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<br />The Local Government agrees to the following estimates of Preconstruction Activities <br />allowances and related costs: <br /> <br />Administrative Allowance <br />Planning Allowance <br />Engineering Allowance <br />Subtotal <br />Loan Repayment Reserve <br />Subtotal (Disbursable Amount) <br />Capitalized Interest <br /> <br />TOTAL (Loan Principal Amount) <br /> <br />$ <br />$ <br />$ <br />$ <br />$ <br />$ <br />$ <br />$ <br /> <br />39,000 <br />195,000 <br />416,000 <br />650,000 <br />19,500 <br />669,500 <br />26,700 <br /> <br />696,200 <br /> <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 /> <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 /> <br />10.07. SCHEDULE. <br /> <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 /> <br />(1) Acceptance of the planning documents by the Department (Design Authorization) no later <br />than July 15,2002. <br />-~..... <br /> <br />(2) Design of all Project facilities proposed for loan funding no later than July 15,2003. <br /> <br />(3) Certification of availability of all sites for facilities proposed for loan funding no later than <br />July 15,2003. <br /> <br />(4) Authorization to incur Construction Related Costs for all Project facilities proposed for loan <br />funding no later than 1ugust 15,2003. <br /> <br />(5) Unless deferred by amendment, establish the Loan Repayment Reserve Account and deposit <br />$19,500 no later than February 15,2004. <br /> <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 /> <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 /> <br />15 <br />