Resolution 24-125 - Laserfiche WebLink

Home Search

("Bond Counsel") to the effect that such prepayment will not cause the interest on the Note to be included in the gross income of the recipient thereof for federal income tax purposes. (c) The Authority will apply any amount paid by the Recipient to prepay all or a portion of the Note as follows: first, to the payment of fees, expenses and other costs of the Authority as provided in Subsection (a); second, to the payment of interest and servicing fees on the principal amount of the Note to be prepaid; and, third, to the principal of the Note. The principal amount of a partial prepayment will, in the sole discretion of the Authority, (i) be applied to one or more future principal payments of the Loan in a manner determined by the Authority, or (ii) he applied to reduceri ach unpaid annual principal installment of the Loan in the proportion that such installment bears total of all unpaid principal installments (i.e., the remaining principal payment schedule hall:lie re -amortized to provide proportionately reduced principal payments in each year). ARTICLE 2 — RECIPIENT RESPONSIBILITIES Section 2.1 Recipient Responsibilities with Respect requirements in the project application submitted 10 state laws, rules and regulations and include in an, provisions requiring contractor and subcontractor cc Tile requirements in that application are hereby incor (b) The Recipient agrees to commence c regardless of the sufficiency of loans or (c) The Recipient will not enter into a sale, lease X Project, or change the use iifthe'Project, witho0t'i lease, transfer, agreeiq� nft or change in use would' 4, or (ii) violate the conditions under snihich any ca] Environmental Protec(ion',Agency (t)tai "EPA"), or Agreement. Project. (a) The R'ecjpaent must meet all th 'Authority as to compliancee with federal and contract or subcontract relater# &,the Project npliance with Jpplicable state and .federal laws. rorated ,y re f eFence. d complete thi Project with reasonable diligence, r, from the AuEhOty to pay eligible project costs. or outer use agreement of any part of the Written approval of the Authority if that sale, the covenants set forth in Article 3 or Article in grants were furnished by the United States rwise violate any terms or conditions of this (d) The,>1ecipi#nt musi�.maintair deguate prof erEy insurance coverage forthe Project in those amounts and,witp those limits 6flt-determin6*in good faith to be reasonable or in those, amounts and with those lirh ts'As the Authority rhia fequire frorr �tirne to time. The Recipient may substitute adequate, actuarlally SO und zelf-insurance or risk" tetention'prQgram(s) for property insurance coverage, so long as such prograrr►ll are consistent wtt%-9pplicable laws and state and federal regulations. (e) The Recipst como`fi�e the Project in accordance with all applicable federal, state and local statutes, rules,: re ula obr s'' 'ordinances, reporting requirements, approvals, and state agency certifications governrng the design and construction of the Project, and operate the Project's system in compliance with all applicable federal and state laws and regulations and permit requirements. (f) The Recipient agrees to exert all reasonable efforts to investigate claims that the Recipient may have against third parties with respect to the construction of the Project and, in appropriate circumstances, take whatever action, including legal action, the Recipient reasonably determines to be appropriate. (g) Clean Water Legacy logo: This subsection is intentionally left blank. Lino Lakes DWRF 01 Page 4 of 12