Common use of Billing Clause in Contracts

Billing. All invoices are mailed by the Commission on a semiannual basis 45 days prior to the due date. Payments are due on the last business day in January and on July 1st of each year. • The loan may be paid in full at any time; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Call Xxxxx XxXxxx, Loan Officer, at 614.728.2466 or e-mail her at xxxxx.xxxxxx@xxx.xxxxx.xx.xx. Additional information is located on the loan page of our web site at xxxx://xxx.xxx.xxxxx.xx.xx. Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission (OPWC) must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when the OPWC is reimbursing the local subdivision for paid construction-related project costs already incurred, including in-kind and force account work. If the local government does not plan to seek reimbursement from the OPWC for project costs, i.e., the Commission will pay all contractors directly, these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to us indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement from the Commission for any project construction costs, a "Declaration of Official Intent" (i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" indicating this choice AND your passed Resolution to our office. The Resolution will allow the OPWC and local subdivision to comply with the federal regulations which pertain to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for construction-related project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Prior to passing the Resolution please keep the following in mind:

Billing. All invoices are mailed by the Commission on a semiannual basis 45 days prior to the due date. Payments are due on the last business day in January and on July 1st of each year. • The loan may be paid in full at any time; however, the OPWC OSGCIC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Call Xxxxx XxXxxx, Loan Officer, at 614.728.2466 or e-mail her at xxxxx.xxxxxx@xxx.xxxxx.xx.xx. Additional information is located on the loan page of our web site at xxxx://xxx.xxx.xxxxx.xx.xx. Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission Small Government Capital Improvements Program (OPWCOSGCIC) must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when the OPWC OSGCIC is reimbursing the local subdivision for paid construction-related project costs already incurred, including in-kind and force account work. If the local government does not plan to seek reimbursement from the OPWC OSGCIC for project costs, i.e., the Commission will pay all contractors directly, these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to us indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement from the Commission for any project construction costs, a "Declaration of Official Intent" (i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" indicating this choice AND your passed Resolution to our office. The Resolution will allow the OPWC OSGCIC and local subdivision to comply with the federal regulations which pertain to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for construction-related project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Prior to passing the Resolution please keep the following in mind:

Billing. All invoices are mailed by the Commission on a semiannual basis 45 days prior to the due date. Payments are due on the last business day in January and on July 1st of each year. • The loan may be paid in full at any time; however, the OPWC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Call Xxxxx XxXxxx, Loan Officer, at 614.728.2466 or e-mail her at xxxxx.xxxxxx@xxx.xxxxx.xx.xx. Additional information is located on the loan page of our web site at xxxx://xxx.xxx.xxxxx.xx.xx. Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission (OPWC) must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when the OPWC is reimbursing the local subdivision for paid construction-related project costs already incurred, including in-kind and force account work. If the local government does not plan to seek reimbursement from the OPWC for project costs, i.e., the Commission will pay all contractors directly, these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to us indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement from the Commission for any project construction costs, a "Declaration of Official Intent" (i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" indicating this choice AND your passed Resolution to our office. The Resolution will allow the OPWC and local subdivision to comply with the federal regulations which pertain to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for construction-related project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Prior to passing the Resolution please keep the following in mind:

Billing. All invoices are mailed by the Commission on a semiannual basis 45 days prior to the due date. Payments are due on the last business day in January and on July 1st of each year. • The loan may be paid in full at any time; however, the OPWC OSGCIC does not accept loan payments over the invoiced amount if the loan is not being paid in full. • Should the repayment amount equal $5,000 or less, it must be paid in two equal payments according to the billing cycle described above. • We do not accept electronic funds transfers or lock box deposits. Call Xxxxx XxXxxx, Loan Officer, at 614.728.2466 or e-mail her at xxxxx.xxxxxx@xxx.xxxxx.xx.xx. Additional information is located on the loan page of our web site at xxxx://xxx.xxx.xxxxx.xx.xx. Due to tax regulations issued by the Internal Revenue Service, the Ohio Public Works Commission Small Government Capital Improvements Program (OPWCOSGCIC) must follow guidelines relating to the disbursement of funds to local subdivisions who have received a loan. These regulations apply only when the OPWC OSGCIC is reimbursing the local subdivision for paid construction-related project costs already incurred, including in-kind and force account work. If the local government does not plan to seek reimbursement from the OPWC OSGCIC for project costs, i.e., the Commission will pay all contractors directly, these regulations do not affect you. If you are not seeking reimbursement, you only need to return the enclosed "Notification of Disbursement Method" to us indicating this choice. NOTE: If you elect to change your selection you must resubmit the form with an adopted Declaration of Official Intent as described below. You may only resubmit if you are within 60 days of the start of construction (see item 2. below). If the local government plans to seek reimbursement from the Commission for any project construction costs, a "Declaration of Official Intent" (i.e. Resolution) must be adopted. Enclosed is a sample Resolution. If you intend to seek reimbursement, you must return the enclosed "Notification of Disbursement Method" indicating this choice AND your passed Resolution to our office. The Resolution will allow the OPWC OSGCIC and local subdivision to comply with the federal regulations which pertain to the proceeds of tax exempt debt, the funding source for your loan. The "Official Intent" means that at the time the local subdivision makes a payment for construction-related project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from us. Prior to passing the Resolution please keep the following in mind: