Process for Payment. The LOCAL GOVERNMENT shall submit to the DEPARTMENT monthly payment vouchers containing Project Number and PI number for ELIGIBLE PROJECT COSTS. Payment Vouchers will be made monthly on the basis of calendar months. In the event a monthly payment voucher is $500.00 or less, the LOCAL GOVERNMENT shall forgo the submission of the monthly voucher until such time that the sum of amounts earned less previous partial payments exceeds $500.00. The DEPARTMENT shall, at the request of the LOCAL GOVERNMENT, review such payment vouchers. If approved, the vouchers shall be certified by the Commissioner of Transportation or the Commissioner’s designee and submitted to GSFIC along with the DEPARTMENT’S certification. After reimbursement from GSFIC, payment shall be made to the LOCAL GOVERNMENT, subject to the provisions set forth herein. Should the work for the PROJECTS begin within any one month, the first voucher shall cover the partial period from the beginning date of the work through the last date of the month in which it began. The vouchers shall be numbered consecutively and subsequent vouchers submitted each month until the work is completed. Payment will be made in the amount of sums earned less previous partial payments, contingent entirely upon the availability of TIA FUNDS as set forth herein. If an error is found in a previously paid invoice which resulted in overbilling by the LOCAL GOVERNMENT and/or an overpayment to the LOCAL GOVERNMENT, future payments will be made in the amount of sums earned less this error, contingent entirely upon the availability of TIA FUNDS as set forth herein. The final payment voucher shall reflect the actual cost of work accomplished by the LOCAL GOVERNMENT under the terms of this Agreement, and shall be the basis for final payment. The final payment voucher shall include all ELIGIBLE PROJECT COSTS incurred by the LOCAL GOVERNMENT in all phases. See ARTICLE VII, FINAL PAYMENT for further detail. The final payment voucher for the PROJECTS must contain a certification from the LOCAL GOVERNMENT that all work has been completed in accordance with this Agreement in accordance with the scope as defined in the Approved Investment List, using the form provided by the DEPARTMENT. Should the work under this Agreement be terminated by the DEPARTMENT, pursuant to the provisions of ARTICLE XI, TERMINATION, or subsection E. herein, the LOCAL GOVERNMENT shall be paid based upon the percentage of work completed at the point of termination, notwithstanding any just claims by the LOCAL GOVERNMENT, and contingent entirely upon the availability of TIA PROCEEDS as set forth herein.
Appears in 3 contracts
Samples: Transportation Project Agreement, Transportation Project Agreement, Transportation Project Agreement
Process for Payment. The LOCAL GOVERNMENT shall submit Indenture and this Acquisition and Reimbursement
a. Prior to the DEPARTMENT monthly payment vouchers containing Project Number and PI number for ELIGIBLE PROJECT COSTS. Payment Vouchers will be made monthly on the basis issuance of calendar months. In the event Improvement Area # Bonds, but after completion of construction of an Improvement Area # Authorized Improvement (or a monthly payment voucher is $500.00 or lesssegment thereof), the LOCAL GOVERNMENT shall forgo Owner may submit a Certification for Payment, to the submission City Representative substantially in the form shown on Schedule 1 attached hereto, for payment of the monthly voucher until such time that Actual Costs of an Improvement Area # Authorized Improvement (or segment thereof) from funds then available in the sum of amounts earned less previous partial payments exceeds $500.00. The DEPARTMENT shall, at the request applicable Subaccount of the LOCAL GOVERNMENTOperating Account, review such payment vouchersas defined in the Improvement Area # Indenture. If approvedAfter the initial request, the vouchers Owner may deliver additional Certifications for Payment to the City Representative but not more than one (1) per month. This process will continue until (i) payment in full of the Reimbursement Agreement Balance as described in this section of this Acquisition and Reimbursement Agreement or (ii) issuance of Improvement Area # Bonds (at which time the repayment process shall be certified by in accordance with subpart (b) below). Each payment from the Commissioner Improvement Area # Improvements Subaccount of Transportation or the Commissioner’s designee and submitted to GSFIC along with the DEPARTMENT’S certification. After reimbursement from GSFIC, payment Operating Account shall be made to accompanied by a written accounting that certifies the LOCAL GOVERNMENT, subject to Reimbursement Agreement Balance as of the provisions set forth herein. Should the work for the PROJECTS begin within any one month, the first voucher shall cover the partial period from the beginning date of the work through payment and the itemizes all deposits to and disbursement from such Improvement Area # Improvements Subaccount of the Operating Account since the last date payment date.
b. Following the issuance of Improvement Area # Bonds, the month in which it began. The vouchers shall Owner may be numbered consecutively reimbursed pursuant to executed and subsequent vouchers submitted each month until the work is completed. Payment will be made in the amount of sums earned less previous partial paymentsapproved Certifications for Payment, contingent entirely upon the availability of TIA FUNDS as set forth herein. If an error is found in a previously paid invoice which resulted in overbilling by the LOCAL GOVERNMENT and/or an overpayment to the LOCAL GOVERNMENT, future payments will be made in the amount of sums earned less this error, contingent entirely upon the availability of TIA FUNDS as set forth herein. The final payment voucher shall reflect the actual cost of work accomplished by the LOCAL GOVERNMENT under the terms of this Agreement, and shall be the basis for final payment. The final payment voucher shall include all ELIGIBLE PROJECT COSTS incurred by the LOCAL GOVERNMENT in all phases. See ARTICLE VII, FINAL PAYMENT for further detail. The final payment voucher for the PROJECTS must contain a certification from the LOCAL GOVERNMENT that all work has been completed in accordance with this Agreement in accordance with the scope as defined procedures described in the Approved Investment ListPID Finance Agreement, using from the form Reimbursement Fund as provided by for in the DEPARTMENT. Should the work under this Agreement be terminated by the DEPARTMENT, pursuant to the provisions of ARTICLE XI, TERMINATION, or subsection E. herein, the LOCAL GOVERNMENT shall be paid based upon the percentage of work completed at the point of termination, notwithstanding any just claims by the LOCAL GOVERNMENT, and contingent entirely upon the availability of TIA PROCEEDS as set forth hereinImprovement Area # Indenture.
Appears in 1 contract
Samples: Whisper Valley Public Improvement District Financing Agreement