2007-05-23 CC Set Agenda & Handouts

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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 Payment Requests. State Entity shall disburse funds to the Public Entity pursuant to this Agreement, based upon a payment request provided by the State Entity, submitted by the Public Entity arid reviewed and approved by the State Entity. Payment requests must be accompanied by supporting invoices that relate to activities in the approved Redevelopment Budget. The amount of grant funds requested by the Public Entity cannot exceed 50% of the total approved Redevelopment costs incurred by the Public Entity as supported .by invoices. Section 5.02 Additional Funds from Borrower. If the State Entity shall at any time in good faith determine that the sum of the undisbursed amount of the Grant plus the amount of all other funds committed to the completion of the Project is less than the amount required to pay all costs and expenses of any kind which reasonably may be anticipated in connection with the completion of the Project, then the State Entity may send written notice thereof to the Public Entity specifying the amount which must be supplied in order to provide sufficient funds to cOn:;lplete the Project. The Public Entity agrees that it will, within 10 calendar days of receipt of any such notice, supply or have some other entity supply' the amount of funds specified in the State Entity's notice. Section 5.03 Condition Precedent to Any Disbursement. The obligation of the State Entity to make any Disbursement hereunder (including the initial Disbursement) shall be subject to the following conditions precedent: A. The State Entity shall have received a Payment Request for such Disbursement specifying the amount of funds being requested, which such amount when added to all prior requests for Disbursement shall not exceed the maximum amount of the Grant set forth in Section 1.01. B. The State Entity shall have received Ii duly executed Declaration that has been duly recorded in the appropriate governmental office, with all of the recording information displayed thereon. Generic GO Bond Proceeds Grant Agreement for Construction Grants 14 RDGP-07-0004-0-FY07 Ver - 1212006 (Gnrc GO GA-Cnstrctn Gmt)