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<br />meet the requirement that it be for a time period that is substantially shorter than the. useful <br />life of such structures and improvements. <br /> <br />E. It must contain a provision that will provide for oversight by the Public Entity. <br />Such oversight may be accomplished by way of a provision that will require the Usee to <br />provide to the Public Entity; (i) an fuitial program evaluation report, and (ii) a program <br />budget, at least annually, showing forecast program revenues and expenses for the next <br />fiscal year. <br /> <br />F. It must allow for termination by the Public Entity in the event of a default <br />thereunder by the Usee, or in the event that the specific purpose for which the Grant was <br />allocated is terminated or changed. <br /> <br />G. It must .require the Usee to pay all costs of operation and maintenance of the . <br />Real Property and, if applicable, the Facility, unless the Public Entity is authorized by law <br />to pay such costs and agrees to pay such costs. <br /> <br />H. If any monies are to be paid to the Public Entity under the Use Contract, then it <br />must contain a provision requiring that each and every party thereto shall, upon direction by <br />the Commissioner of Finance, take such actions and furnish such documents to the <br />Commissioner of Finance as the commissioner determines to be necessary to ensure that <br />the interest to be paid on the G.O. Bonds is exempt from federal income taxation. <br /> <br />. 1. It must be approved, in writing, by both the State Entity and the Commissioner <br />of Finance, and any Use Contract that is not approved, in writing, by both the State Entity <br />and the Commissioner of Finance shall be null and void and of no force or effect. <br /> <br />J. If the amount of the Grant exceeds $200,000.00, then it must coJitain a <br />provision requiring the Usee to list any vacant or new positions it may have with job <br />services of the Commissioner of Employment and Econonllc Development for the State of <br />Minnesota, or the local service units, as required by. Minn. Stat. ~ 268.66, subd. 1 that <br />exists as of the date of this Agreement and as such may subsequently be amended, modified <br />or replaced from time to time, for the temi of the Use Contract. <br /> <br />Section 3.02 Receipt of Monies Under a Use Contract. If the Public Entity receives <br />any monies under a Use Contract, then a portion of such monies in excess of the amount the <br />Public Entity needs and is authorized to use to pay the operating expenses of the Real Property <br />and, if applicable, the Facility, or to pay the principal, interest, redemption premiums, and other <br />expenses on debt related to the Real Property and, if applicable, the Facility, other than the debt <br />on the G.O. Bonds and debt for which the Public Entity has no financial liability, must be paid by <br />the Public Entity to the Commissioner of Finance. The portion of such excess monies that the <br />Public Entity shall pay to the Commissioner of Finance shall be determined by the Commissioner <br />of Finance mid absent circumstances which would indicate otherwise such portion shall be <br />determined by multiplying such excess amount by a fraction the numerator of which is the <br />amount of G.O. Bonds and the denominator of which is the total principal amount of all public <br />debt financing incurred with respect to the Real Property and, if applicable, the Facility other <br />than public debt issued by a public entity for which it has no financial liability. <br /> <br />Generic GO Bond Proceeds <br />Grant Agreement for Construction Grants <br /> <br />11 <br />RDGP-07-OO04-0-FY07 <br /> <br />Ver-12l2006 <br />(Gnrc GO GA-Cnstrctn Gmt) <br />