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Metropolitan Council <br /> Working for the Region, Planning for the Future <br /> • May 27, 1998 Environmental-Services <br /> Mike Morrison <br /> City Manager <br /> City of St. Anthony <br /> 3301 Silver Lake Road <br /> St. Anthony, MN 55418-1699 <br /> RE: 1998 Metropolitan Council I/I Loan Program <br /> Loan Agreement <br /> Dear Mr. Mornson: <br /> Enclosed are three (3) copies of the Loan Agreement which must be entered into between <br /> the Metropolitan Council and your community before the initial distribution of the Loan <br /> can be given out. <br /> The enclosed agreements have been revised from the original draft copy that was <br /> forwarded to your community earlier. Revisions were made to sections 4.03, 5.02, 5.04 <br /> (deleted and section renumbered), 6.01, 7.01, 7.04, 7.06, and 7.09. The revisions noted <br /> above consisted mostly of grammatical changes and deletion of some of the requirements <br /> for the Lendee and did not change the intent of the agreement. <br /> Please review the agreement, and if acceptable, have the appropriate authorized person at <br /> the community sign each of the three copies as indicated. Once they are signed, forward <br /> all three copies, directed to my attention, to the Metropolitan Council Environmental <br /> Services(MCES). Once the agreement has been executed by the Metropolitan Council, <br /> one copy of the executed agreement will be returned to the community with the initial <br /> distribution of the Loan. <br /> It is the intent of the Metropolitan Council to distribute the initial 50% of the Loan before <br /> July 15, 1998. Therefore, it is important that we receive the signed agreement as soon as <br /> possible to allow for the processing of the Loan here at the Council. <br /> Per the terms of the agreement, the initial distribution will be equal to 50% of the total <br /> Loan amount. Once the Loan Project has been completed, and the community wishes to <br /> receive the remaining balance of the Loan, the community must submit a final"Activity <br /> and Expenditures Report" and a final"Project Summary Report" according to section V <br /> of the agreement. Once the MCES has found these reports to be in order and acceptable, <br /> the remaining portion of the Loan (50%of total Loan amount)will be forwarded to the <br /> ® community. <br /> 230 East Fifth Street St. Paul,Minnesota 55101-1633 (612)222-8423 Fax 229-2183 TDD/TTY 229-3760 <br /> An Equal Opporlunlhl Empinller <br />