When a project is complete and all disbursements are made, the department will execute a final amendment that will include:
(1) A final loan repayment schedule that reflects the length of repayment terms and the principal from disbursements and accrued interest;
(2) The first repayment of principal and interest will be due one year after the initiation of operation date, or one year after the project completion date, whichever occurs first;
(3) Equal payments will be due every six months;
(4) If the due date for any payment falls on a Saturday, Sunday, or designated holiday for Washington state agencies, the payment shall be due on the next business day for Washington state agencies;
(5) Loan balances may be repaid or additional principal payments may be made at any time without penalty; and
(6) The department may assess a late fee for delinquent payments, according to WAC
173-98-470.
[Statutory Authority: Chapter
90.50A RCW, RCW
90.48.035, and
43.21A.080. WSR 11-20-036 (Order 10-14), § 173-98-430, filed 9/27/11, effective 10/28/11. Statutory Authority: RCW
90.48.035. WSR 07-14-096 (Order 05-16), § 173-98-430, filed 6/29/07, effective 7/30/07.]