Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Ninety-Eight Thouand, Nine Hundred One Dollars (US$98,901), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Eight percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Eight years (8) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Million, Two Hundred Thirty Thousand Dollars (US$1,230,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Eighty Thousand Dollars (US$280,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Sixty-Three Thousand, Two Hundred Seventeen Dollars (US$263,217), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 300,300 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Franklin County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇▇▇▇ ▇▇▇▇▇, at ▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Seventy-Five Thousand Dollars (US$275,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% percent (%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 years () commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this NoteSecond Payment date, the payment due except for a zero (0) percent loan which would commence on the Maturity Initial Payment Date will be a final payment, consisting and (ii) interest being calculated on the basis of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:thirty
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 502,000 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Franklin County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Fiscal Officer Finance Director Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇▇▇▇ ▇▇▇▇▇, at ▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Fiscal Officer Finance Director Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OSGCIC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission Small Government Capital Improvements Program (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Forty-Nine Thousand, Nine Hundred Ninety-Five Dollars (US$49,995), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director Administrator may, in the DirectorAdministrator's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Three Hundred Thirty-Six Thousand, Three Hundred Eighty-Eight Dollars (US$336,388), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Sixty-Five Thousand, Seven Hundred Fifty-Six Dollars (US$65,756), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Forty-Eight Thousand, One Hundred Ninety Dollars (US$48,190), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 977,175 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 20 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Auditor Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Auditor Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 3,676,676 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Franklin County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Auditor Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇▇▇▇ ▇▇▇▇▇, at ▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Auditor Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission Small Government Capital Improvements Program (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Forty-Nine Thousand, Nine Hundred Ninety-Nine Dollars (US$149,999), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director Administrator may, in the DirectorAdministrator's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 150,000 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 15 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Geauga County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Fiscal Officer County Auditor Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Fiscal Officer County Auditor Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 149,500 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 10 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Finance Director Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Finance Director Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Twenty-Nine Thousand, Eight Hundred Fifty-Five Dollars (US$129,855), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 262,500 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 20 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Wood County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Finance Director Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, at ▇▇▇▇▇.▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Finance Director Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Four Hundred Eighty-Seven Thousand, Thirteen Dollars (US$487,013), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 65,518 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 21 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Franklin County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Fiscal Officer Finance Director Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇▇▇▇ ▇▇▇▇▇, at ▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Fiscal Officer Finance Director Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Four Hundred Fifty-Five Thousand, One Hundred Dollars (US$455,100), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission Small Government Capital Improvements Program (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Seventy-Five Thousand Dollars (US$175,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director Administrator may, in the DirectorAdministrator's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Fifty-Two Thousand, Three Hundred Nine Dollars (US$252,309), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Three Hundred Twenty-Two Thousand, Three Hundred Dollars (US$322,300), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Four Hundred Twenty-Seven Thousnd, Five Hundred Forty-Five Dollars (US$427,545), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission Small Government Capital Improvements Program (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Eight Thousand Dollars (US$280,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director Administrator may, in the DirectorAdministrator's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Sixty-Two Thousand Dollars (US$162,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Million, Four Hundred Thousand Dollars (US$1,400,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Thousand Dollars (US$100,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Five years (5) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OSGCIC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission Small Government Capital Improvements Program (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Eleven Thousand, One Hundred Seventy-Three Dollars (US$111,173), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Fifteen years (15) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director Administrator may, in the DirectorAdministrator's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Five Hundred Seventy Thousand, Five Hundred Dollars (US$570,500), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 209,907 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 20 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Clerk/Treasurer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇▇▇▇ ▇▇▇▇▇, at ▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Clerk/Treasurer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Three Hundred Ninety-Six Dollars (US$396,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OSGCIC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission Small Government Capital Improvements Program (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Ninety-Nine Thousand Dollars (US$99,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director Administrator may, in the DirectorAdministrator's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Forty-Three Thousand, Six Hundred Eighty-Four Dollars (US$243,684), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 years () commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Ninety-Four Thousand, Five Hundred Eighty-Two Dollars (US$194,582), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Twenty-Five Thousand Dollars (US$225,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. $676,541 City of ▇▇▇▇▇▇▇▇ FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Six Hundred Seventy-Six Thousand, Five Hundred Forty-One Dollars (US$676,541), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Sixty-Five Thousand, Five Hundred Sixty-Five Dollars (US$165,565), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 100,000 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 20 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Cuyahoga County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Director of Finance Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇▇▇▇ ▇▇▇▇▇, at ▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Director of Finance Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. $26,250 The Village of Pemberville FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Twenty-Six Thousand, Two Hundred Fifty Dollars (US$26,250), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Five Thousand, Nine Hundred Eighty Dollars (US$205,980), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Seven Hundred Fifty Thousand Dollars (US$750,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 545,777 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 20 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇-▇▇▇▇▇, Fiscal Officer Auditor Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇-▇▇▇▇▇, Fiscal Officer Auditor Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Nine Hundred Thousand Dollars (US$900,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Three Hundred Thirty-Three Thousand, One Hundred Fifty Dollars (US$333,150), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Five Thousand Dollars (US$5,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Fifty-Seven Thousand, Eight Hundred Sixty-One Dollars (US$157,861), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Million Dollars (US$1,000,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Four Hundred Seventy-Five Thousand Dollars (US$475,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Thirty-One Thousand, Five Hundred Dollars (US$231,500), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Forty-Five Thousand, One Hundred Twenty-Five Dollars (US$145,125), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Eight years (8) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Eight HUndred Thousand Dollars (US$800,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Three Hundred Seventy-Five Thousand Dollars (US$375,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Five Hundred Eleven Thousand, Twenty Dollars (US$511,020), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Three Hundred Ninety-Seven Thousand, Six Hundred Ninety-Five Dollars (US$397,695), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Four Hundred Sixty-Seven Thousand, Four Hundred Thirty-Six Dollars (US$467,436), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 years () commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this NoteSecond Payment date, the payment due except for a zero (0) percent loan which would commence on the Maturity Initial Payment Date will be a final payment, consisting and (ii) interest being calculated on the basis of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:thirty
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. 65 E. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or ▇▇ at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Thirty-Eight Thousand, Five Hundred Eighty-Three Dollars (US$138,583), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Five years (5) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Forty Thousand, One Hundred Sixty-Eight Dollars (US$140,168), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 502,000 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 23 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Franklin County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Auditor Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇▇▇▇ ▇▇▇▇▇, at ▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Auditor Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Seven-Six Thousand, Nine Hundred Seventy-Five Dollars (US$76,975), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 199,595 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 20 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 69,000 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 10 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Wood County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, at ▇▇▇▇▇.▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 162,500 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 20 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Ottawa County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, at ▇▇▇▇▇.▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Fifty Thousand Dollars (US$50,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 475,000 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 20 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Shelby County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Six Hundred Thirteen Thousand, Seven Hundred Eighty-Five Dollars (US$613,785), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission Small Government Capital Improvements Program (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Seventy-One Thousand, Six Hundred Thirty-Eight Dollars (US$71,638), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director Administrator may, in the DirectorAdministrator's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Eighty-Seven Thousand, Nine Hundred Eighty-Two Dollars (US$87,982), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Ninety-Nine Thousand Dollars (US$299,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Six Hundred Fifteen Thousand, One Hundred Five Dollars (US$615,105), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Fourteen years (14) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 375,000 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Defiance County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Clerk/Treasurer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, at ▇▇▇▇▇.▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Clerk/Treasurer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Eighty-Seven Thousand, Four Hundred Nine Dollars (US$87,409), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Eighty-Four Thousand, Eight Hundred Forty-Five Dollars (US$84,845), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Ten years (10) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Thirty-Eight Thousand, Two Hundred Fifteen Dollars (US$138,215), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 150,000 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 20 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Lake County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇. ▇▇▇▇▇, Fiscal Officer Director of Finance Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇. ▇▇▇▇▇, Fiscal Officer Director of Finance Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 120,990 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 15 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Ottawa County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇Van Nest, Fiscal Officer Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, at ▇▇▇▇▇.▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇Van Nest, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Four Hundred Twenty-Seven Thousand, One Hundred Thirty Dollars (US$427,130), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Five years (5) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Three Hundred Seventy-One Thousand, Eight Hundred Fifty-Three Dollars (US$371,853), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 500,000 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 26 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Finance Director Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇, at ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Finance Director Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 400,000 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 20 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Athens County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer City Auditor Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, at ▇▇▇▇▇.▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer City Auditor Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Dollars (US$300,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Fifteen years (15) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Ninety-Nine Thousand, Nine Hundred Forty-Three Dollars (US$199,943), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission Small Government Capital Improvements Program (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Five Hundred Thousand Dollars (US$500,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director Administrator may, in the DirectorAdministrator's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission Small Government Capital Improvements Program (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Five Hundred Thousand Dollars (US$500,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director Administrator may, in the DirectorAdministrator's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. Additional information is located on our website at ▇▇▇.▇▇▇.▇▇▇▇.▇▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may designate in writing the principal sum of $12,512 318,232 or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided following Project completion and thereon until said amounts have been paid in full at a rate equal to 0% per annum. Principal due under this Note shall be payable as follows. The first payment due shall be made on the last business day in January or the first day in July following the date of Project completion, whichever date first occurs. Thereafter, payments are due the last business day in January or the first day in July for the term of the loan. Principal shall be due and payable in equal consecutive semi-annual installments accordingly until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this Note, such amortization to be based upon (i) an amortization period of 30 12 years commencing on the date of the first payment. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final payment, consisting of the entire unpaid principal balance hereof. If Recipient shall fail to make any payment when due, and the same is not corrected within 60 days, then the amount of such default shall bear interest thereafter at the rate of 8% per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Ohio Revised Code 164.05, direct the county treasurer of the county in which the Recipient is located to pay the amount due from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ Franklin County, Ohio. The Recipient represents that it has received all the necessary approvals from its legislative or authorizing body to execute and deliver this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Fiscal Officer Finance Director Please select the appropriate box below, sign, and return this form to the Commission by emailing the form to your program representative, Will Gaberle▇▇▇▇▇▇▇▇ ▇▇▇▇▇, at ▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Fiscal Officer Finance Director Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Million, Eight Hundred Sixty-Seven Thousand, Seven Hundred Sixty-Eight Dollars (US$1,867,768), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. PROMISSORY NOTE $26,069 Greenwich Township January 1, 2016 CI41S FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Twenty-Six Thousand, Sixty-Nine Dollars (US$26,069), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Sixteen years (16) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Million, Tow Hundred Thousand Dollars (US$1,200,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Million, Five Hundred Sixty-One Thousand, Eight Hundred Dollars (US$2,561,800), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission Small Government Capital Improvements Program (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Million, Two Hundred Twenty Thousand Dollars (US$1,220,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director Administrator may, in the DirectorAdministrator's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Four Hundred Seventy-One Thousand, Three Hundred Sixty-Five Dollars (US$471,365), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Eighty-Three Thousand Dollars (US$283,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Two Hundred Ninety Thousand Dollars (US$290,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Ninety-Eight Thousand, Six Hundred Eighty-Nine Dollars (US$98,689), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 Four Hundred Fifty-Two Thousand, Seven Hundred Twenty-Nine Dollars (US$452,729), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Ninety-Two Thousand, Three Hundred Twenty-Four Dollars (US$192,324), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Twenty years (20) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail All invoices as they are maintained online. Postcard invoice notifications are mailed twice by the Commission on a year (semiannual basis 45 days prior to the 15th of May and November) to direct loan recipients to our website to obtain invoicesdue date. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website1st of each year. • The loan may be paid in full at any time without penaltytime; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission in writing, pursuant to the Notice provisions in the Agreement. Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website web site at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Hundred Sixty-Nine Thousand, Nine Hundred Forty Dollars (US$169,940), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement
Billing. The Commission does not mail invoices as they are maintained online. Postcard invoice notifications Postcards are mailed twice a year (the 15th of May and November) to direct loan recipients to our website to obtain invoices. Payments are due on the last business day in January and on July 1st. • To sign up for electronic invoice notifications, visit our loan page on our website. • The loan may be paid in full at any time without penalty. • Should the Repayment Amount repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Any change in CFO or the address must be communicated to the Commission OPWC in writing, pursuant to the Notice provisions in the Agreementwriting (email or letter). Call ▇▇▇▇▇ ▇▇▇▇▇▇, Loan Officer, at 614.728.2466 or e-mail her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇. Additional information is located on the loan page of our website at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇.▇▇.▇▇. FOR VALUE RECEIVED, the undersigned (the "Recipient") promises to pay to the order of the Ohio Public Works Commission (hereinafter the "Lender," which term shall include any holder hereof), at its office located at ▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, or at such other place as the holder hereof may may, from time to time, designate in writing writing, the principal sum of $12,512 One Million, Four Hundred Eleven Thousand Dollars (US$1,411,000), or so much thereof as shall be advanced by Lender and remain unpaid, together with all costs herein provided and interest from the first day in January or July following Project project completion and thereon until said amounts have been paid in full at a rate equal to 0% Zero percent (0.00%) per annum, or the "Default Rate" (as hereinafter defined), as the case may be. Principal and interest due under this Note shall be payable as follows. : The first payment due hereunder shall be made on the last business day in January or the first day in July following the date of Project project completion, whichever date first occurs. Thereafter, payments are due which date shall be referred to herein as the last business day in January or "Initial Payment Date." After the first day in July for the term of the loan. Principal Initial Payment Date, principal and interest shall be due and payable in equal consecutive semi-annual installments accordingly commencing on the last business day in January or July 1 following the Initial Payment Date (the "Second Payment Date") and continuing on the last business day in January and July 1 thereafter until maturity. Subject to adjustment as provided herein, the amount of each such semi-annual installment of principal and interest shall be the amount which would fully amortize the unpaid principal balance of the indebtedness evidenced by this NoteNote as of the Second Payment Date, such amortization to be based upon (i) an amortization period of 30 Thirty years (30) commencing on the date Second Payment date, except for a zero (0) percent loan which would commence on the Initial Payment Date and (ii) interest being calculated on the basis of thirty (30) day calendar months in a 360 day year; provided that in the event the Lender makes additional disbursements following the Second Payment Date, the amount of the first paymentsemi-annual installments of principal and interest required hereunder shall be increased to the amount it would take to fully amortize this Note based upon (i) the new principal balance and (ii) the above-referenced amortization period, less the number of years (or parts thereof) which have elapsed since the Second Payment Date. The unpaid principal sum of this Note and all accrued and unpaid interest and other charges hereunder shall be payable in full on the Maturity Date which would be either the last business day in January or July 1 following the loan term. The Recipient acknowledges that if the semi-annual payments set forth above do not fully amortize this Note, the payment due on the Maturity Date will be a final balloon payment, consisting of (i) all accrued and unpaid interest and other charges and (ii) the entire unpaid principal balance hereof. If Recipient shall fail to make any payment hereunder when due, and the same is not corrected within 60 thirty (30) days, then the amount of such default shall bear interest thereafter at the rate of eight percent (8% %) per annum (the "Default Rate") from the date of the default until the date of the payment thereof, and the entire principal hereof then remaining unpaid, together with all accrued interest and other charges, shall, at the Lender's option, become immediately due and payable and/or the Lender by and through its Director may, in the Director's sole and complete discretion and in accordance with Section 164.05 of the Ohio Revised Code 164.05Code, direct the county treasurer of the county in which the Recipient is located to pay the amount due hereunder from funds which would otherwise be appropriated to the Recipient from such county's undivided local government fund pursuant to Section 5747.51 to 5747.53 of the Revised Code. The Lender may exercise this option to direct the county treasurer to pay the amount due from the local government fund without any notice or demand during any default by Recipient regardless of any prior forbearance. The lender shall be entitled to collect all costs incurred by the Lender in curing such default, including, but not limited to court costs and reasonable attorney fees from a suit brought to collect this Note. In addition, if the Lender exercises its option to direct the county treasurer to pay the amount due from the local government fund, the Lender shall be entitled to collect all reasonable costs and expenses of any efforts by the Lender to collect the amount due from the local government fund, including but not limited to reasonable attorneys' fees. Lender may, at its option, delay in or refrain from exercising some or all of its rights and remedies without prejudice thereto and regardless of any prior forbearance. This Note was executed in, ▇▇▇▇▇▇▇▇ County, Ohio. The Recipient represents and any endorser, guarantor and surety now or hereafter liable for the payment of the principal or interest due on this Note, or any part thereof, does hereby expressly agree that it has received all any renewal, extension or modification of the necessary approvals from its legislative terms of the Project Agreement including the terms or authorizing body to execute and deliver the time for the payment of any part of this Note to the Lender. By: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Please select the appropriate box below, sign, may be made or extended without notice and return without releasing or otherwise affecting liability of said parties on this form to the Commission by emailing the form to your program representative, Will Gaberle, at ▇▇▇▇▇▇▇Note.▇▇▇▇▇▇▇@▇▇▇.▇▇▇▇.▇▇▇. If seeking reimbursement, this form must be accompanied by your Declaration of Official Intent as stated below. YOU MUST CHECK ONE OF THE FOLLOWING BOXES: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, Fiscal Officer Date Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when we are reimbursing the local subdivision for construction-related Project costs already incurred, including in-kind and force account work (not engineering or right-of-way). If the local government does not plan to seek reimbursement for construction costs (meaning the Commission will pay all contractors directly) these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement for any Project construction costs, a "Declaration of Official Intent"(i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" to your Program Representative indicating this choice AND your passed Resolution. The Resolution will allow the Commission and local subdivision to comply with the federal regulations pertaining to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for onstruction-related Project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Please note the following:
Appears in 1 contract
Sources: Project Grant/Loan Agreement