1973.06.11 CC Minutes - Laserfiche WebLink

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constructs Costs r .:. '.. :i') p.scent o! the grant _ono. ; .:ttied in the Agreement for Su.'. Liattl i:l er the ' Project has been como!e cd and audited, and the final glint amount determined by the Government. Section 12. Prerequisites to Disbursements.—Prior to the Government disbursing any portion of the grant except as provided otherwise in Section 10 above,the Grantee shall present satisfactory evidence that: (a) It has obtained, or can obtain, all land, rights-of-way, easements, permits, franchises, Federal, State, County, and Municipal approvals required in connection with the construction and operation of the Project, including approval of the final plans and specifications by the appropriate State authorities; (b) It has the funds or a firm binding commitment to provide its shares of the Project Cost; (c) It has deposited into the designated Account, any portion then available of the funds to be furnished by the Grantee to meet its share of the Project Cost and that it will promptly deposit any remaining portion of its share of the Project Cost in order that all payments in connection with the Project can be made as the same become due; (d) The Project can be completed at a total cost satisfactory to the Government which will be within the amount of funds available therefor;and (e) It is able to provide or obtain the provisions of all necessary building or household connections and local collection or distribution laterals as determined by the Government from sources other than grant funds hereunder. • t Section 13. Construction Account.—The Grantee shall establish and maintain with a designated Depository, a.. or a fiscal agency of the Grantee fixed by law, a separate account or accounts (herein collectively called the •"Construction Account) into which shall be deposited any temporary loans, Government grants, and the additional funds required by the provisions of the Grant Agreement to be furnished by the Grantee in order to t_ assure the payment of all Project Costs. Moneys in the Construction Account shall be expended only for such purposes as shall have been previously specified in the Project Cost estimates approved by the Government.The • Grantee shall pay all Project Costs from the Construction Account. Moneys in the Construction Account shall be secured by the Depository in the manner prescribed by statutes relating to the securing of public funds. Where the moneys on deposit in the Construction Account exceed the estimated disbursements on account of the Project for the next 90 days, the Grantee may direct the Depository • to invest such excess funds in direct obligations of, or obligations the principal of and interest on which are guaranteed by, the United States Government, which shall mature not later than 18 months after the date of such investment and which shall be subject to redemption at any time by the holder thereof. After completion of construction and payment of all costs of the Project, any balance in the Construction ..`. Account shall remain therein pending determination by the Government of the total Project Cost and the grant. Such balance shall be used to refund promptly to the Government any overpayment made with respect to the grant;any amount thereafter remaining shall be available for disposition by the Grantee in accordance with its other contractual agreements,applicable State or local law or other governing conditions. Section 14. Prompt Procedure - Economic construction.—The Grantee covenants and agrees that it will • proceed promptly with all matters necessary to the financing and the development of the Project; and that the Project will be undertaken and developed in such manner that economy will be promoted in such development and in the construction work. Section 15. Approvals and Permits.—The Grantee shall obtain approvals and permits required by law as a condition precedent to the acquisition,construction,development,and operation of the Project. 3 • M!D-41420(7-72) • * .,‘ • F tf