WAC 173-98-430. Repayment

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 .