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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 />5.13. Therefore, the cumulative amount of all Advances disbursed by the State Entity at any point in time <br />shall not exceed the portion of the Project that has been completed and the percentage of the matching funds <br />required, if any, under Section 5.13 that have been disbursed as of such point in time. This requirement is <br />expressed by way of the following two formulas: <br /> <br />Formula #1: <br />Cumulative Advances < (Program Grant) × (percentage of matching funds, if any, required under <br />Section 5.13 that have been disbursed) <br /> <br />Formula #2: <br />Cumulative Advances < (Program Grant) × (percentage of Project completed) <br /> <br />Section 4.02 Draw Requisitions. Whenever the Public Entity desires a disbursement of a portion <br />of the LBRP Grant the Public Entity shall submit to MnDOT a Draw Requisition duly executed on behalf <br />of the Public Entity or its designee. Each Draw Requisition with respect to construction items shall be <br />limited to amounts equal to: (i) the total value of the classes of the work by percentage of completion as <br />approved by the Public Entity and MnDOT, plus (ii) the value of materials and equipment not incorporated <br />in the Project but delivered and suitably stored on or off the Real Property in a manner acceptable to <br />MnDOT, less (iii) any applicable retainage, and less (iv) all prior Advances. <br /> <br />Notwithstanding anything herein to the contrary, no Advances for materials stored on or off the Real <br />Property will be made by MnDOT unless the Public Entity shall advise MnDOT, in writing, of its intention <br />to so store materials prior to their delivery and MnDOT has not objected thereto. <br /> <br />At the time of submission of each Draw Requisition, other than the final Draw Requisition, the Public <br />Entity shall submit to MnDOT such supporting evidence as may be requested by MnDOT to substantiate <br />all payments which are to be made out of the relevant Draw Requisition or to substantiate all payments <br />then made with respect to the Project. <br /> <br />The final Draw Requisition shall not be submitted before completion of the Project, including any <br />correction of material defects in workmanship or materials (other than the completion of punch list items). <br />At the time of submission of the final Draw Requisition the Public Entity shall submit to MnDOT: (I) such <br />supporting evidence as may be requested by MnDOT to substantiate all payments which are to be made <br />out of the final Draw Requisition or to substantiate all payments then made with respect to the Project, and <br />(ii) satisfactory evidence that all work requiring inspection by municipal or other governmental authorities <br />having jurisdiction has been duly inspected and approved by such authorities and that all requisite <br />certificates and other approvals have been issued. <br /> <br />If on the date an Advance is desired the Public Entity has complied with all requirements of this <br />Agreement and MnDOT approves the relevant Draw Requisition, then MnDOT shall disburse the amount <br />of the requested Advance to the Public Entity. <br /> <br />Section 4.03 Additional Funds. If MnDOT shall at any time in good faith determine that the sum <br />of the undisbursed amount of the LBRP Grant plus the amount of all other funds committed to the Project <br />is less than the amount required to pay all costs and expenses of any kind which reasonably may be <br />anticipated in connection with the Project, then MnDOT may send written notice thereof to the Public <br />Entity specifying the amount which must be supplied in order to provide sufficient funds to complete the <br />Project. The Public Entity agrees that it will, within 10 calendar days of receipt of any such notice, supply <br />or have some other entity supply the amount of funds specified in MnDOT's notice.
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