Local Participant definition
Examples of Local Participant in a sentence
This Agreement becomes null and void if not signed by the Local Participant within 90 days of the Department’s signature.
The execution and recording of a Covenant by the Local Participant to pay property taxes or make payments equivalent to such taxes, in substantially the form of the Covenant attached hereto as Exhibit “B,” with such changes thereto as the Chairman of the Local Agency shall approve shall be a condition precedent to the effective date of this Agreement.
If the project costs exceed the estimated funds, and if additional funds are available to perform the work described herein, the Department may provide additional funds to perform this work by issuing and providing to the Local Participant an amended Agreement.
The Local Participant shall allow the Department or its designees to examine all project related records at any reasonable time for the purpose of copying, audit, or inspection.
The Local Participant acknowledges that such a provision of additional funds will be subject to the same terms and conditions as the original Agreement.
The Local Agency hereby authorizes the Issuer to issue and apply sufficient proceeds of the Santa ▇▇▇▇ ▇▇▇▇▇ from time to time for the purpose of financing and making funds available to the Local Participant for the Local Project.
In the event force account labor is implemented under this project, wages, payroll taxes, and insurance costs associated with Local Participant personnel employed through a Superintendent or Force Account Labor Agreement are eligible.
The Local Participant agrees that any offering circular or official statement approved by and used in marketing the Santa ▇▇▇▇ ▇▇▇▇▇ will include a statement to the effect that Santa ▇▇▇▇ ▇▇▇▇ owners may not look to the Local Agency for payment of any portion of the Santa ▇▇▇▇ ▇▇▇▇▇ or interest or premium thereon.
The Local Participant shall reflect the Fair Market Value (FMV) of the Donated Property in its books, and on its financial statements as applicable, following Generally Accepted Accounting Standards (GAAP).
The Local Participant will sign an acknowledgement of project completion, thereby releasing the Department from further liability.