Common use of Draw Limits Clause in Contracts

Draw Limits. The UFSWQD may make up to two (2) draws totaling no more than $1,200,000 each fiscal year during the Drawdown Period. The $1,200,000 annual draw limit shall be reduced in any given fiscal year by funds received or expected to be received from the State of Oregon during that respective fiscal year unless otherwise jointly agreed to in writing by the City’s Directors of the Bureau of Environmental Services and the Bureau of Revenue and Financial Services. For the purposes of this Agreement, “fiscal year” means July 1 to June 30.