MCSD Obligations Clause Samples

MCSD Obligations i. MCSD agrees to accept EPB funding in the amount of $50,000.00 according to the payment schedule set forth above. ii. MCSD agrees to expend the funds only for the PROJECT in accordance with the budget attached as Exhibit B, and that any portion of the Funding that is disbursed but not so used as set forth in this Agreement will be returned to EPB. 1. MCSD shall request draw payments only to reimburse project costs that have been paid. 2. MCSD shall maintain a detailed accounting of its expenditure of the funding, and shall allow the City access to and examination of such accounting records at all reasonable times, until the expiration of three years after the final payment under this agreement. iii. As frequently as monthly, but only after construction commences, MCSD may submit draw requests, which shall include such information as the City reasonably requires to establish that the requested funding is due under this agreement. iv. Within 30 days of receipt of a draw request, the City shall disburse funding to which MCSD has established entitlement under this agreement. If less than the full amount that has been requested is disbursed, the City shall provide a written explanation identifying any draw request omissions, irregularities, or other such issues that preclude disbursement of any funding that has been requested. MCSD may correct or address any issues so identified in an amended or the subsequent draw request. v. MCSD agrees in good faith to take all reasonable actions necessary to accomplish the PROJECT in a timely manner. vi. MCSD shall submit a report to the EPB providing an overview of construction progress, an accounting of Funding disbursements and corresponding expenditures, and other general information about the PROJECT upon completion.