1998 039 Ordinance - Laserfiche WebLink

Home Browse Search

theretofore made from the Loan proceeds, (ii) that each item for which payment is proposed to be made is or was necessary in connection with the Project, and (iii) that the Village has received, or will receive as a condition of such payment, from each payee appropriate waivers of any mechanics' or other liens (or has provided indemnification in lieu thereof satisfactory to the Director). There will be no interest on the Loan for the first 12 months of the Loan. Interest accruing on the Loan from December 1, 1999 through November 30, 2000 of the Loan shall be accrued to the principal amount and amortized over the remaining term of the Loan. In the event that the Loan proceeds are not sufficient to pay all costs of the Project, the Village shall, nonetheless, complete the Project in order to fulfill the public purposes of the Act and shall pay all costs of such completion in full from its own funds. The Village shall not be entitled to any reimbursement for such completion costs or issuance costs from the Director; nor shall it be entitled to any abatement, diminution or postponement of the Loan payments. The Director will not be required to make any disbursements if an Event of Default has occurred and is continuing. Section 3.3. Plans and Specifications. At the Director's option, the Director may designate an employee or officer of the State or may retain, at the Village's expense, an architect, engineer, appraiser or other consultant (provided that only one such professional or firm of professionals shall be so retained) for the purpose of approving the Plans and Specifications, verifying costs and performing inspections of the Project as Provision of the Project progresses or reviewing any operation or construction contracts and payment or performance bonds or other forms of assurance of completion of the Project. Such inspections, reviews or approvals shall not impose any responsibility or liability of any nature upon the Director, the State or officers, employees, agents, representatives or designees of the Director or the State, or, without limitation, make or cause to be made any warranty or representation as to the adequacy or safety of the structures or any of their component parts or any other physical condition or feature pertaining to the Project. The Village shall, at the request of the Director, make periodic reports (including, if required, submission of updated Cost Certifications) to the Director concerning the status of completion and the expenditures for costs in respect thereof. Section 3.4. Completion Date. The Completion Date shall be evidenced to the Director by a certificate of the Village stating (a) the Completion Date, and (b) that provision of the Project has been completed, that all costs of providing the Project have been paid and the date as of which operation of the Project shall commence. Such certificate shall be accompanied by the Final Cost Certification. Section 3.5. Administrative Fee. The Village agrees to pay the Director an annual administrative fee equal to 0.25% per annum times the outstanding principal balance of the Loan. This administrative fee will commence accruing on December 1, 1999 and continue through final maturity of the Loan. 10