MORPC MPO Revenues Sample Clauses

MORPC MPO Revenues. Pursuant to the MORPC Resolution, and in accordance with the terms of the Commitment, the City and ODOT agree that the MORPC MPO Revenues in an amount not to exceed $25,000,000 will be applied by the ODOT Division of Finance for the benefit of the City towards the payment of principal on the Note – MOPRC Portion in accordance with and as set forth in Schedule III, attached hereto as Exhibit D and incorporated herein by reference. In accordance with the MORPC Resolution, the ODOT Division of Finance has agreed to apply the annual amount of the MORPC MPO Revenues received from the federal government to pay a portion of the principal amount outstanding on the Note – MORPC Portion. ODOT agrees (a) to apply the annual MORPC MPO Revenues towards the outstanding principal on the Note – MORPC portion in accordance with Schedule III, as amended; and (b) within sixty (60) days of receiving the annual MORPC MPO Revenues, ODOT will send written notice to the City detailing the annual amount received and the remaining principal amount outstanding on the Note – MORPC Portion. Further, ODOT agrees that if the MORPC MPO Revenues are not received by ODOT in any year in which the principal on the Note – MORPC Portion remains outstanding, and a substitute source of funds are provided by the federal government, ODOT will make a good faith effort to use the substitute source of funds to repay the outstanding principal on the Note – MORPC Portion.
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Related to MORPC MPO Revenues

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