Laserfiche WebLink
-2- <br />3. Employment of a qualified consultant(s). <br />4. Payment of other costs such as overhead, rental of space and <br />equipment, purchase of supplies, printing and publishing. <br />B. The Lendee shall utilize the loan funds to carry out the <br />activities specified in the funded portion of the work program set <br />forth in Appendix B, attached hereto and made a part hereof. <br />C. The Lendee agrees that no more than 75 percent of the total cost <br />of carrying out the work program set forth in Lendee's application <br />for loan assistance, Appendix A, attached hereto and made a part <br />hereof, shall be financed by loan funds. <br />3. Accounting <br />A. The Lendee agrees to establish and maintain accurate and complete <br />accounts and records relating to the receipt and expenditure of <br />any and all loan funds including, but not limited to, <br />documentation and information relating to the selection and <br />payment of consultants. <br />B. The above documents and records of the Lendee shall be audited by <br />the Lendee in the same man:ar as all other accounts and records of <br />the Lendee are audited, and may be audited and/or inspected on <br />Lendee's premises or otherwise by individuals or organizations <br />designated and authorized by the Council at any time following <br />reasonable notification during the loan period, and for a period <br />of three years following final loan payment. <br />4. Reports <br />A. Midpoint Report. Lendee shall prepare and deliver a midpoint report <br />by letter notifying she Council that the activities undertaken in <br />connection with loan assistance are half completed. The report shall <br />contain a shcrt description of the utilization of loan funds, <br />projected future planning expenses and any anticipated problems in <br />meeting completion dates. The report is due July 1, 1987. <br />B. Final Progress Report. The Lendee agrees that upon completion of the <br />total work program, the Lendee will submit to the Council a final <br />progress report which shall be evaluated by the Council to determine <br />that: <br />1) The planning costs funded by this loan did not exceed 75 percent <br />of the total cost of the work program. <br />2) The scope of work was completed. <br />3) The terms of this Loan Agreement were met. <br />The final progress report is due July 1, 1988. <br />5. General Conditions <br />A. Duration. The period of loan award specified herein shall commence on <br />the execution of this agreement and remain in force and effect until <br />December 1, 1989. <br />