§ 66A.16.

LOAN DISBURSEMENTS AND MONITORING DUTIES OF FINANCIAL CONSULTANT

1.

In addition to the duties described in Section 66A.12, above, the Financial Consultant shall be responsible for recommending disbursement of Seismic Safety Loan proceeds and monitoring construction progress. In addition, the Financial Consultant shall work with those departments or individuals designated by the Program Administrator to monitor compliance with all applicable loan documents, Administrative Code Chapters 66 and 66A, and all other applicable State and local laws, except as provided in Section 66A.23, below. The Financial Consultant shall recommend disbursements of loan proceeds to the Borrower in accordance with disbursement procedures specified in the Program Regulations. Such guidelines shall, at a minimum, require the Financial Consultant or his/her agent to periodically inspect the progress of Seismic Strengthening and to recommend disbursements of loan proceeds based on the level of completion.

2.

Financial Consultant Fees. The City may pay required fees to the Financial Consultant from the Bond Proceeds.

History

(Formerly Sec. 66A.17; added by Ord. 100-94, App. 3/11/94; amended by Ord. 237-96, App. 6/11/96; amended and renumbered by Ord. 2-01, File No. 001969, App. 1/12/2001)

(Former Sec. 66A.16 renumbered as Sec. 66A.15 by Ord. 2-01.)

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