION OF T~I~EE (3) LOAN AGREEMENTS BETWEEN TEE VILLAGE OF MOUNT PROSPECT AND THE ENVIRONMENTAL PROTECTION AGENCY. WHEREAS, the State of Illinois enacted an Environmental Protec- tion Act which provides in part for the issuance of loans from the Water Pollution Control Revolving Fund for the construction of wastewater treatment works to local government units. WHEREAS, the Village of Mount Prospect has made application for a loan from the State of Illinois for the construction of sew- age treatment improvement and/or modification projects which will satisfy the requirements of the Environmental Protection Act and the regulations adopted pursuant thereto; and WHEREAS, the Environmental Protection Agency of the State of Illinois has made offers of loans for said projects designated as L170856, L170857, and L170744, copies of which are attached as Exhibit A hereto; and WHEREAS, the corporate authorities, after due investigation and consideration, have determined that acceptance of said loan offers and entering into loan agreements with the State of Illi- nois will serve the public good and is in compliance With the Environmental Protection Act and regulations adopted thereunder; NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF TEE VILLAGE OF MOUNT PROSPECT, COOK COUNTX, ILLINOIS: SECTION ONE: That the President and Board of Trustees hereby find as facts all of the recitals in the Preamble of this Resolu- tion, as well as the description of the projects contained in the loan offers (Exhibit A hereto). SECTION TWO: That the President and Board of Trustees hereby accept said offers and agree to all terms and conditions there- of, including all special conditions, contained therein and made a part hereof by reference and also agree that the loan funds awarded will be used solely for the purposes of the projects as approved by the Environmental Protection Agency of the State of Illinois in accordance with the terms and conditions of said loan offers. SECTION THREE: That the Village Manager is authorized and di- rected to execute the said loan offers on or before May l, 1993, a copy of which is attached hereto as Exhibit A. SECTION FOUR: That the clerk be and is hereby directed to file a certified copy of this Resolution with the said executed loan offers and transmit sufficient copies of the same to the Environ- mental Protection Agency of the State of Illinois at Spring- field, Illinois, on or before May 1, 1993. SECTION FIVE: This Resolution shall be in full force and effect from and after its passage and approval as provided by law. AYES: Busse, Clowes, Corcoran, Floros, Hoefert, Wilks NAYES: None ABSENT: None Passed this 215t day AprJ] , 19 93. Carol A. Fields Clerk Corporate Seal LOA.. AGREEMENT PROJEt.. Mount Prospect L17 O744 State of Illlnols Loan, Pursuant to the Environmental Protection Act. PART I GENERAL INFORMATION ~.~ 1. TERMS OF FINANCIAL ASSISTANCE A. T~PE OF LOAN B. INTEREST RATE (%): 3.36~ New Construction c. Rrr. PAYMEHTPERIOD(YFr~RS): 20 2. LOAN RECIPIENT A. NAME/ADDRESS/C(~JHTY B. LOAN RECIPIENT REPRESENTATIVE (Name~Tltle) Michael E. Janonis, Village Manager Village of Mount Prospect o. TE~NONE 708/392-6000 100 South Emerson Street Mount Prospect, Illinois 60056 D. CONSULTANT SEC Donohue Cook County ~_ TELEPHONE 708/605-8800 PART II PROJECT DESCRIPTION PROSPECT MANOR AND NORTH MAIN SEWER IMPROVEMENTS The proposed project consists to the construction of combined relief sewers. The construction includes the following: ° 80 L.F. of 6-inch diameter combined sewer. ~ ° 955 L.F. of 8-inch diameter combined sewer. ° 295 L.F. of 10-inch diameter combined sewer. ° 750 L~F. of 12-inch diameter combined sewer. ° 420 L.F. of 15-inch diameter combined sewer. o 20 L.F. of 16-inch diameter combined sewer.. o 1,015 L.F. of 18-inch diameter combined sewer. ° 20 L.F. of 20-inch diameter combined sewer. o 540 L.F. of 21-inch diameter combined sewer. o 2,185 L.F. of 24-inch diameter combined sewer. o 765 L.F. of 27-inch diameter combined sewer. o 170 L.F. of 30-inch diameter combined sewer. ° 420 L.F. of 36-inch diameter combined sewer. ° 330 L.F. of 42-inch diameter combined sewer. o 330 L.F. of 48-inch diameter combined sewer. ° 340 L.F. of 54-inch diameter combined sewer. ° 1,355 L.F. of 60-inch diameter combined sewer. ~ 4,215 L.F. of 66-inch diameter combined sewer. o 55 manholes. o Restoration. This work is covered by IEPA construction permit numbef'1993-~B-2491. " ~ - · (HERreN CALLED LOAN AGREEMENT CONTINUED ON PAGE 2 532-1808 Pro~ect: Village of Mount Prospect L170744 - Prospect Manor and North Main Special Loan Conditions 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 following schedule: TASK' SCHEDULE Enactment and Enforcement of the Sewer Use Ordinance, User Charge System and Dedicated Source of Revenue Prior to First Loan Disbursement Complete Award of Construction Contract April l, 1993 Initiation of Operation January l, 1994 Initiation of Loan Repayment Period January l, 1994 Completion of Construction January l, 1994 Submission of Evidence of Flood Insurance January l, 1994 Request for Final Inspection January l, 1994 The first loan repayment shall become due no later than 6 months after the approved initiation of the repayment period, the pro~ect performance certification must be submitted one year after the approved initiation of operation, and the final loan repayment is due no later than 20 years after the approved initiation of operation or the approved initiation of repayment period whichever occurs first. 2. FACILITY PLANNING The Agency has determined that the project scope is consistent with applicable facilities planning which received Agency approval on March 31, 1992. Page 2 3. PROJECT PERFORMANCE STANDARDS The project shall be built in accordance wlth approved plans and specifications and shall be capable of transporting design flows without causlng basement flooding. 4. APPROVED DISBURSEMENT SCHEDULE Disbursement requests for project work wtll be processed In accordance with the following schedule, subject to the approprlatton of funds by the Illlnois General Assembly. Disbursements may be processed for costs incurred In excess of this schedule, provlded funds are available. Prior to any dlsbursement request belng processed, the Vtllage of Mount Prospect must submit an executed copy of the englneertng contract for design fees. MONTH/YEAR AMOUNT Aprll 1993 $ 600 000 May 1993 $ 400 000 3une 1993 $ 400 000 August 1993 $ 800 000 September 1993 $ 400 000 October 1993 $ 400 000 November 1993 $ 400 000 December 1993 $ 620 504 Total $4,020,504 5. REPAYMENT SCHEDULE - Nature of Obllgations, Terms of Interest and Principal Payments. a) This Loan Agreement has been issued and entered into by the Village of Mount Prospect pursuant to an authorizing ordinance of the Village. The Village 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, b) By this Loan Agreement, the Village agrees to repay to the Agency (or, upon notice by the Agency to the Village, the Agency's assignee)' the principal amount of the loan, with interest on the outstanding and unpaid principal amount of loan from time to time until repaid in full, all as provided in this Loan Agreement. c) 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 (fl below. The amount financed shall not exceed the amount identified in the approved authorizing ordinance. Page 3 d) 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. e) 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. f) Interest and principal on the loan will be due on the dates and in the amounts as set forth in repayment schedules provided for 4n this paragraph. Upon the initiation of the loan repayment period, the Agency shall establish and notify the Village of an interim repayment schedule in which the first repayment shall commence not later than 6 months after initiation of the loan repayment period. After the Agency conducts the final audit of the project to establish the final principal amount, the Agency shall establish and notify the Village 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 equal ~emi-annual 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. g) The loan shall bear interest at the rate of 3.36 percent. 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 semi-annual basis. h) The Loan Agreement shall be subject to prepayment at any time in whole or in part, at the option of the Village, by payment of the outstanding principal plus accrued and unrepaid interest on that principal accrued to the date of prepayment. 6. 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. Page 4 7. REPORTING REQUIREMENTS Whenever a subagreement, either a prime or first tier contract, is awarded to a Minority or Women's Business Enterprise (MBE/WBE), the loan recipient must report the award of such an agreement by submitting the following information: a) Name and address of MBE/WBE Contractor or Vendor b) Date of award c) Value of procurement d) Type of enterprise, either minority or women e) Type of produce or service The information is due quarterly, no later than the first (1) day of each January, April, July and October with the first report due following the award of the first subagreement until the last subagreement is awarded. If there are no MBE/WBE subagreement awards in a particular quarter the report should state such. 8. PROJECT SIGN The Agency has made arrangements to pay for the production and shipping of the construction site sign to be erected and displayed at the project site by the loan recipient acknowledging the source of funds for the project. The sign shall be erected using any available resources at the start of construction at a location appropriate for public viewing 'and shall be maintained until the project is completed. 9. FINAL INSPECTION The loan recipient must notify the Agency in writing within 30 days of the completion of project construction and submit the final change order, along with the contractor's final costs. The plans of record'should be forwarded to the Region 2 field office in Maywood. The Agency will schedule the final inspection within 60 days of the receipt of the notice, provided all necessary change orders have been submitted and approved by the Agency. 10. 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 365.705 Operation and Maintenance of the Project. Page 5 ll. 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. 12. 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 365.1102 Delinquent Loan Repayments. b) After the receipt of this notification, the Agency shall confirm in writing the acceptability of the loan recipients response or take appropriate action. c) In the event that the loan recipient fails to comply with the above requirements the Agency shall promptly issue a notice of delinquency which requires a written response within 30 days. d) Failure to take appropriate action shall cause the Agency to pursue the collection of the amounts past due, the outstanding loan balance and the costs thereby incurred, either pursuant to the Illinois State Collection Act of 1986 or by any other reasonable means as may be provided by law. 13. SINGLE AUDIT ACT The recipient must prepare an annual audit which conforms with the requirements of the Single Audit Act (SAA) and O.M.B. Circular A-128. The audit must be prepared for each year in which the recipient receives $25,000 or more in federal financial assistance. A copy of the audit must be submitted to the cognizant federal agency. RDV:kc/376v,47-51 LOJk.. AGREEMENT PROJE~.. 'Mount Prospect L17 0857 State of Illinois Loan, Pursuant to the Environmental Protection Act. ', i ! ::::~, ' PART I GENERAL INFORMATION ~>* ~-~ L~ L~ 1. TERMS OF FINANCIAL ASSISTANCE A. TYPEOFLOAN I B. INTEREST RATE (%): 3~36% New Construction I C. REPAYMENT PERIOD (YEARS): 20 2. LOAN RECIPIENT A. NAME/ADDRF. S~fOOUN'I~ B. LOAN RE~PIENT REPRESENTATIVE(Name/TItle) Michael E. Janonis, Village Manager Village of Mount Prospect 100 South Emerson Street c. TSLmPHONE 708/392-6000 Mount Prospect, Illinois 60056 D. CONSUL?A~rr SEC Donohue Cook County ~ TEL;NONE 708/605-8800 PART II PROJECT DESCRIPTION HATLEN HEIGHTS SANITARY SEWER IMPROVEMENTS The proposed project consists of the construction of sanitary relief sewers. The construction includes the following: o 75 L.F. of 8-inch diameter sanitary sewer. ° 880 L.F. of 12-inch diameter sanitary sewer. ° 2,070 L.F. of 60-inch diameter sanitary sewer. ° 12 manholes. ° Restoration. This WOrK is covered by IEPA construction permit-number 1gg3-HB-2542. (HEREIN CALLED THE "PROJECT") LOAN AGREEMENT CoH'nNUED ON PAGE 2 · IL 532-1808 wc556 (R.. o/59) Pro~ect: Village of Mount Prospect L170857 - Hatlen Heights Special Loan Conditions 1. PRO3ECT 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 following schedule: TASK SCHEDULE Enactment and Enforcement of the Sewer Use Ordinance, User Charge System and Dedicated Source of' Revenue Prior to First Loan Disbursement Complete Award of Construction Contract April 1, 1993 Initiation of Operation November 1, 1993 Initiation of Loan Repayment Period November 1, 1993 Completion of Construction November l, 1993 Submission of Evidence of Flood Insurance November l, 1993 Request for Final Inspection November l, 1993 The first loan repayment shall become due no later than 6 months after the approved initiation of the repayment period, the project performance certification must be submitted one year after the approved initiation of operation, and the final loan repayment is due no later than 20 years after the approved initiation of operation or the approved initiation of repayment period whichever occurs first. 2. FACILITY PLANNING The Agency has determined that the project scope is consistent with applicable facilities planning which received Agency approval on March 31, 1992. Page 2 3. PROJECT PERFORMANCE STANDARDS The sewer shall be built in accordance with approved plans and specifications and shall be capable of transporting design flows without overflows, surcharging, or basement backups occurring either in the tributary service area or in downstream sewers to which the project is tributary. 4. APPROVED DISBURSEMENT SCHEDULE Disbursement requests for pro~ect work will be processed in accordance with the following schedule, subject to the appropriation of funds by the Illinois General Assembly. Disbursements may be processed for costs incurred in excess of this schedule, provided funds are available. Prior to any disbursement request being processed, the Village of Mount Prospect must submit an executed copy of the engineering contract for design fees. MONTH/YEAR AMOUNT April 1993 $ 218,000 May 1993 $ 190,000 3une 1993 $ 190,000 August 1993 $ 380,000 September 1993 $ 190,000 October 1993 $ 138.556 Total $1,306,556 5. REPAYMENT SCHEDULE - Nature of Obligations. Terms of Interest and Principal Payments. a) This Loan Agreement has been Issued and entered into by the Village of Mount Prospect pursuant to an authorizing ordinance of the Village. The Village 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. b) By this Loan Agreement, the Village agrees to repay to the Agency (or, upon notice by the Agency to the Village, the Agency's assignee) the prlnctpat amount of the loan, with interest on the outstanding and unpaid prlnclpal amount of loan from time to time until repaid in full, all as provided in this Loan Agreement. c) 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 (fl below. The amount financed shall not exceed the amount identified in the approved authorizing ordinance. Page 3~ d) The final principal amount will be determined by the Agency after a final disbursement request, final inspection and pro~ect review have been made toensure all applicable loan conditions have been satisfied. e) Simple interest on each 10an disbursement will begin on the day after the date of the issuance of a warrant by the Comptroller of the State of Illinois. f) 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 Village of an interimrepayment schedule in which the first Fepayment shall commence not later than 6 months after initiation of the loan repayment period. After the Agency conducts the final audit of the pro~ect to establish the final principal amount, the Agency shall establish and notify the Village of a final repayment schedule. For purposes of calculating the repayment schedules, the Agency shall consider prlncipal of the loan to consist of all unrepatd disbursements plus all unrepaid interest accrued on these disbursements at the time the schedule period begins. Each of these repayment.schedules shall provide for equal semi-annual 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. g) The loan shall bear interest at the rate of 3.36 percent. 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 semi-annual basis. h) The Loan Agreement shall be subject to prepayment at any time in whole or in part, at. the option of the Village, by payment of the outstanding principal plus accrued and unrepald interest on that principal accrued to the date of prepayment. 6. 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. Page 4 7. REPORTING REQUIREMENTS Whenever a subagreement, either a prime or first tier contract, is awarded to a Minority or Women's Business Enterprise (MBE/WBE), the loan recipient must report the award of such an agreement by submitting the following information: a) Name and address of MBE/WBE Contractor or Vendor b) Date of award c) Value of procurement d) Type of enterprise, either minority or women e) Type of produce or service The information is due quarterly, no later than the first (1) day of each January, April, July and October with the first report due following the award of the first subagreement until the last subagreement is awarded. If there are no MBE/WBE subagreement awards in a particular quarter the report should state such. 8. PROJECT SIGN The Agency has made arrangements to pay for the production and shipping of the construction site sign to be erected and displayed at the project site by the loan recipient acknowledging the source of funds for the project. The sign shall be erected using any available resources at the start of construction at a location appropriate for public viewing and shall be maintained until the pro~ect is completed. 9. FINAL INSPECTION The loan recipient must notify the Agency in writing withi~ 30 days of the completion of project construction and submit the final change order, along with the contractor's final costs. The plans of record should be forwarded to the Region 2 field office in Maywood. The Agency will schedule the final inspection within 60 days of the receipt of the notice, provided all necessary change orders have been submitted and approved by the Agency. 10. 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 365.705 Operation and Maintenance of the Pro~ect.. Page 5 ll. FLOOD INSURANCE Evidence must be provtded that flood insurance has been acquired on eligible structures constructed under th~s loan agreement as soon as structures are insurable. 12. DELINQUENT LOAN REPAYMENTS a) In the event that a repayment ~s not made by a loan recipient according to ~he loan schedule of repayment, the loan recipient shall nottfy the Agency ~n writing wlthln 15 days after the repayment due date ~n accordance with 35 Ill. Adm. Code 365.1102 Delinquent Loan Repayments. b) After the receipt of th~s notification, the Agency shall conflrm in wrltlng the acceptability of the loan reclplents response or take appropriate action. c) In the event that the loan recipient falls to comply with the above requirements the Agency shall promptly issue a notfce of delinquency which requires a written response wlthln 30 days. d) Failure to take appropriate actlon shall cause the Agency to pursue the collection of the amounts past due, the outstandIng loan balance and the costs thereby }ncurred, either pursuant to the Illlnols State Collection Act of 1986 or by any other reasonable means as may be provtded by law. 13. SINGLE AUDIT ACT The rectplent must prepare an annual audtt whtch conforms with the reauirements of the Slngle Audit Act (SAA) and O.M.B. Circular A-128. The audit must be prepared for each year in whtch the reclplent receives $25,000 or more In federal financial assistance. A copy of the audit must be submitted to the cognizant federal agency. RDV:kc/376v,40-44 LOAN AGREEMENT PROJE~r Mount Prospect L17 0856 //-,,~, f'~-, ~'---,~.,.'r: , State of Illinois Loan, Pursuant to the Environmental Protection Act. PART I GENERAL INFORMATION 1. TERMS OF FINANCIAL ASSISTANCE A. TYPE OF LOAN B. INTEREST RATE (%): 3.36% New Construction c. REPAYMENT PERIOD [YEARS): 20 2. LOAN RECIPIENT A. NAME/ADDRESS/COUNTY B. LOAN RECIPIENT REPRESENTATIVE (Name/Title) Michael E. Janonis, Village Manager Village of Mount Prospect 100 South Emerson Street c. TELEPHONE 708/392-6000 Mount Prospect, Illinois 60056 D. CONSULTANT SEC Donohue Cook County F- TELEPHONE 708/605-8800 PART II PROJECT DESCRIPTION FAIRVIEW GARDENS SANITARY SEWER IMPROVEMENTS The proposed project consists of the construction of sanitary relief sewers. The construction includes the following: ° 10 L.F. of 10 inch diameter sanitary sewer. o 345 L.F. of 12 inch diameter sanitary sewer. ° 20 L.F. of 24 inch diameter sanitary sewer. ° 1,530 L.F. of 48 inch diameter sanitary sewer. ° 11 manholes. ° Restoration. This work is covered by IEPA construction permit number 1993-HB-2543. r ' ' ' - (HEREIN CALLED THE "PROJEC'i") LOAN AGREEMENT CONTINUED ON PAGE 2 IL 532-1808 Pro~ect: Village of Mount Prospect ~170856 - Fairview Gardens Special Loan Conditions 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 pro~ect work is initiated and completed in accordance with the following schedule: TASK SCHEDULE Enactment and Enforcement of the Sewer Use Ordinance, User Charge System and Dedicated Source of Revenue Prior to First Loan Disbursement Complete Award of Construction Contract April l, 1993 Initiation of Operation September l, 1993 Initiation of Loan Repayment Period September l, 1993 Completion of Construction September l, 1993 Submission of Evidence of Flood Insurance September l, 1993 Request for Final Inspection September l, 1993 The first loan repayment shall become due no later than 6 month's after the approved initiation of the repayment period, the pro~ect performance certification must be submitted one year after the approved initiation of operation, and the final loan repayment is due no later than 20 years after the approved initiation of operation or the approved initiation of repayment period whichever occurs first. 2. FACILITY PLANNING The Agency has determined that the pro~ect scope is consistent with applicable facilities planning which received Agency approval on March 31, 1992. Page 2 3. PROJECT PERFORMANCE STANDARDS The sewer shall be built in accordance with approved plans and specifications and shall be capable of transporting design flows without overflows, surcharging, or basement backups occurring either in the tributary service area or in downstream sewers to which the project is tributary. 4. APPROVED DISBURSEMENT SCHEDULE Disbursement requests for project work will be processed in accordance with the following schedule, subject to the appropriation of funds by the Illinois General Assembly. Disbursements may be processed for costs incurred in excess of this schedule, provided funds are available. Prior to any disbursement request being processed, the Village of Mount Prospect must submit an executed copy of the engineering contract for design fees. MONTH/YEAR AMOUNT April 1993 $160,000 May 1993 $130,000 June 1993 $130,000 August 1993 $160,000 September 1993 $ 67.852 Total $647,852 5. REPAYMENT SCHEDULE - Nature of Obligations, Terms of Interest and Principal Payments. a) This Loan Agreement has been issued and entered into by the Village of Mount Prospect pursuant to an authorizing ordinance of the Village. The Village 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. b) By this Loan Agreement, the Village agrees to repay to the Agency (or, upon notice by the Agency to the Village, the Agency's assignee) the principal amount of the loan, with interest on the outstanding and unpaid principal amount of loan from time to time until repaid in full, all as provided in this Loan Agreement. c) 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 (fl below. The amount financed shall not exceed the amount identified in the approved authorizing ordinance. Page 3 d) 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. e) 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 f) 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 initiatlon of the loan repayment period, the Agency shall establish and notify the Vll]age of an interim repayment schedule in which the first repayment shall commence not ]ater than 6 months after initiation of the loan repayment perlod, After the Agency conducts the final audit of the project to establish the final principal amount, the Agency shall establish and notify the Village 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 unrepald interest accrued on these disbursements at the time'the schedule period begins. Each of these repayment.schedules shall provide for equal semi-annual repayment installments consisting of pri'ncipal plus simple interest on the unpaid prfnclpal balance. The installment repayment amount may change when the interim repayment schedule is replaced by the final repayment schedule. g) The loan shall bear interest at the rate of 3.36 percent. 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 semi-annual basis. h) The Loan Agreement shall be subject to prepayment at any time in whole or in part, at the option of the Village, by payment of the outstanding principal plus accrued and unrepaid interest on that principal accrued to the date of prepayment. 6. 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 wrttten consent of the Agency. Page 4 7. REPORTING REQUIREMENTS Whenever a subagreement, e~ther a prime or first t~er contract, is awarded to a M~nor~ty or Women's Bus~ness Enterprlse (MBE/WBE), the loan rec~plent must report the award of such an agreement by submlttlng the following informatlon: a) Name and address of MBE/WBE Contractor or Vendor b) Date of award c) Value of procurement d) Type of enterprise, either minority or women e) Type of produce or service The ~nformat~on ~s due quarterly, no later than the flrst (1) day of each January, April, July and October with the first report due following the award of the f~rst subagreement until the last subagreement ~s awarded. If there are no MBE/WBE subagreement awards ~n a particular quarter the report should state such. 8. PROJECT SIGN The Agency has made arrangements to pay for the production and sh~pplng of the construction s~te s~gn to be erected and d~splayed at the pro~ect s~te by the loan recipient acknowledging the source of funds for the project. The s~gn shall be erected us}ng any available resources at the start of constructlon at a location appropriate for public v~ewtng and shall be maintained ~nt~l the project is completed. 9. FINAL INSPECTION The loan recipient must notify the Agency in writing w~th~n 30 days of the completion of pro~ect construction ana submit the f~nal change order, along w~th the contractor's final costs. The plans of record should be forwarded to the Region 2 fleld offtce ~n Maywood. The Agency w~ll schedule the final ~nspect~on w}th~n 60 days of the receipt of the nottce, provided all necessary change orders have been submitted and approved by the Agency. lO. OPERATION AND MAINTENANCE OF THE PROJECT The Agency shall not approve the final inspectlon for the project unless the loan recipient has certified that the ~ra~n~ng and operation and maintenance documents have been provided tn accordance wlth 35 Ill. Adm. Code 365.705 Operation and Maintenance of the Project. Page 5 Il. FLOOD INSURANr,~ Evidence must be ~rovided that flood insurance has been acquired on eligible structures constructed under thi~ loan agreement as soon as structures are insurable. 12. DELINQUENT LOAN REPAYMENTS a) In the event that a repayment ~s not made by a loan recipient according to the loan schedule of repayment, the loan reclpient shall notify the Agency ~n writing w~thtn 15 days after the repayment due date in accor0ance with 35 Ill. Adm. Code 365.1102 Delinquent Loan Repayments. b) After the receipt of this notlflcation, the Agency shall confirm in writing the acceptability of the loan recipients response or take' appropriate action. c) In the event that the loan recipient fails to comply with the above requirements the Agency shall promptly issue a notice of delinquency which requires a written response within 30 days. d) Failure to take appropriate action shall cause the Agency to pursue the collection of the amounts past due, the outstanding loan balance and the costs thereby incurred, either pursuant to the Illinois State Collectlon Act of 1986 or by any other reasonable means as may be provided by law. 13. SINGLE AUDIT ACT The recipient must prepare an annual audit which conforms w~th the requirements of the S~ngle Audit Act (SAA) and O.M.B. Circular A-128. The audit must be prepared for each year in wht:h the recipient recelves $25,000 or more in federal financial assistance. ^ copy of the audit must be submitted to the cognizant federal agency. RDV:kc/376v,19-23