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(2.) .The Public Agency shall repay each Advance, <br />: together;w:ith interest as pro~ided in this Agreement, but solely <br />from repayments of Contracts representing asse"ssments deferred <br />`with Advances: Not later than forty-five calendar days after the <br />end of each calendar~ quar't~er., tfie Public Agency shall transfer to <br />the:Department all money on hand in the Repayment Subaccount of <br />the Assessment Deferra-l Account as of `the last day of the <br />pre'ceeding calend'ar quarter,.and all earnings on the Advance <br />` Subaccount.of th'e Assessment Deferra]: Account for the preceding <br />quarter. Such transfers sha.11 b~e appTied by the Department, when <br />received,..to repay the Advance, wi~th the trarisfers applied first <br />to accrued interest, and the balance to principal. <br />(3), The Public Agency may prepay all or any portion of <br />an Advance at any time without penalty. <br />C. Advance..Requ,ests and Disburseme_nts. The Public <br />Agency shall request.Ac~vances as money is required to defer Sewer <br />Assessment~s. The Advance request shall be in substantially the <br />form attached to this Agreement as Exhibit A. The Department <br />shall approve tfie Advance request unle`ss (i:) the Department <br />reasona6ly expects that the amount of the requested Advance, plus <br />the amount of any previ"ous Advances which have riot been used to <br />defer.assessinen.ts,,exceeds'_t'he Department's reasonable estimate <br />of the amount the Public':Ageney will requixe to defer <br />assessmen:t's`; or (ii.) ftie, Publ~ic Agency is in defauit hereunder, <br />or the Department has reason~to believe that ttie Public Agency is <br />in default hereunder and the Department is investigating; or <br />(iii) the Assessment Deferra~l.Loan Program Revolving Fund is <br />inadequately cap;i.talized'. If the Department approves the Advance <br />request, the Depa'rtment sfiall disburse the principal amount of <br />the Ad'vance to.ttae P,ublic. Agency withi~n thirty (30) calendar days <br />-foliowing.submiss:fon o~f the,Advance, request. If the Department <br />dssapproves of the Advance~request, i:t shall notify the Public " <br />Agency, in writing, of the reasons for disapproval, and shall <br />grant the Public ~Agency.the opportunity to submit a modified <br />Advafice request. <br />D. Public:Agen:cy Re.port~s.`'The Public Agency shall <br />submit'qua'rterly accounting r.eports to the Department not later <br />than; forty-f ive ( 4~5 ). calend`ar days . following the end of each <br />.- calendar quar`ter:. Each accoun:ting report shall contain the <br />~following information: , <br />Page 3 ;Assessin:ent ,;Deferral Loan Agreement <br />