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<br /> <br /> <br /> <br /> <br /> Page 11 S.B. NO, S39 <br /> 1D51 <br /> <br /> <br /> <br /> 1 provisions for contingency, etc., which [must] shall be <br /> <br /> 2 paid on or before the completion of construction of the <br /> 3 project; <br /> <br /> 4 (2) An estimate of the time of completion of construction <br /> <br /> 5 of the total project; <br /> <br /> 6 (3) Satisfactory evidence of sufficient funds to cover the <br /> 7 total project cost from purchasers' funds, equity <br /> <br /> 8 funds, interim or permanent loan commitments, or other <br /> <br /> 9 sources; <br /> <br /> 10 (4) A copy of the executed construction contract; <br /> 11 (5) Satisfactory evidence of a performance bond issued by a <br /> <br /> 12 surety licensed in the State of not less than one <br /> <br /> 13 hundred per cent of the cost of construction, or such <br /> <br /> 14 other substantially equivalent or similar instrument or <br /> 15 security approved by the commission; <br /> <br /> 16 (6) If purchasers' funds are to be used for construction, <br /> <br /> 17 an executed copy of the escrow agreement for the trust <br /> <br /> 18 fund required under section 514A-67 for financing <br /> 19 construction, which expressly shall provide for: <br /> <br /> 20 (A) No disbursements by the escrow agent for payment <br /> <br /> 21 of construction costs, unless bills are submitted <br /> 22 with the request for disbursements that have been <br /> <br /> 23 approved or certified for payment by the project <br /> <br /> <br /> <br /> <br /> <br /> 1998-0772 SB3195 SDl SrtA <br />