09-23-24 City Council Agenda Packet

Home Search

Section 2.3 Disbursements. (a) Delivery of Note: No funds will be disbursed by the Authority to the Recipient until the Recipient has delivered its Note to the Authority as set forth in section 1.4. (b) All Recipient disbursement requests will be subject to Authority approval and will be disbursed on a cost reimbursement basis, consistent with the budget presented in the Recipient's application. The Authority may withhold or disallow all or part of the amount requested if the Authority determines the request is not in compliance with this Agreement, applicable federal and state laws, regulations or rules as then in effect. provisions of this Agreement. Each disbursement request must be on the Project and must be submitted on or before the deadlines form prescribed by the Authority. Each disbursement reques billing statements and be signed by an employee or elected gffi (d) The Authority will reimburse the Recipient for eligib this Agreement only to the extent approved in rA (e) The Authority will make disbursements to the Recipig request, unless the Authority determines o withhold disb this Agreement. The Authority will end ay disbL not later than the 15th day of the mont ay c (f) If the entire amount specified in Sectio not make any further disbursements. In ti will be cancelled, a installments of the bests complying with the costs for completed work by the Authority and on a supporting invoices and the execution of rDDroval of the Rlays of receipt of the Recipient's accordance with the provisions of guests submitted by the Recipient lip 30, 2028 the Authority will sect costs are less than the total the Principal Forgiveness Grant ian will be applied to the outstanding principal ise determined by the Authority. The Authority fiction in principal amount and promptly deliver tI the Authority its Tax Exempt General Obligation epay t e Loan. The Authority will not disburse funds to the Recipient delivers to the Authority the executed Note, a >rity by the appropriate governing body or bodies as have :e of this Agreement and the Note in accordance with certificates and documents requested by, and in a form acceptable to, (b) The Recipie ef nd agrees that the Note is a general obligation debt of the Recipient and will be shown as snancial statements and be treated in all respects as a general obligation debt of the Recipien .urposes of permitting sale of the Note to the Authority, the Authority represents that it is a "board, department or agency" of the State of Minnesota within the meaning of Minnesota Statutes, Section 475.60, subdivision 2, clause (4), as amended. (c) The obligations of the Recipient under the Note evidence amounts payable under the Loan. Each payment made pursuant to the Note will be deemed to be a credit against the corresponding obligation of the Recipient under the Loan and any such payment will fulfill the Recipient's obligation to pay that amount hereunder. Lino Lakes DWRF 01 Page 2 of 12 A-3