2006-09-27 CC Packet - Laserfiche WebLink

Home Browse Search

Procedures 93-19 and 97-13, or (iii) compliance with Code provisions, regulations, or revenue procedures which amend or supersede the foregoing. E. It will not otherwise use any of the Grant, including earnings thereon, if any, or take or permit to or cause to be taken any action that would adversely affect the exemption from federal income taxation of the interest on the G.O. Bonds, nor otherwise omit, take, or cause to be taken any action necessary to maintain such tax exempt status, and if it should take, permit, omit to take, or cause to be taken, as appropriate, any such action, it shall take all lawful actions necessary to rescind or correct such actions or omissions promptly upon having knowledge thereof. Section 4.03 Changes to G.O. Compliance Legislation or the Commissioner's Order. In the event that the G.O. Compliance Legislation or the Commissioner's Order is amended in a manner which reduces any requirement imposed against the Public Entity, or if the Public Entity's interest in the Real Property and, if applicable, the Facility is exempt from the G.O. Compliance Legislation and the Commissioner's Order, then upon written request by the Public Entity the State Entity shall enter into and execute an amendment to this Agreement to implement herein such amendment to or exempt the Public Entity's interest in the Real Property and, if applicable, the Facility from the G.O. Compliance Legislation or the Commissioner's Order. Article V DISBURSEMENT OF GRANT PROCEEDS Section 5.01 Eligible Costs. Eligible costs for reimbursement shall be only those capital costs directly incurred by the Agency or its agent in accordance with the approved budget as shown on Attachment A hereto to the extent practicable and within the project period specified in the Agreement. Any material change in the scope of the project, budget or completion date shall require prior written approval by the State. Section 5.02 Uses of Funds. The Agency shall use the State's funds granted under this Agreement only for the capital costs of the Project as intended by the Legislature and described in the approved Application. _ Section 5.03 Reimbursements of Costs. Grant funds under this Agreement will be made to the Agency on a reimbursable basis. Payment of eligible costs shall be made to the Agency upon the Agency's submission of the following documents to the State, subject to review and approval by the State: 5.03.1 A copy of the financial documentation as outlined in the financial manual is included by reference; and 5.03.2 Certification that the Agency is in full compliance with its representations and warranties contained in Section 2.6 above. Section 5.04 Construction Inspections. The Public Entity and the Architect, if any, shall be responsible for making their own inspections and observations of the Project, and shall determine to their own satisfaction that the work done or materials supplied by the Contractors to whom payment is to be made out of each Advance has been properly done or supplied in accordance with the applicable contracts with such Contractors. If any work done or materials supplied by a Contractor are not satisfactory to the Public Entity or the Architect, if any, or if a Contractor is not in material compliance with the Construction Contract Documents in any City of Centerville City Park 9/11/2006 15 c3S