Reso 2001-330 - Laserfiche WebLink

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4.07. CLOSE-OUT. The Department shall conduct a final inspection of the Project records, or the Preconstruction Activities records if this Agreement is not amended to fund Construction Related Costs. Following the inspection, deadlines for submitting additional disbursement requests, if any, shall be established, along with deadlines for uncompleted Loan requirements, if any. Deadlines shall be incorporated into the Loan Agreement by amendment. After the Department establishes the final costs to be financed by the Loan, the itemized costs will be adjusted by amendment. The Loan principal shall be reduced by any excess over the amount required to pay all approved costs. As a result of such adjustment, the Semiannual Loan Payment shall be reduced accordingly, as addressed in Section 10.05. 4.08. LOAN DISBURSEMENTS. Disbursements shall be made only by the State Comptroller and only when the requests for such disbursements are accompanied by a Department certification that such withdrawals are proper expenditures. Disbursements shall be made directly to the Local Government for planning, engineering, and administration allowances and for establishing the Loan Repayment Reserve Account. Requests by the Local Government for disbursements of the preconstruction funds shall be made using the Department's disbursement request form but shall not require documentation of actual costs incurred. One-half of the administrative and planning allowances shall be disbursed on request of the Local Government after the Loan Agreement is executed. The remaining one-half of the administrative and planning allowances and the initial one-half of the engineering allowance shall be disbursed on request of the Local Government after the Department has accepted the planning documents. The remaining one-half of the engineering allowance shall be disbursed on request of the Local Government after the completed design documents have been accepted by the Department. Disbursements for Construction Related Costs shall occur only as a result of an amendment to this Agreement. The following allowance amounts will be disbursed after the specified milestone events unless the allowances are reduced pursuant to Section 10.06: Milestone Event Amount Loan Agreement executed $ . 117,000 Department acceptance of planning documents 325,000 Department acceptance of design documents 208,000 Total $ 650,000 ARTICLE V- RATES AND USE OF THE STORMWATER SYSTEM 5.01. RATE COVERAGE. The Local Government shall maintain rates and charges for the services furnished by the Stormwater System which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Local Government shall satisfy the coverage requirements of all senior and parity debt obligations. 8