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02-10-2020-R
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02-10-2020-R
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MnDOT Agreement No. 1031751 <br />Revised 5/14/19 <br /> <br /> <br />B. It will deposit and hold the LBRP Grant in a segregated non-interest-bearing account until such <br />funds are used for payments for the Project. <br /> <br />C. It will, upon written request, provide the Commissioner all information required to satisfy the <br />informational requirements set forth in the Code, including Sections 103 and 148, with respect <br />to the G.O. Bonds. <br /> <br />D. It will, upon the occurrence of any act or omission by the Public Entity that could cause the <br />interest on the G.O. Bonds to no longer be tax exempt and upon direction from the <br />Commissioner, take such actions and furnish such documents as the Commissioner determines <br />to be necessary to ensure that the interest to be paid on the G.O. Bonds is exempt from federal <br />taxation, which such action may include: (i) compliance with proceedings intended to classify <br />the G.O. Bonds as a “qualified bond” within the meaning of Code Section 141(e), or (ii) <br />changing the nature of the use of the Real Property so that none of the net proceeds of the G.O. <br />Bonds will be deemed to be used, directly or indirectly, in an “unrelated trade or business” or <br />for any “private business use” within the meaning of Code Sections 141(b) and 145(a). <br /> <br />E. It will not otherwise use any of the LBRP Grant or take, permit or cause to be taken, or omit to <br />take, any action that would adversely affect the exemption from federal income taxation of the <br />interest on the G.O. Bonds, and if it should take, permit or cause to be taken, or omit to take, <br />as appropriate, any such action, it shall take all lawful actions necessary to correct such actions <br />or omissions promptly upon obtaining knowledge thereof. <br /> <br />Section 3.03 Changes to G.O. Compliance Legislation or the Commissioner’s Order. If Minn. <br />Stat. Sec. 16A.695 or the Commissioner’s Order is amended in a manner that reduces any requirement <br />imposed against the Public Entity, or if the Public Entity’s interest in the Real Property becomes exempted <br />from Minn. Stat. Sec. 16A.695 and the Commissioner’s Order, then upon written request by the Public <br />Entity, MnDOT shall execute an amendment to the Agreement to implement such amendment or exempt <br />the Public Entity’s interest in the Real Property from Minn. Stat. Sec. 16A.695 and the Commissioner’s <br />Order. <br /> <br />Article IV <br />DISBURSEMENT OF GRANT PROCEEDS <br /> <br />Section 4.01 The Advances. MnDOT agrees, on the terms and subject to the conditions set forth <br />herein, to make Advances of the LBRP Grant to the Public Entity from time to time in an aggregate total <br />amount not to exceed the amount of the LBRP Grant. If the amount of LBRP Grant that MnDOT <br />cumulatively disburses hereunder to the Public Entity is less than the amount of the LBRP Grant delineated <br />in Section 1.01, then MnDOT and the Public Entity shall enter into and execute whatever documents <br />MnDOT may request in order to amend or modify this Agreement to reduce the amount of the LBRP Grant <br />to the amount actually disbursed. Provided, however, in accordance with the provisions contained in <br />Section 2.11, MnDOT’s obligation to make Advances shall terminate as of the dates specified in Section <br />2.11 even if the entire LBRP Grant has not been disbursed by such dates. <br /> <br />Advances shall only be for expenses that (i) are for those items of a capital nature delineated in Source <br />and Use of Funds that is attached as Exhibit A, (ii) accrued no earlier than the effective date of the <br />legislation that appropriated the funds that are used to fund the LBRP Grant, or (iii) have otherwise been <br />consented to, in writing, by the Commissioner. <br /> <br />It is the intent of the parties hereto that the rate of disbursement of the Advances shall not exceed the rate <br />of completion of the Project or the rate of disbursement of the matching funds required, if any, under Section
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