Revolving Fund. Authority shall deposit into the Escrow Account in advance a revolving fund (the “Revolving Fund”) towards its payment obligations due and payable to the Concessionaire on achievement of Payment Milestones during Construction Period or the Annuity Payments due and payable during Operation Period, as the case may be, as per the provisions of this Article
Revolving Fund. (a) Upon fulfillment of the requirements set forth in Articles 4.01 and 4.03 of these General Conditions and the pertinent requirements established in the Special Conditions, the Bank may advance resources of the Financing for the purpose of establishing, increasing or replenishing a Revolving Fund to defray costs pertaining to the execution of the Project which, pursuant to provisions of this Contract, are eligible for financing with such resources.
Revolving Fund. (a) For the purposes of the provisions set forth in Article 4.07(b) of the General Conditions, the amount of the Revolving Fund shall not exceed twenty percent (20%) of the amount of the Financing.
Revolving Fund. Accounting; Audits In order to finance the operation and administration of the Dispatch District, there shall be established and maintained a segregated revolving fund account (the “Revolving Fund”) and such other accounts as may be appropriate. The Dispatch District shall have its own taxpayer identification number. All payments received by the Dispatch District and all expenses paid by the Dispatch District shall be deposited into or paid from the Revolving Fund. The Treasurer shall maintain accurate and comprehensive records on the basis of generally accepted accounting principles, consistently applied, of all funds deposited into and paid from the Revolving Fund and other accounts as well as records of all services procured, costs incurred, liabilities and
Revolving Fund. In order to provide funds for all expenditures authorized by this Agreement, including Administrative Agency administrative costs, and to facilitate the administration of this Agreement, a revolving fund shall be established as provided herein. On or about July 1 of each year, after CSTAC adopts the annual budget, the Financial Agent shall send an invoice to each CSTAC Agency that sets forth that Agency’s total annual allocated costs of the work (“budget payments”). On or before August 1 of each year, each CSTAC Agency shall remit to the Financial Agent a minimum of one-half (1/2) of that Agency’s annual budget payments, which money the Financial Agent shall hold solely for payment to consultants for services rendered. Each Agency shall remit its other half of budget payments due to the Financial Agent on or before December 20 of each year. Upon the Financial Agent’s determination that monies submitted by the CSTAC Agencies have been or will be exhausted, the Financial Agent, in coordination with the Administrative Agency, shall notify each CSTAC Agency of its share of the costs of the work, and each CSTAC Agency shall promptly deposit its share with the Financial Agent. Each CSTAC Agency’s share shall be fixed in the same proportion as that Agency’s proportion of the general annual budget, unless the shortfall is due to costs resulting from special projects for which the Agency did not participate or contributed an agreed to, customized share. No reimbursements shall be made to any Agency until said share is deposited with the Financial Agent. CSTAC Agencies shall be responsible for submitting payment to the Financial Agent for any additional invoices no later than ten (10) days before each payment is due. If, in the Financial Agent’s determination, there are sufficient funds in the revolving fund at the time the annual budget payments would be due, the Financial Agent will notify the CSTAC Agencies that their annual budget payments need not be paid for that year, or that the payments may be reduced by any carry over balances from the preceding annual budget. The Financial Agent’s notification that annual budget payments are not required or have been reduced shall not excuse the CSTAC Agencies from their ongoing obligations to fund payment of work.
Revolving Fund. When a gross recovery is received by Special Counsel, Special Counsel shall notify the City Attorney and provide the City Attorney with a statement of outstanding fees and unreimbursed Costs. Funds in the trust account shall be released, first, to pay unreimbursed Costs up to the date of such Recovery, second to pay any fees owed to Special Counsel up to the date of such Recovery and, third, the remainder of such funds shall be distributed as follows: • 100% of the first five hundred thousand dollars ($500,000) will remain in the trust account as a “Revolving Fund” to be held for reimbursement of future costs advanced. If the amount in the revolving fund at the time of settlement is greater than zero but less than five hundred thousand dollars ($500,000), 100% of the cash recovery needed to bring the Revolving Fund back up to five hundred thousand dollars ($500,000) will remain in the Revolving Fund. • Amounts above five hundred thousand dollars ($500,000) will be allocated as follows: 50 percent to be received by the City Attorney as a recovery prior to the conclusion of the case and 50% to be retained by the City Attorney in the Revolving Fund managed by Special Counsel in order to pay future costs. The Revolving Fund is capped at a total of two million dollars ($2,000,000) (i.e., the first $500,000 plus another $1.5 million) at the time of any settlement; once the cap is reached in connection with a given settlement the City Attorney shall receive 100% of the rest of the recovery. Interest earned in the trust account shall accrue in the fund and be used to pay expenses or be distributed as part of a final distribution in the case. When the Litigation is concluded and unappealable, by way of a settlement with or judgment against the final remaining defendant or otherwise, the Revolving Fund shall be closed and the remaining proceeds in the fund shall be used as part of the final distribution to the City Attorney and Special Counsel of Costs and Net Recovery.
