Res 2015-045/Loan forgiveness agreement with TWBD for Reclaimed Water System Expansion

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Disadvantaged Community means an area that meets the requirements of a disadvantaged community as defined in 31 TAC § 375.1(21) and the criteria identified in the 2014 CWSRF NP. Eligible Expenses means the expenses allowed by TWDB program requirements and authorized by the TWDB in the approved Project Budget. EPA means the U.S. Environmental Protection Agency. Escrow Account means an account established by the City that will be used to manage the Loan Forgiveness Funds in accordance with an escrow agreement acceptable to the Executive Administrator, which is attached hereto as EXHIBIT G, until such time as the Executive Administrator authorizes the release of the Loan Forgiveness Funds to the Construction Account. Executive Administrator means the Executive Administrator of the TWDB or designated representative. Force Majeure means a failure or delay in a Party's performance under this Agreement that is caused by acts of God, war, strike, fires, explosions, or other causes that are beyond the reasonable control of either Party and that by exercise of due foresight such Party could not reasonably have been expected to avoid, and which, by the exercise of all reasonable due diligence, such Party is unable to overcome. Green Project means a project or portion of a project that meets the EPA criteria for inclusion in the Green Project Reserve, including green infrastructure, water or energy efficiency improvements or other environmentally innovative activities. Green Project Reserve means the equivalent amount of the EPA capitalization grant that is reserved for projects that meet the EPA's criteria for green projects. IUP means the Intended Use Plan, State Fiscal Year 2014, approved by the TWDB and the EPA in which the Project was prioritized for funding. Loan means the total amount of financial assistance from the TWDB under numbers L1000349 and LF1000351, in $811,915 from the CWSRF to finance the Project. Loan Forgiveness Funds means the portion of the Loan that is forgiven identified as LF1000351, in an amount not to exceed $401,915. Obligations means the $410,000 The City of San Marcos, Texas, Waterworks and Wastewater System Revenue Bonds, Series 2015, together with all authorizing documents, which evidence the portion of the Loan that is not forgiven, identified as L1000349. Outlay Report means the TWDB form regarding the total amount of costs incurred by the City relating to the Project for the specified period. TWDB Contract No.LF1000351 Page 4 of 15 OOC -001 11/06/2014