Laserfiche WebLink
<br />Project. The City agrees to comply with the covenants and agreements contained within the <br />Project Agreements. <br /> <br />4.2 Project Completion. Upon completion of the Project, the City shall provide the <br />Authority, Zone and County with a fmal cost summary of all costs associated with the Project, <br />and show that all amounts owing to contractors and subcontractors have been paid in full as <br />evidenced by customary affidavits executed by such contractors. The City shall also provide <br />verification to the Zone, Authority and County that the Project was constructed as authorized by <br />the OLO. <br /> <br />4.3 Responsibilities of the County. Upon receipt of verification that the Project was <br />constructed as authorized by the GLO, the County shall assist the City by performing the <br />maintenance and annual reporting required by Article 4.03 (B) and (C) of the Special Document <br />No. SD 2008-0002. <br /> <br />ARTICLE 5 <br />PROJECT FINANCING AND FUNDING <br /> <br />5.1 The Develooment Corporation and County Advances. <br /> <br />(a) (i) The Development Corporation has advanced the City $700,000 to be used by <br />the City for the Project. <br /> <br />(ii)The County, pursuant to the provisions of the Interlocal Agreement, has advanced the <br />City, $600,000 to be used by the City for the Project. <br /> <br />(iii)To the extent possible, the City will expend the moneys described in subparagraphs <br />(i) and (ii) above on the Project on a equal dollar for dollar basis between the Development <br />Corporation and the County up to the County's maximum contribution of $600,000.00. After <br />completion of the Project, the City agrees to return respective funds of the Development <br />Corporation and the County remaining after the City has met the funding obligations contained <br />in the Project Cooperation Agreement. <br /> <br />(b) Interest on each Advance shall accrue at a rate equal to the prime commercial lending <br />rate of Chase Manhattan Bank, National Association, or any successor to its commercial <br />banking activities, plus one percent per annum, compounded semiannually, whether such costs, <br />fees, or expenses are paid or incurred before or after the effective date of this Agreement. Interest <br />shall be calculated on the basis of a year of 360 days and the actual days elapsed (including the <br />first day but excluding the last day) occurring in the period for which such interest is payable, <br />unless such calculation would result in a usurious rate, in which case interest shall be calculated <br />on the per annum basis of a year of 365 or 366 days, as applicable, and the actual days elapsed <br />(including the first day but excluding the last day). <br /> <br />Page 5 of 11 <br />