AGENDA REPORTS - Laserfiche WebLink

Name of Recipient Agreement No.: XX-XXX-550 Project No.: C-06-XXXX-XXX The Recipient agrees that it shall not be entitled to interest earned on undisbursed funds. Upon execution of this Agreement, the State Water Board shall encumber an amount equal to the Obligation. The Recipient hereby agrees to pay Installment Payments and Additional Payments from Net Revenues and/or other amounts legally available to the Recipient therefor. Interest on any funds disbursed to the Recipient shall begin to accrue as of the date of each disbursement. (b) Project Costs. The Recipient agrees to pay any and all costs connected with the Project including, without limitation, any and all Project Costs. If the Project Funds are not sufficient to pay the Project Costs in full, the Recipient shall nonetheless complete the Project and pay that portion of the Project Costs in excess of available Project Funds, and shall not be entitled to any reimbursement therefor from the State Water Board. /\ (c) Additional Payments. In addition to the Installment Payments'required to be made by the Recipient, the Recipient shall also pay to the State Water Board the reasonable extraordinary fees and expenses of the State Water Board, and of any assignee of the State Water Board's right, title, and interest in and to this Agreement,in connection with this Agreement, including all expenses and fees of accountants, trustees,attorneys, litigation costs, insurance premiums and all other extraordinary costs reasonably incurred-by the State WeterBoard or assignee of the State Water Board. ( i� Additional Payments may be billed to the Recipient by the'State Water Board.from time to time, together with a statement executed by a duly authorized representative of the State Water Board, stating that the amounts billed pursuant td this section have been incurred by the State Water Board or its assignee for one ormore of the above items and a copy of the invoice or statement for the amount so incurred-or paid. Amountsso'billed shall be paid by the Recipient within thirty (30) days after receipt of the bill bythe Recipient (d) The Recipient may without.penalty prepay all or any portion of the:outstanding principal amount of the Obligation provided that the Recipient shall also pay at the time of such prepayment all accrued interest on the principal amount•prepaidthrough-the.date of prepayment. N 3.3 Obligation Absolute The obligation of the.Recipient to_make the Installment Payments and other payments required to be made by it under this Agreement, from Net Revenues and/or other amounts legally available to the Recipient therefor, is absolute and unconditional, and-until such time as the Installment Payments and Additional-Payments have been paid in full,th,e Recipient shall not discontinue or suspend any Installment Payments or other payments required to be made by it hereunder when due, whether or not the System or any part thereof is operating or-operable or has been completed, or its use is suspended, interfered with, reduced or curtailed or,terminated in whole or in part, and such Installment Payments and other payments shalt.not be subject to reduction whether by offset or otherwise and shall not be conditional upon the performance or nonperformance by any party of any agreement for any cause whatsoever. 3.4 No Obligation of the State. Any obligation of the State Water Board herein contained shall not be an obligation, debt, or liability of the State and any such obligation shall be payable solely out of the moneys in the CWSRF made available pursuant to this Agreement. 3.5 Disbursement of Project Funds; Availability of Funds. (a) Except as may be otherwise provided in this Agreement, disbursement of Project Funds will be made as follows: 12