City Funds. Subject to the provisions hereof, the City will advance the amount of XXXXXXXX Dollars ($XXXXX), as a grant by way of forgivable loan, from the City's Development Charges Reserve Fund for Subsidized Housing. The City Funds will be advanced upon the conditions set out in Section 4.6, either being satisfied or waived and in accordance with Article 5 and which funds are to be used solely to fund the development of the Project and to enhance the affordability of the Affordable Housing funded hereunder;
City Funds. City agrees to provide the City Funds to the Administrator no later than thirty (30) days of the City’s receipt of a written request from the Administrator. City shall make payment of the City Funds by check made payable to the Administrator, or by wire transfer, at the City’s discretion. The Administrator shall maintain the City Funds in such a way as to ensure satisfactory record-keeping, monitoring and auditing as provided in Paragraph 5 of this Agreement.
City Funds. Except as specified in the Funding Agreement, in no event shall the CITY’s General Fund, any of the CITY’s general or special funds, or any of the funds in the hands of the CITY or its accounts now and in the future be obligated as or claimed as a source of funding for reimbursement to LANDOWNER of the costs of Public Facilities or Backbone Infrastructure constructed by LANDOWNER. Nothing in this Agreement, except for the Funding Agreement Business Terms, shall be construed to obligate such funds held by the CITY.
City Funds. The CITY shall keep an accounting of all CITY staff time, CITY expenses, including CITY consultant fees, and CITY contributions directly related to PERC Phase 1. This accounting will be considered part of the CITY cost-share of the project.
City Funds. The City has budgeted $2,735,000 for the Project (the “RPD Funding”). Of this total, $2,700,000 is allocated to construction, project management, survey, other pre-design work, and other soft costs; and $35,000 is allocated to lighting. As of the execution of this agreement, RPD does not have any other funds available for the Project. RPD’s commitment to provide City Funds to complete the Project is contingent upon GBD providing the full amount of the Cash Grant set forth in Section 4.2 below.
City Funds. CITY funds are the portion of the Consortium Funds that were identified by State HCD as the amount of PLHA funds that would have been allocated to CITY. By execution of this Agreement, CITY authorizes that its PLHA funds be allocated to the Consortium and restricted for use by the eligible uses contained in the Plan. CITY may exercise control over the eligible uses of its own funds as provided for in Section 21(b) of this Agreement.
City Funds. City agrees to provide the City Funds to the Administrator by payment of invoices, “Invoice,” as the City Funds are expended. Payment will be made no later than thirty (30) days of the City’s receipt of a written invoice the Administrator (i) detailing the work completed, (ii) certifying that the work was part of the BFF Project and was either conducted in the City of Orlando or directly benefits citizens of the City of Orlando. City shall make payment of the City Funds by check made payable to the Administrator, or by wire transfer, at the City’s discretion. The Administrator shall not invoice the City more than once in any thirty (30) day period.
City Funds. Upon Facebook’s request, the City must demonstrate through the delivery of supporting documents and other evidence that it has sufficient funds to reimburse Facebook for any Approved Project Enhancements or City Modifications, including any change orders approved pursuant to Section 4.1.4. The City may satisfy this requirement by providing evidence that the City Council has approved funding for the Approved Project Enhancements and City Modifications (as applicable) and deposited the funds in a dedicated or restricted fund. If the City fails to demonstrate that it has sufficient funds to pay for the Approved Project Enhancements or City Modifications, then Facebook may suspend its Design Team’s and general contractor’s work and services on the Project, without responsibility or liability for the resulting delay, until the City reasonably demonstrates that it has sufficient funds. In addition, and without limitation to the preceding or any other remedies that Facebook may be entitled to, subject to Section 8 of this Agreement, Facebook may terminate its obligation to develop the Approved Project Enhancements or any City Modifications if the City is unable to reasonably demonstrate that it has sufficient funds available to cover the anticipated cost of the Approved Project Enhancements or the City Modifications (as applicable). 5.2
City Funds. As consideration for TRC’s assistance with the ED Activities and the CDP Activities, the City will provide monetary funding to TRC each year during the Term of this Agreement (“City Funds”). Within 60 days of the Effective Date, the City will pay to TRC the City Funds in the amount of $35,000.00. During each remaining year of the Term, the City will determine during the City’s annual budgeting process the amount of City Funds to be paid to TRC. The City will pay the City Funds by November 1 of each remaining year of the Term. TRC will use the City Funds to accomplish the ED Activities and the CDP Activities. TRC also may use the City funds to pay for legal and accounting services and any other administrative services that TRC and the City deem reasonable and necessary to carry out TRC’s obligations under this Agreement.
City Funds. The legislation also authorizes the city to continue a 1% sales tax increase passed in 2009, during the recession, which was due to expire in June 2014. It is important to note that these funds are not available to help fill the current year budget hole. It appears, instead, that the city will borrow $50 million against these funds to fill the current gap.
