Resolution 24-125 - Laserfiche WebLink

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Section 1.3 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. (c) The Authority will disburse funds pursuant to approved disbursement requests complying with the provisions of this Agreement. Each disbursement request must be for"eligible costs for completed work on the Project and must be submitted on or before the deadlines esigb)lslied by the Authority and on a form prescribed by the Authority. Each disbursement request mint mclurle supporting invoices and billing statements and be signed by an employee or elected Wcial`of the R�tip)ent. r (d) The Authority will reimburse the Recipient for eligible Pt eject costs incurred pridt'to the execution of f r this Agreement only to the extent approved in cot�naction with the AuthoritI s 4ipproval of the f. Recipient's application. (e) The Authority will make disbursements to the ReciprIr entt thin 31,6"d-'ays of receipt of tile�Recipient's request; unlessthe Authority determinesto withhold disbursep 6nff`,in accordance with the provisions of this Agreement. The Authority will endayortapay disburserriept requests submitted by the Recipient not later than the 15th day of the month Why lash d" of the same "th. (f) If the entire amount specified in Section 1;l,,is notJ6 not make any further disbursements. In that Oe'pt or if financing amount specified in Section 1.1, the,undisb6 will be cancelled, and t6ee ttndis'bursed balance of the installments of the Loan on a pro ratabasis or as othery will revise Exhibit A to th 4QA eemen#to reflect the roc a copy to the Recipient, Section The R e its o Recipient under this Agreemen ceftlfcj copy of resolutions'r authbf iid the execution avx ti�l applicab16 law, and all opmignaj the Authontv�:",,\ I ') rsed by 1u,1i�e 30, 2028 the Authority will costs are less than the total IIlile,,Project sett balance'gf the Principal Forgiveness Grant an will be applied to the outstanding principal ise determined by the Authority. The Authority action in principal amount and promptly deliver clpient must issuetp the Authority its Tax Exempt General Obligation ligation to repay the Loan. The Authority will not disburse funds to the t u' W"the Recipient delivers to the Authority' the executed Note, a othei"0iiithority by the appropriate governing body or bodies as have performance of this Agreement and the Note in accordance with certificates and documents requested by, and in a form acceptable to, (b) The Recipient~_represerlts nd agrees that the Note is a general obligation debt of the Recipient and will be shown as such its financial statements and be treated in all respects as a general obligation debt of the RecipientFor purposes 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