399-30-050  <<  399-30-060 >>   399-30-065

WAC 399-30-060

Loan and financing guarantee loan agreements for the construction loan program.

(1) The board will only execute loan agreements or otherwise financially obligate funds from the public works assistance account after the legislature approves the list and accompanying appropriation, except for preconstruction, planning, and emergency loans.
(2) After the legislature has appropriated funds from the public works assistance account for a specific list of public works projects, the construction loan funds will be disbursed to the applicant local government through a loan agreement. The loan agreement will offer terms and conditions as the board determines are reasonable, based on the following standards:
(a) The local government's financial participation funds must be from locally generated funding or federal or state shared revenues that can be allocated at the discretion of the local government.
(b) The interest rates, local share requirements and loan limits will be determined annually by the board.
(c) Loans must not exceed thirty years, or the useful life of the improvements, whichever is shorter.
(3) The local government and the department must execute a final loan agreement before any funds are disbursed.
(4) The local government must submit for approval a scope of work, including such things as a budget and performance measures consistent with the application for financial assistance to the department within ninety days after the department offers a loan or financing guarantee.
(5) The local government must execute any loan or financing guarantee loan agreements offered within ninety days after the department offers the loan agreement.
(6) The local government must begin work on a public works project prior to October 1 of the year in which the loan or financing guarantee is offered.
(7) The local government must complete work on the public works project within the time specified in the loan agreement, unless a written request for extension is approved by the board.
(8) The board or department will not reimburse local governments for any funds spent on public works projects financed through the public works assistance account before a planning, emergency or preconstruction loan agreement has been formally executed. The board or department may reimburse local governments for those construction loan costs incurred after September 1st of the year in which a construction loan was recommended for financing by the board, providing that the project is approved by law, the costs are eligible for reimbursement at the time of loan agreement execution, and there are funds available in the public works assistance account. These reimbursable costs, incurred before loan agreement execution, must be spent on eligible activities as defined by WAC 399-30-030, comply with executive order 05-05, and be consistent with the loan agreement as later executed. Any costs incurred before the execution of a construction loan agreement will not be reimbursed unless a loan agreement is executed.
[Statutory Authority: RCW 43.155.040(4). WSR 09-04-100, § 399-30-060, filed 2/4/09, effective 3/7/09; WSR 07-05-029, § 399-30-060, filed 2/13/07, effective 3/16/07; WSR 04-09-085, § 399-30-060, filed 4/20/04, effective 5/21/04. Statutory Authority: RCW 43.155.040 (4) and (5). WSR 98-24-010, § 399-30-060, filed 11/19/98, effective 12/20/98. Statutory Authority: RCW 43.155.040(4). WSR 92-03-052, § 399-30-060, filed 1/13/92, effective 2/13/92. Statutory Authority: RCW 43.155.040. WSR 88-23-095 (Order 88-08, Resolution No. 86-12), § 399-30-060, filed 11/22/88; WSR 86-18-009 (Resolution No. 86-12), § 399-30-060, filed 8/21/86. Statutory Authority: 1985 c 446 § 10. WSR 85-24-072 (Order 85-17), § 399-30-060, filed 12/4/85.]
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