1998 039 Ordinance - Laserfiche WebLink

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,, ARTICLE III LOAN AND REPAYMENT; SECURITY Section 3.1. Loan and Loan Payments. The Director agrees, upon and subject to the terms and conditions of this Loan Agreement and the Note, to make the Loan to the Village. The Village agrees to execute and deliver the Note to evidence the Loan. The proceeds of the Loan will be used to fund a portion of the costs of the Project. The terms of the Loan will be as set forth in the Note and this Loan Agreement. The Loan and the Note are special obligations of the Village payable solely from funds available for such use in the Village's capital improvement fund and, if such funds are insufficient, from Nontax Revenues. All payments on the Loan are payable in lawful money of the United States of America and shall be made to the Director. The Village represents that its anticipated Nontax Revenues will be sufficient to, and covenants that it will not pledge or otherwise commit to other obligations those resources it determines necessary to, pay Loan payments when they become due. Section 3.2. Loan Disbursements. Prior to the first disbursement to pay construction costs, the Village will provide the Director: (a) a copy of the construction contracts for the Project, which will provide for a guaranteed fixed price for construction of the Project; (b) verification in form satisfactory to the Director, that the Village has funds sufficient to construct and complete the entire Project; (c) final Plans and Specifications, which must be approved in writing by the Village Engineer. All environmental approvals required for any phase of the Project must be received and approved by the Director prior to any draw for each phase. Each disbursement of Loan proceeds shall be made only upon the written request of the Authorized Village Representative. Each disbursement request will be accompanied by the Disbursement Forms, in form and detail acceptable to the Director, which will include the person or persons for whom payment is requested and copies of all bills submitted to Village for the construction work. The account will be accompanied by a certification from the Project engineer that all construction identified in the disbursement request has been satisfactorily completed in accordance with the Plans and Specifications. In addition, the Authorized Village Representative will certify with respect to each such payment: (i) that each item for which payment is requested is a cost properly payable out of the Loan proceeds in accordance with the terms and conditions of this Loan Agreement and none of the items for which the payment is proposed to be made has formed the basis for any payment 9