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Finance SIB #S2012-005-01 <br />pledged by the Authori for an SuRRMA —(Paris District) <br />due on the SIB Loans. � y p��se other than payrr�ent of principal of and interest <br />D• SIB Loan No. 1 is to be repaid over a <br />maturity date of June 29, 2032, in accordance with the amorpzation table atta h d to th si <br />Agreement as Exhibit D. Principal due on SIB Loan No. 1 shall be due on June 29, 2013, <br />and each June 29 thereafter including the final principal payment date as shown on Exhibit <br />D attached hereto (each a"Principal Payment Date"), and in the amounts (each a <br />°Principal PaymenY') as shown on Exhibit D attached hereto. <br />SiB Loan No. 1 shall bear interest from the Deposit Date, at the rate of 3.68% per annum <br />(the °Loan Rate°), such interest to be calculated on the basis of a 360-da <br />of 12 30-day months (each an °Interest Payment"). Interest Payments will be due npJune <br />29, 2013 and each June 29 thereafter in the years as shown on Exhibit D attached hereto <br />(each an "Interest Payment Date"j. The Principal Payment Dates and the Interest <br />Payment Dates are collectively referred to as "Payment Dates." If a Payment Date is not <br />on a business day, the Interest Payment and/or Prinapal Payment due shall be made on <br />the next following business day. <br />E. Funds from the Project Account shall only be drawn upon by the Authority and used <br />as described in Article I, Paragraph B. of this Agreement. The Deparbnent shalt pertorm <br />the work in connection with the acquisition of right-of-way and the relocaUon of utilities as <br />described in Attachment A of the "Local Transportation Project Advance Funding <br />Agreement for A Transportation, Community, and System Preservation Program Project <br />On System", and in accordance with all applicable policies of the State. All draws from the <br />Project Account for such costs related to the Project shall be in accordance with a <br />requisition prepared by or approved by the Authority, and ali such requisitions and Project <br />costs shall be subject to the review and approval of the State. <br />F. The Authority shall establish at its depository bank a SIB Loan No. 1 Debt Service <br />Account. Interest Payments due on SIB Loan No. 1 and each Principal Payment due on <br />SIB Loan No. 1 shall be deposited into this account by the Authority prior to each Payment <br />Date when received by the Authority from the SIB Loan Participants pursuant to the terms <br />of the Interlocal Cooperative Agreement. On or before each Payment Date, the Authority <br />shall cause its depository bank to transfer from the SIB Loan No. 1 Debt Service Account <br />to the State, the applicable Interest Payment and/or Principal Payment as set forth in this <br />Agreement. <br />G. The repayment of all or any portion of SIB Loan No. 1 shall not entitie the Authority <br />to any subsequent advances from the State, nor shall the State have any obligation to <br />advance to or for the benefit of the Authority any amount in excess of the SIB Loans. All <br />local participation in the costs of the acquisition of right-of-way and utility relocation for the <br />Project in excess of the federat partiapation ($745,125) and the estimated local <br />participation cost set forth in the Advance Funding Agreement as of the date hereof shall <br />be the responsibility of the Authority as set forth in the Advance Funding Agreement. <br />H. Principal due on SIB Loan No. 1 may be prepaid in whole by the Authority without <br />penalty on any business day that is at least 30 days after written notice of such <br />prepayment has been provided by the Authority to the Department. <br />Page 4 of 12 <br />