Examples of Reimbursement Term in a sentence
This Agreement shall terminate upon expiration of the Reimbursement Term.
Costs incurred by the MSD during the Reimbursement Term for the Project, so long as such costs are consistent with the allowable uses for Transportation Funds described in Utah Code § 59-12-2212.2 and in accordance with the Certificate of Grant Recipient.
Any Transportation Funds disbursed to the MSD by the County under this Agreement will be used by the MSD: (1) solely to reimburse the MSD for costs actually incurred by the MSD for the Project during the Reimbursement Term and consistent with the allowable uses for Transportation Funds described in Utah Code § 59-12-2212.2; and (2) in accordance with all other applicable federal, state and local laws, rules and regulations.
During the Reimbursement Term, the County shall disburse Transportation Funds to the MSD to reimburse the MSD for Reimbursable Project Costs, up to the Maximum Reimbursable Amount for the Project, all on the terms and subject to the conditions of this Agreement.
If upon expiration of the Reimbursement Term, the County has not disbursed to the MSD the Maximum Reimbursable Amount, then all such undisbursed Transportation Funds may be used by the County as the County deems appropriate.
The County shall have no obligation to accept a Request for Disbursement or to make a disbursement of Transportation Funds to the MSD after expiration of the Reimbursement Term.
Additionally, following expiration of the Reimbursement Term, the County may, in its sole discretion, reallocate any remaining and undisbursed Transportation Funds (for which a Request for Disbursement has not been submitted and is not pending) toward other projects within Salt Lake County.
Subject to compliance with the terms and conditions of this Agreement, the County shall disburse to the MSD the amount of Transportation Funds requested by the MSD in a Request for Disbursement for Reimbursable Project Costs, but in no event shall the County be required to disburse more than the Maximum Reimbursable Amount, in aggregate, over the Reimbursement Term.
For the avoidance of doubt, the Reimbursement Term may vary for each parcel within the Additional Crossing Allocation Area depending on when an owner of a parcel within the Additional Crossing Allocation Area is liable for making a payment pursuant to a developer obligations agreement.
Beginning not less than thirty (30) days prior to the initial date for the first (1st) debt service payment on the Union Project (as stated in the Project Analysis) and continuing for each consecutive year thereafter during the Reimbursement Term (as that term is hereinafter defined), the City shall pay to Developer the Reimbursement Amount, if any, semi-annually on or before May 10th and November 10th of each year of the Reimbursement Term.