CC PACKET 06091998 - Laserfiche WebLink

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II 4 i If any of the assumptions n the previous paragraph vary from the actual amounts or dates, the Council may make, or the Lendee may request, an adjustment of the Preliminary Loan Repayment Schedule to reflect the changed amounts or dates. In such case, the annual installment dates will be determined using the methodology set forth in section 3.04(c). Such an adjustment must be made or requested within six months of the actual Project Completion Date. In such event, the Council will provide Lendee with a revised schedule of loan repayment which will be considered the Permanent Loan Repayment Schedule. If no adjustment in the schedule is made or requested within six months of the actual Project Completion Date, the Preliminary Loan Repayment Schedule will be the Permanent Loan Repayment Schedule. The date on which each annual installment is due under the Loan Repayment Schedule is referred to in this agreement as an "Annual Installment Date." Lendee may repay the entire loan balance,with accrued interest to the date of payment, at any time. c. Schedule Adjustment. For the purposes of this section the term"Anniversary Date" will be defined as follows: The last day of that month which is 12 24 36 48 and 60 months after the Project Completion Date(as defined in Section 6.01) of the Loan Project. However, in the event the Loan Project is not completed before the end of the Project Activity Period, the end of the Project Activity Period will be considered the Project Completion Date for the purposes of this definition. If the Preliminary Loan Repayment Schedule is adjusted pursuant to section 3.04(b), the first annual installment will be due on the first Anniversary Date and the remaining installments on each consecutive Anniversary Date thereafter until paid in full. d. Repayment Forgiveness. Repayment of the amounts loaned is subject to the loan forgiveness provisions of Section 6.03. IV. ACCOUNTING AND RECORD.REQUIREMENTS 4.01 Documentation of Project Costs and Income. All costs charged to the Loan Project,whether paid with loan proceeds or charged as the Lendee's match, must be supported by proper documentation, including properly executed payrolls, time records, invoices, contracts, or vouchers, evidencing in detail the nature and propriety of the charges. 4.02 Accounts and Records. The Lendee agrees to establish and maintain accurate, detailed, and complete separate accounts and records relating to the receipt and expenditure of all •