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EXHIBIT B <br /> CONDITIONS OF PAYMENT BETWEEN <br /> CITIZENS HOUSING AND CITY OF SAN LEANDRO <br /> 1. Before any disbursements may be made, Contractor shall establish a <br /> budget, to be approved in writing by Development Services Director or designee, <br /> specifying by line item the expenditures to be made with HOME funds. <br /> 2. All funds disbursed to Contractor must be expended within fifteen (15) <br /> days of approval of the disbursement request. Upon the approval of the <br /> Development Services Director or designee, the amounts specified under items 3 and <br /> 4 of this exhibit may be modified, so long as the total remains within the maximum <br /> amount of the contract. <br /> 3. Funds shall be disbursed according to the budget formulated under item 1 <br /> of this exhibit. The final disbursement shall be requested by Contractor no more <br /> than sixty (60) days before project completion. The final disbursement of HOME <br /> funds shall be for no less than $1,000. <br /> 4. Prior to disbursement, any change in the budget that results in lower costs <br /> shall be communicated to City immediately. If Development Services Director or <br /> designee determines that the total amount of funds under this Contract exceeds the <br /> amount necessary to complete the acquisition, Development Services Director or <br /> designee may adjust the Contract accordingly. <br /> I:\WPD\MNRSW\I36\OOI WGREE\I999\CDBG\Citizens Loan Agreement Final.wpd <br /> 1 <br />