COM 0660.000 2020-2022 - Laserfiche WebLink

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3 I I understood and agreed that the amount and timing of the sale of each series of Bonds shall be subject in all respects to the sole discretion and approval of the County. The County shall not be obligated to issue any series of Bonds unless it deems such issuance to be in the best interests of the County. The Bonds may be issued on a taxable or tax-exempt basis as determined by the County upon consultation with its bond counsel, financial advisors and bond underwriters. Section 5. Payments of Actual Costs on Account of Acquisition Price:. All payments of Actual Costs on account of the Acquisition Price shall be made in accordance with the following: (a) All such payments shall be made upon submission by the Developer, and approval by DEM, of Payment Requests therefor, provided that the Developer is :in compliance with its obligations hereunder. Each Payment Request shall, be submitted in substantially the form attached as Exhibit "B" hereto, and shall: (i) identify the Actual Costs incurred by the Developer and the amount required to be disbursed, the purpose for which the disbursement is to be made and the person or entity to which the disbursement is to be paid; (ii) verify that the Actual Costs were properly incurred and are due and unpaid, and that payment thereof is within the budget for the Work involved; (iii) contain or be accompanied by (A) reasonable and customary back-up documentation substantiating the basis for and amount of the requested payment or disbursement, including applications for payment and supporting documentation submitted by the Contractor or other third party contractors with respect to amounts included in the Payment Request, (B) evidence of payment for all related invoices, and (C) certified payroll data verifying compliance with the prevailing wage requirements of Chapter 104, Hawaii Revises Statutes; (iv) include a certification by the Developer's project engineer that the requested disbursement is for Work performed by the Contractor in accordance with the Plans and the schedule of values agreed upon in the Construction Contract; and (v) provide such I additional documentation as may be reasonably requested by DEM to substantiate the propriety of the Payment Request. (b) Within fourteen (14) calendar days after receipt of each Paymer.t Request from the Developer, DEM will complete its review of the Payment Request and either (i) approve the Payment Request and forward it to the Finance Department for payment, or (ii) notify the Developer in writing that the Payment Request is not in satisfactory form, in which case the notice to the Developer shall identify the deficiencies to be corrected, and the Developer shall I correct the deficiencies and submit the corrected Payment Request to DEM for approval. Within five (5) business days after receipt of an approved Payment Request from DEVI, the Finance Department shall submit a requisition to the Bond Trustee for payment of the amount due from the Net Bond Proceeds or Project Contingency Fund (if applicable). (c) The initial payment from Bond proceeds shall be made upon the issuance of the initial series of Bonds pursuant to Section 4 hereof, subject to DEM's receipt and approval of the applicable Payment Request(s) in accordance with the above procedure. Subsequent payments shall be made, subject to such receipt and approval, based on a proposed disbursement and a progress payment schedule and as Contractor completes the stages of Work identified in Exhibit "C" attached hereto and incorporated herein by this reference. Such schedule shall be subject to revision as necessary during the course of construction, subject to approval by DEM, which shall 14