2009-12-02 - Laserfiche WebLink

Home Browse Search

(a) Disbursements shall only be made based upon actual work completed; (b) The Issuer may request reimbursement for costs not more often than monthly, provided, however, during the Project performance period requests for reimbursement shall be limited to quarterly; (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 Authority agrees not to make any transfer or attempt to transfer the Bond except to the Commission. 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 Rate Ordinances, (iii) to issue, sell, and deliver the Bond to the Authority as provided herein, (iv) to levy the Rates and pledge the System Revenues, and (v) to carry out and consummate the transactions contemplated by this Agreement, the Bond Ordinance, and the Rate Ordinances; (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 conformity with the Authorizing Legislation, entitled to the benefit and security of the Bond Ordinance; 4