Ordinance 2587-02 - Laserfiche WebLink

strikes directly affecting the work of construction or shortages of material or labor resulting directly from governmental control or diversion. The District shall update the Project Schedule to show current conditions and revisions required by actual experience. If District determines that the Project will not be completed in accordance with the Project Schedule or that the Project Schedule will need to be modified, for whatever reason, whether or not within the control of the District, the District will promptly notify the City and provide a revised Project Schedule to the City. 5.5 Project Budget. Except for the issuance of up to $5,700,000 of Tax Revenue Notes to repay certain initial financing of preliminary Project costs as described in Section 4.1, prior to the issuance of any Notes under the commercial paper program, the District and the City shall mutually agree upon a firm Project budget (the "Project Budget"), which shall be attached to this Agreement as Exhibit C and incorporated herein. The District also shall provide to the City any schedule of values when received from the Design-Build Contractor. The Project Budget shall include a description of the essential components of the Project ("Components" and each a "Component") plus the General (Unallocated) Contingency, and the cost for each Component and the total of such costs plus the General (Unallocated) Contingency (the "Total Project Cost"). The Project Budget also shall reflect any additional funds that have been or are anticipated to be received from the City for the purpose of paying part of the costs of the Project. The District will deposit all such funds, if and when received, together with proceeds of sale of the Notes and any other money received for the Project, into a Project Fund held by the District to pay Project costs. 5.6 Modification of Project Budget. If the District determines that the Project or any Component thereof will not be completed within the Total Project Cost or within the cost of any Component, the District will promptly notify the City. With the prior written consent of the City, the Project Budget may be increased if additional funds become available to the District; provided that, (1) sufficient contingencies for construction costs are budgeted as part of the increased Project costs; (2) additional Project costs do not exceed additional funds committed; and (3) additional Project costs are not added prior to the deposit of the additional funds into the Project Fund sufficient to pay the additional costs. Upon any such increase, the District shall certify to the City that the foregoing conditions (1) and (2) are satisfied and shall provide to the City a revised Project Budget reflecting such increase. If any Component is completed and funds allocated to that Component in the Project Budget remain undisbursed, the District shall have the right, without the consent of the City, but with notice to the City, to allocate such undisbursed funds to another Component. If the District reasonably expects that the cost of completing a Component will be less than the funds allocated to the Component in the Project Budget, resulting in excess funds upon completion, the District shall have the right, after taking into account appropriate reserves for reasonably anticipated contingencies, to transfer such anticipated excess funds to another Component. Any savings that may occur within an account within a Component may be applied to other accounts within that same Component without the consent of or notice to the City. -9- INTERLOCAL FINANCING AGREEMENT 200203010680