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(c) Disbursements shall be for costs incurred prior to the Disbursement Cut-Off Date, and no Disbursements shall be made following the Disbursement Cut-Off Date; (d) Disbursements shall be made for eligible work called for in the engineering services contract and in the plans and specifications approved by the Commission and Bond issuance costs eligible under Title XVI of the Rules of the Commission, as now or hereafter amended ("Title XVI"); and (e) All requests for Disbursements must be made in accordance with Title XVI and shall be made by forwarding a completed copy of a Disbursement Request, in the form attached as Exhibit C hereto, to the Commission's Water Resources Development Division, along with the documentation for eligible Project Costs incurred since the last Disbursement Request and not previously submitted. 8. The parties hereto acknowledge that the Authority intends to pledge the Bond to secure payment of the Authority's wastewater system revolving loan fund revenue bonds (the "ADFA Bonds"). The Authority agrees not to make any other transfer or attempt to transfer the Bond without the prior written consent of the Commission and without written disclosure to the transferee that the interest on the Bond is includable in gross income for federal income tax purposes. Upon transfer of the Bond, the Authority and the Commission may assign their rights hereunder to the new owner of the Bond without consent of the Issuer. 9. The Issuer represents and warrants to, and agrees with, the Authority and the Commission that: (a) The Issuer is a city of the first class, duly organized and existing under the laws of the State of Arkansas, and has, and at the date of Closing will have, full legal right, power, and authority (i) to enter into this Agreement, (ii) to adopt the Bond Ordinance and the Tax Ordinance, (iii) to issue, sell and deliver the Bond to the Authority as provided herein, (iv) to levy the Tax and pledge the Tax collections, and (v) to carry out and consummate the transactions contemplated by this Agreement and the Bond Ordinance; (b) The Issuer has complied, and will at the date of Closing be in compliance, in all respects, with the Authorizing Legislation; (c) By adoption of the Bond Ordinance pursuant to the Authorizing Legislation, the Issuer has duly authorized and approved the execution and delivery of, and the performance by the Issuer of the obligations contained in, the Bond and this Agreement and, when delivered to and paid for by the Authority at the Closing in accordance with the provisions of this Agreement, the Bond will have been duly authorized, executed, issued, and delivered and will constitute a valid and binding obligation of the Issuer in accordance with its terms, in 4