2007-05-23 CC Set Agenda & Handouts

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.' accordance with the terms of such lease or easement, or (b) the sale of the Public Entit;ys interest in the Real Property and, if applicable, the Facility in accordance with the provisions contained in Section 3.03 and transmittal of all or a portion of the proceeds of such sale to the Commissioner of Finance in compliance with the provisions contained in Section 3.04. Upon such termination the State Entity shall execute and deliver to the Public Entity such documents as are required to release the Real Property and, if applicable, the Facility, from the effect of the Declaration. In the event that the legislation that authorized the Grant is amended to increase or reduce the amount of the Grant or in any other way, then this Agreement shall be deemed to have been automatically modified in accordance with such amendment and the amount of the Grant shall also be automatically modified in accordance with such amendment. Section 2.09 Effect of Event of Default. If an Event of Default occurs and the Public Entity is required to and does return the amount specified in Section 2.06.B to the Commissioner ofFmance, then the following shall occur. A. This Agreement shall survive and remain in full force and effect. B. The amount returned by the Public Entity shall be credited against any amount that shall be due to the Commissioner of Finance under Section 3.04 and against any amount that becomes due and payable because of any other Event of Default. Article m USE CONTRACTS AND SALE Section 3.01 Use Contracts. Each and every Use Contract that the Public Entity enters into must comply with the following requirements: A. The purpose for which the Use Contract was entered into must be a governmental purpose.. B. It must contain a provision setting forth the statutory authority under which the Public Entity is entering the Use Contract, and must comply with the substantive and procedural provisions of such statute. C. It must contain a provision stating that the Use Contract is being entered into in order to carry out the purpose for which the Grant was ~ocated, and mu.,st recite the purpose. D. It must be for a term, including any renewals that are solely at the option of the Usee, that is, if applicable, sub,stantially less than the useful life of the structures and improvements that make up the Facility, but may allow for renewals beyond the original term upon a determination by the Public Entity that the use continues to carry out the specific purpose for which the Grant was allocated. A term that is equal to or shorter than 50% of the useful life of the structures and improvem~ts that make up.. the Facility will Generic GO Bond Proceeds Grant Agreement for Construction Grants 10 RDGP;.Q7-0004-o-FY07 Ver- 1212006 (Gmc GO GA-Cnstrctn Gmt)