RES 158 Draft 01 2020-2022 - Laserfiche WebLink

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AGREEMENT In consideration of the mutual promises herein contained, the parties hereto do hereby agree as follows: Section 1. Proponent's Deposit; Use of Deposited Funds. (a) The Proponent agrees to deposit initially the sum of $75,000 (together with additional deposits here -under, the "Deposit") with the County to pay one hundred percent (100%) of the reasonable costs and expenses of the County relating to the proceedings for the formation of the Proposed District and the issuance of the Proposed Bonds (collectively, the "County Costs"), including without limitation: (i) the fees and expenses of the County's financial advisor, appraiser, legal counsel (including bond counsel and special tax counsel, if applicable), consulting engineers and other professional consultants and advisors (individually a "Consultant" and collectively the "Consultants"); (ii) publication costs and other out-of-pocket expenses; (iii) a reasonable charge (if applicable) for County staff time and administrative costs expended by, the County and attributable to facilitating the expeditious formation of the Proposed District and the issuance of the Proposed Bonds. (b) The County may draw upon the Deposit to pay the County Costs from time to time. The County shall not be obligated to advance any of its funds for purposes of forming the Proposed District or the RKMI f r6 sale of the Proposed Bonds, (c) In the event that the balance of the Deposit falls below $20,000, or is otherwise insufficient to pay any County Costs due or coming due, the Proponent shall deposit additional monies with the County in the amount necessary to restore the balance of the Deposit to $75,000 and/or pay the County Costs due or coming due. The Proponent shall deposit such additional monies within ten (10) calendar days of the receipt of written notification from the County of the need for such additional funds. Without limiting any other right of the County to discontinue proceedings relating to the Proposed District or the Proposed Bonds, it is expressly understood and agreed that the County shall have the right to suspend or terminate all proceedings for the establishment of the Proposed District and/or the issuance of the Proposed Bonds in the event that the Proponent fails to deposit such additional monies with the County within said ten (10) calendar days. (d) The County shall provide monthly statements to the Proponent showing the amount disbursed from the Deposit and the remaining balance thereof. The monthly statements shall include the recipients of the funds disbursed, the amounts paid to each recipient and include the nature of the work performed. the County agrees to keep such records as are reasonably necessary to show the amount of monies disbursed for payment of County Costs, including summaries of County staff and administrative costs paid from the Deposit funds, if any. The County shall make such records available to the Proponent upon request. Deposit and Reimbursement Agreement Page 2 of 6