COM 0492.001 2012-2014 - Laserfiche WebLink

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and Waste Disposal loan and grant program. The program offers below-market interest rates,amortization periods longer than conventional loans,and the possibility of grants to partially subsidise the costs. The USDA approved the application with a grant of$4,024,800 and loan of$2,437,000 to cover the total development costs of$6,464,800(see EXHIBIT C). The grant constitutes 62%of the total development cost,an exceptional proportion in recognition of the public health and safety situation indicated by EPA's large capacity cesspool violation notices and the need to maintain housing affordability in this area.The lien powers under an Improvement District provide an enforceable means to address delinquencies. The County will secure loan repayment to USDA by way of a reimbursable General Obligation bond authorized through the Improvement District process. D. Process The process to construct the sewer system requires an integration of the USDA grant/loan procedures and the Improvement District procedures. The steps to integrate these two procedures involve preliminary engineering,environmental compliance,design,loan closing,and construction as follows: LONO KONA SEWER IMPROVEMENT DISTRICT DIREC`TOR'S REPORT