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SUPPLEMENT TO i. ~~ ~ `"
<br />WATER POLLUTION CONTROL LOAN FUND AGREEMENT
<br />This Supplemental Agreement made and entered into as of the 25th day of
<br />April, 1996, by and among the Director ~f Environmental Protection ("the
<br />Director"), the Ohio Water Development Authority, a body corporate and
<br />politic organized and existing under the provisions of Chapter 6121 of the
<br />Ohio Revised Code, ("OWDA") and, together with the Director, (sometimes
<br />collectively known as the "State"), and Mayfield Village, a Village organized
<br />and existing under the laws of the State of Ohio (hereinafter referred to as
<br />the "LGA"), and acting pursuant to an ordinance or resolution passed by the
<br />legislative authority thereof on April 15, 1996;
<br />WITNESSETH:
<br />WHEREAS, the State and the LGA have heretofore entered into a Water Pollution
<br />Control Loan Fund Agreement (hereinafter sometimes referred to as the
<br />"original agreement01) as of the 26th day of October, 1995 pursuant to the
<br />laws of Ohio, and especially Chapter 6111.036 of the Ohio Revised Code; and
<br />WHEREAS, it has been determined
<br />in the original agreement, will
<br />and the State and the LGA agree
<br />the construction of the Project
<br />origipal agreement, and desire
<br />purpose; and
<br />that the Eligible Project Costs, as defined
<br />exceed the $203,650.00 originally authorized
<br />to make such additional funds available for
<br />Facilities, as that term is defined in the
<br />to supplement the original agreement for such
<br />..__EREAS, the LGA and the State have determined that the maximum Eligible
<br />Project Costs should be increased by $150,800.00 and that the interest rate
<br />for those increased costs should be 4.04$.
<br />NOW, THEREFORE, in consideration of the premises and the mutual covenants
<br />herein and in the original agreement contained, the parties hereto do hereby
<br />agree as follows:
<br />Section 1. That Article I, Section 1.1, Definition (f) of the original
<br />agreement shall be amended by substituting $354,450.00 for $203,650.00, as
<br />shown on Exhibit 1, herein incorporated into this supplemental agreement, and
<br />shall otherwise remain unchanged.
<br />Section 2. That Article I, Section 1.1, Definition (c) of the original
<br />agreement shall be amended to read in its entirety:
<br />"'Contract Interest Rate' means the rate of 4.16 per annum as to the
<br />first $203,650.00 disbursed under this agreement and the rate of
<br />4.04 per annum as to amounts disbursed in excess of $203,650.00."
<br />Section 3. That Article I, Section 1.1, Definition (1) of the original
<br />agreement shall be amended to read in its entirety:
<br />"'Participation Charge' means the amount equal to the Eligible Project
<br />Costs mutiplied by the Participation Rate. Based on the Eligible
<br />Project Cost amount of $203,650.00, a Participation Rate of 0.0370706,
<br />and a semi-annual payment, this amount equals $7,549.42. Based on the
<br />additional eligible project cost amount of $150,800.00, a participation
<br />rate of 0.0366841, and a semi-annual payment, this amount equals
<br />$5,531.96 for a total semi-annual payment of $13,081.38.
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