Improvement Fund definition
Examples of Improvement Fund in a sentence
Upon receipt of such JCFA Facilities Payment Request, the City shall review the request and if determined to be an item eligible to be paid from the proceeds of the Bonds direct the Fiscal Agent to wire transfer (or pay in another mutually acceptable manner) to the payee identified in such JCFA Facilities Payment Request such requested funds to the extent of funds on deposit in the Improvement Fund or Special Fund designated by Owner.
This Agreement is for the acquisition by the City of the City Acquisition Facilities, from moneys in the Improvement Fund and is not intended to be a public works contract.
Payment of any retention shall also be contingent upon the availability of monies in the Improvement Fund therefore.
Performance and payment bonds shall not be required of Owner to the extent moneys are available in the Improvement Fund to pay the Purchase Price, as defined in Section 11(c) below, of a City Acquisition Facility provided that all contractors and/or subcontractors employed by Owner in connection with the construction of the City Acquisition Facility shall provide a labor and materials and performance bonds which name the City as an additional insured.
Owner hereby agrees to sell the City Acquisition Facilities to the City and the City hereby agrees to use amounts in the Improvement Fund to pay the Purchase Price, as defined below, thereof to Owner, subject to the terms and conditions hereof.