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ARTICLE 5 <br /> <br />Loan Disbursement Provisions <br /> <br />Section 5.1. payment Requisition Documentation and Format. Loan disbursements shall be for <br />purchase of the Equipment and Construction costs and shall not exceed $300,000. The Loan <br />shall be disbursed to the Developer/City upon receiving closing documentation for the revenue <br />bond allocation from the Small Business Development Loan Program. <br /> <br />Section 5,2. Provision for Evidentiary Materials. No disbursements of Loan funds shall be <br />made until all evidentiary materials required by the Grantor Agency have been submitted and <br />approved by the Grantor Agency. These evidentiary materials shall include, but not necessarily <br />be limited to, the materials described in Article 6 of this Agreement. <br /> <br />Section 5.3. Prgiect Time Frame. The time frame outlined in the Grant Application pertaining to <br />the Project shall be met by the Developer. <br /> <br />Section 5.4. Loan Terms. The term of the Loan shall be ten (10) years. The Loan shall bear <br />interest at a rate of three percent (3%) per annum. Principal and interest payments shall be <br />deferred for six months with the fn:st payment due November I, 2000. <br /> <br />Section 5.5. ~everaged Funds. The Leveraged Funds described in the Grant Application must <br />be used for the same purposes and under the same terms, rates, and conditions as specified <br />therein unless prior written consent is received from the Grantor Agency. <br /> <br /> ARTICLE 6 <br /> <br />Provision of Evidentiarv Material Requirement <br /> <br />Section 6.1. Provision of Evidentiar~ Materials. In addition to those materials described in <br />Section 5.2 of this Agreement, the Developer shall provide the City with all evidentiary materials <br />according to the format and timetable cited in the Grant Agreement, The City will forward these <br />materials to the Grantor Agency and assist in expediting reviews leading to a release of the Loan. <br /> <br />Section 6.2. Documentation of Use of Funds. The Developer must provide the City with <br />necessary documentation that the Loan and the Leveraged Funds have been used for the items <br />and purposes stated in the Grant Application prior to submitting the final progress report and <br />requesting grant closeout from the Grantor Agency. <br /> <br />6 <br /> 160 <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />I <br />I <br />I <br />! <br />I <br />I <br />I <br /> <br /> <br />