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Environmental Loans (EL) Project closeout

Each Environmental Improvement Fund (EIF) loan recipient is required to complete the project closeout process and/or amendment requirements in order to receive final disbursement of its EIF loan.

Hint: We close out projects, so "project closeout." We close loans, so "loan closing."

When the municipality expends ninety–five percent (95%) of its EIF Financial Assistance Agreement amount, DNR will send a closeout letter and necessary forms specifying the appropriate action to start the project closeout process. The project closeout must be completed before final payment can be made.

Project closeout process

For project closeout, the municipality must:

  1. Receive a final inspection from the Region. The municipality should contact the DNR Construction Management Engineer when the project is ready for final inspection. The project punch list items must be completed. The project must comply with plans and specifications and WPDES permit limits.

  2. Obtain DNR approval of all change orders and amendments [PDF].

  3. Certify to the department its acceptance of the project from the contractor(s). The engineer and an authorized representative of the municipality must sign the Project Acceptance Certification (Form 8700-280 [PDF]).

  4. Document final utilization of disadvantaged business enterprises (DBEs). An authorized representative of the municipality must sign the Contract Utilization of Disadvantaged Business Enterprises (Form 8700-257 [PDF]) or Exhibit E of the Financial Assistance Agreement (FAA).

  5. Complete the Wage Rate Compliance Certification (Exhibit G of the FAA) that will be sent with the final closeout letter. (See Complying with Davis-Bacon Requirements [PDF].)

  6. If a municipality is receiving a loan from the Clean Water Fund Program (CWFP), it must submit an Operation and Maintenance (O&M) Manual Certification Checklist to its CWFP project manager for review. The engineer and an authorized representative of the municipality must sign the appropriate certification checklist:
  7. Verify the wire transfer instructions for final disbursement.

Final disbursement

Upon receipt of the above information, DNR will contact the Construction Management Engineer for project sign-off, which completes the project closeout process. When the department determines the project closeout requirements are satisfied and final costs are reconciled between the municipality and the EIF, the Department of Administration (DOA) can wire the final disbursement. DOA generates a final repayment schedule and may request an exchange of municipal obligations, i.e. a bond swap.

Bond swap

At the time of loan closing, the municipality must issue a bond/note to the State of Wisconsin Environmental Improvement Fund (EIF) as security for the loan. After the DNR project closeout process is complete, the DOA may request the municipality to replace the original bond/note with a new version of the bond/note. The purpose of this action is to adjust the bond for any amount that was not drawn by the municipality from the original loan amount.

The amount on the new replacement bond/note is equal to the outstanding balance of the EIF loan at the time of the bond swap. The outstanding loan balance is equal to the total loan disbursements minus any principal payments that the municipality has already made on the loan.

This bond swap is done after DNR determines the municipality's project has met the project closeout requirements, and the EIF makes the final loan disbursement on the project. By replacing the bond/note, the municipality will then show a lesser amount of issued bonds/notes. This process is typically done only if a municipality does not draw all of its loan funds.

Contact information
Direct questions about project closeouts and disbursements to:
Kim Leizinger
608-264-8844
or
Greg Farmer
608-266-5889

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Last revised: Thursday July 18 2019