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6 <br />20. Recipient acknowledges that no more than ninety (90) percent of the loan may be disbursed before <br />the final O&M Manual is submitted and approved. <br />21. Within thirty (30) days of the date of completion of the project, the applicant wul make available to the <br />Construction Grants Section staff all requested project closeout items including final costs for the purpose <br />of making final adjustments to the Revolving Loan and debt instrument. <br />22. The recipient, one year after the completion of construction and initial operation of the wastewater <br />fatuities, shall certify whether or not such treatment works meet the design specifications and effluent <br />limitations, according to the Division of Water Quality's Performance Certification Policy. <br />23. All principal payments wul be made annually on or before May 1St. The first principal payment is due nvt <br />earlier than six months after the original date of completion of the project. All interest payments will be <br />made semiannually on or before May 1St and November-1St of each year. The first interest payment is due <br />not earlier than -six months after the original date of completion of the project. <br />24. In accordance with G.S. 159-26(b){6), a capital project fund is required to-account for all debt instrument <br />.proceeds used to finance capital projects. It is requiredthat a capital project ordinance, in accordance with <br />G.S. 159-13.2, be adopted by the governing board authorizing all appropriations necessary for the <br />completion of the project. A copy of the approved ordinance must be submitted to this office before <br />submitting the first reimbursement request. <br />25. Adequate accounting and fiscal records will be maintained during the construction of the project and <br />these records will be retained and made available for a period of at least three (3) years following <br />completion of the project. <br />26. Each Loan recipient will be required to submit an annual audit, prepared by an independent external <br />auditor, in accordance with GS 159-34. <br />27. All funds loaned pursuant to North Carolina General Statute 159G shall be expended solelyfor carrying out <br />the approved project anal an audit shall be performed in accordance with G.S. 159-34, as amended. The <br />applicant will expend all of the requisitioned funds for the purpose of paying the costs of the project <br />within three (3) banking days following the receipt of the funds from the State. Please note that the <br />State is not a party to the construction con#ract(s) and the loan recipient is expected to uphold its contract <br />obligations regarding timely payment. See Standard Condition 5. <br />28. The applicant shall demonstrate to the satisfaction of the Department of Environment and Natural <br />Resources its ability to pay the remaining or ineligible cost of the project. <br />Acknowledeement of Standard Conditions and Assurances <br />The Applicant hereby gives assurance to the Department of Environment and Natural Resources that the <br />declarations, assurances, representations, and statements made bythe applicant in the application; and <br />all documents, amendments, and communications filed with the Department of Environment and Natural <br />Resources by the applicant in support of its request for a loan will be fulfilled. <br />Signature Date <br />