HomeMy WebLinkAboutRexburg RLF Contract - 15
AMENDMENT #15
For
City of Rexburg Revolving Loan Fund
Contract No.: Rex-85-VI-3
The Rexburg Revolving Loan Fund was established from funds received as part of an Idaho
Community Development Block Grant obtained by East-Central Idaho Planning and
Development Association on behalf of the City of Rexburg in 1985 and 1986. The Block Grant
required the creation of a Revolving Loan Fund to be operated by the East-Central Idaho
Development Company via a contract between The City of Rexburg and ECIDC. This document
is the 15th amendment to that block grant contract.
The following articles are amended as follows:
Article I - Period of Performance
The work that is required to be performed by ECIPDA hereunder shall be accomplished within
36 months from the effective date of October 1, 2017 and shall continue up to and including
September 30, 2020 unless otherwise amended.
Article II - Cost of Services
East-Central Idaho Planning & Development Association, Inc. (ECIPDA) will perform the
services described in Attachment “A” for cost plus a fixed fee of $1,000 per year, not to exceed
$10,000 per year, unless the maximum is increased by agreement of the parties. ECIPDA will
manage the fund and pay necessary fees from the fund. All administrative costs by ECIPDA are
exempt from OMB Circulars; this includes but is not limited to OMB Uniform Guidance (2 CFR
part 200).
Article III - Payment Schedule
ECIPDA is authorized to draw from the Rexburg Revolving Loan Fund fees for administrative
services.
Approved:
_____________________________________ ____________________
Mayor Date
City of Rexburg
_____________________________________ ____________________
Loan Manager Date
East-Central Idaho Planning & Development
Association, Inc.
ATTACHMENT “A”
ADMINISTRATIVE SERVICES
Scope of Work
ECIPDA will administer the Rexburg Revolving Loan Fund in accordance with the Federal
Guidelines as outlined in this document and other appropriate documents.
At a minimum ECIPDA will:
1. Work with potential borrowers in the origination of loan applications, closing documents,
collection of payments, and servicing documentation during the life of the loan. The Loan
Review Committee of ECIPDA or the Loan Review Board of ECIDC will approve all loans.
The City of Rexburg may review the loan and provide feedback regarding the loan in the
event of an appeal of the lending decision.
2. Provide to the City of Rexburg in care of Matt Nielson or City designee, a periodic status
report concerning each loan and the balance in the checking account. The annual report shall
suffice for the applicable report.
3. Maintain loan document filing system and assure that cost supporting documents are
assembled in an organized manner, kept up to date during the duration of the project, and
easily retrieved for periodic review by the City of Rexburg.
4. Maintain a cost accounting system that tracks the expenditure of RLF funds and loans during
the project.
5. Assist an independent auditor in preparing an annual audit.
The City of Rexburg and ECIPDA will work together and adhere to any other necessary
responsibilities that may be required in administering the Rexburg RLF.