C154202 Contract - Laserfiche WebLink

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O The construction costs allocated to the State shall accrue interest during construction at the F roject Interest Rate of 8.315% as established pursuant to the provision of Section 5(f) of the Act f April 11, 1956 (70 Stat. 105) as amended by the Act of June 27, 1960 (74 Stat.255). () The Estimated, Final or Remaining Repayment Obligation may be reduced by payn ient(s) of all or a part of that repayment obligation, and may be reduced by any allowable credits toward Project construction costs, without penalty. It is the State's intent to make payn kents not to exceed $36,000,000 toward its allocable capital obligation with an initial $12, 00,000 payment upon execution of this contract and the remaining $24,000,000 after July Ol, 012, subject to the State's additional appropriations for such funds and the State's 10 disc tion. Upon contract execution and the State's first payment of $12,000,000, IDC on the 11 Stab 's reimbursable Project construction cost allocation will end, and annual amortization 12 intei cst at the Project Interest Rate on the Estimated Repayment Obligation of $36,214,474 will 13 begii , as demonstrated by the repayment schedule provided in Exhibit C. Reclamation will 14 adj t the repayment schedule to account for reductions in the State's capital obligation as a 15 resu It of the State's intended payments and will transmit to the State at the end of the calendar 16 yeai the adjusted repayment schedule. The State will have the option in any year of the 17 rep yment period to: 1) pay, as a minimum, the annual amortization payment as adjusted from 18 the revious year; 2) pay all or part of the remaining capital obligation; or 3) declare their Project 19 allo ation assigned to the Remaining Repayment Obligation relinquished as provided by Section 20 6(a (3)(B) of the Settlement Act, as amended. Amortization interest will stop accruing on the 21 Rer iaining Repayment Obligation assigned to the State's Project allocation under relinquishment 22 at t e year the State declares its relinquishment option as provided under Article 28. 14