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Agmt 2010 US Department of Housing and Urban Development HUD
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Agmt 2010 US Department of Housing and Urban Development HUD
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7/13/2010 5:41:41 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
6/21/2010
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Reso 2009-054
(Approved by)
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\City Clerk\City Council\Resolutions\2009
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9 <br />balance of funds in the Loan Repayment Account and the <br />deposits and withdrawals of all funds in such account during <br />the preceding calendar month and a statement identifying the <br />obligations and their assignments in the Loan Repayment <br />Investment Account. <br />(c) Upon the Secretary giving notice that the Borrower is in <br />Default under this Contract or the Note, all right, title, <br />and interest of the Borrower in and to the Loan Repayment and <br />Loan Repayment Investment Accounts shall immediately vest in <br />the Secretary for use in making payment on the Note, purchase <br />of Government Obligations in accordance with paragraph 10, or <br />payment of any other obligation of the Borrower under this <br />Contract or the Fiscal Agency/Trust Agreements. <br />7. Use of CDBG, EDI or BEDI Funds for Repayment. Any funds <br />available to the Borrower under Section 106 of the Act <br />(including program income derived therefrom) are authorized to <br />be used by the Borrower for payments due on the Note, Optional <br />Redemption (as defined in the Note), payment of any other <br />obligation of the Borrower under this Contract or the Fiscal <br />Agency/Trust Agreements, or the purchase of Government <br />Obligations in accordance with paragraph 10. Any funds <br />specifically available to the Borrower for such payments or as a <br />debt service reserve under an EDI or BEDI Grant Agreement <br />pursuant to Section 108 (q) of the Act which supports the <br />eligible project(s) and activities financed by the Note may also <br />be used therefor; any other use of Section 108 (q) funds for such <br />purposes shall require the prior written approval of the <br />Secretary. Unless otherwise specifically provided herein or <br />unless otherwise expressly authorized by the Secretary in <br />writing, the Borrower shall substantially disburse funds <br />available in the Loan Repayment or the Loan Repayment Investment <br />Accounts before funds from grants under Section 106 of the Act <br />are withdrawn from the U.S. Treasury for such purposes. <br />8. Secretary's Right to Restrict Use of CDBG Funds to Repayment. <br />Upon a determination by the Secretary that payments required by <br />paragraph 2 and/or paragraph 4 of this Contract are unlikely to <br />be made as specified, the Secretary may give the Borrower notice <br />that the availability to the Borrower of funds pledged under <br />paragraph 5(a) of this Contract for purposes other than <br />satisfaction of the pledge is being restricted. This <br />restriction shall be in an amount estimated by the Secretary to <br />be sufficient to ensure that the payments referred to in <br />paragraph 2 and/or paragraph 4 hereof are made when due. This <br />restriction may be given effect by conditioning the restricted <br />amounts to prohibit disbursement for purposes other than <br />satisfaction of the pledge at the time such restricted funds are <br />approved as grants, by limiting the Borrower's ability to draw <br />down or expend the restricted funds for other purposes, and by <br />disapproving payment requests submitted with respect to such <br />grants for purposes other than satisfaction of the pledge. <br />
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