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It is the intent of the parties hereto that the rate of disbursement of the Disbursements shall not exceed the rate of completion of the Project or the rate of disbursement of the matching funds required, if any, under Section 7.23. Therefore, the cumulative amount of all Disbursements disbursed by the State Entity at any point in time shall not exceed the portion of the Project that has been completed and the percentage of the matching funds required, if any, under Section 7.23 that have been disbursed as of such point in time. This requirement is expressed by way of the following two formulas: Formula #1 Cumulative Disbursements <(Program Grant) x(percentage of matching funds, if any, required under Section 7.23 that have been disbursed) Formula #2 Cumulative Disbursements <(Program Grant) x(percentage of Project completed) Section 6.02 Payment Requests. Whenever the Public Entity desires a Disbursement of a portion of the Program Grant, the Public Entity shall submit to the State Entity a Payment Request duly executed on behalf of the Public Entity or its designee. Each Payment Request with respect to construction items shall be limited to amounts equal to; (i) the total value of the classes of the work by percentage of completion as approved by the Public Entity and the State Entity, plus (ii) the value of materials and equipment not incorporated in the Project but delivered and suitably stored on or off the Real Property in a manner acceptable to the State Entity, less (iii) any applicable retainage, and less (iv) all prior Disbursements. Notwithstanding anything herein to the contrary, no Disbursements for materials stored on or off the Real Property will be made by the State Entity unless the Public Entity shall advise the State Entity, in writing, of its intention to so store materials prior to their delivery and the State Entity has not obj ected thereto. At the time of submission of each Payment Request, the Public Entity shall submit to the State Entity such supporting evidence as may be requested by the State Entity to substantiate all payments which are to be made out of the relevant Payment Request or to substantiate all payments then made with respect to the Proj ect. If on the date a Disbursement is desired the Public Entity has complied with all requirements of this Agreement and the State Entity approves the relevant Payment Request and receives a current construction report from the Inspecting Engineer recommending payment, then the State Entity shall disburse the amount of the requested Disbursement to the Public Entity. Section 6.03 Additional Funds. If the State Entity shall at any time in good faith determine that the sum of the undisbursed amount of the Program Grant plus the amount of all other funds committed to 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 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 complete the Project. The Public Generic GO Bond Proceeds 22 Grant Agreement for ProgramConstruction Grants RDGP-08-0029-o-FY09 Ver — 8/20/08 (Gnrc GO GA-Prgrm Cnstrctn Grnt)