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The Local Government agrees to the following estimates of Preconstruction Activities <br /> allowances and related <br /> costs: <br /> Administrative Allowance $ 39,000 <br /> Planning Allowance $ 195,000 <br /> Engineering Allowance $ 416,000 <br /> Subtotal $ 650,000 <br /> Loan Repayment Reserve $ 19,500 <br /> Subtotal (Disbursable Amount) $ 669,500 <br /> Capitalized Interest $ 26,700 <br /> TOTAL(Loan Principal Amount) $ 696,200 <br /> The listed allowances are based on estimated Construction Related Costs of$6,500,000, which <br /> excludes the Loan Repayment Reserve and Capitalized Interest amounts. <br /> The Loan Repayment Reserve represents three percent of the Loan amount excluding the <br /> Capitalized Interest and Loan Repayment Reserve amounts; three percent of$650,000 equals$19,500 for <br /> the Loan amount authorized to date. <br /> 10.07. SCHEDULE. <br /> The Preconstruction Activities shall be completed no later than the dates set forth below to <br /> preserve the Department's commitment to provide funding for Construction Related Costs at no greater <br /> than the combined rate of interest and Grant Allocation Assessment specified in Section 10.03. <br /> Preconstruction Activities shall be completed in time to enable the Department to take the actions <br /> scheduled in Subsections (1) and(4)below. <br /> (1) Acceptance of the planning documents by the Department(Design Authorization) no later <br /> than July 15, 2002. <br /> (2) Design of all Project facilities proposed for loan funding no later than July 15, 2003. <br /> (3) Certification of availability of all sites for facilities proposed for loan funding no later than <br /> July 15, 2003. <br /> (4) Authorization to incur Construction Related Costs for all Project facilities proposed for loan <br /> funding no later than August 15, 2003. <br /> (5) Unless deferred by amendment, establish the Loan Repayment Reserve Account and deposit <br /> $19,500 no later than February 15, 2004. <br /> (6) Unless deferred by amendment, establish the Loan Debt Service Account and begin <br /> Monthly Loan Deposits no later than February 15, 2004. <br /> (7) Unless deferred by amendment, provide certifications under Subsection 2.01(12)beginning <br /> May 15, 2004,and annually thereafter at the time the annual audit report is submitted under Subsection <br /> 2.01(10). <br /> 15 <br />