Fund Collection and Management Sample Clauses

Fund Collection and Management. CSI will establish a §10 Trust Fund upon issuance of the Permit. The §10 Trust Fund will be established as a separate interest bearing account. All funds received by the HCP will be deposited into the §10 Trust Account. Mitigation fees will be paid prior to the issuance of a grading permit by Lincoln County, or in any event, prior to the commencement of surface disturbing activity. CSI shall collect the mitigation fee directly from third parties or CSI may, with the Service’s prior approval, enter into an agreement with a third party to collect the required mitigation fee on behalf of CSI prior to the issuance of any development or building permit, as applicable, by Lincoln County. CSI or the third party, as applicable, will provide a receipt upon the payment of the mitigation fees which receipt will be presented to the County prior to the issuance of a grading or other development or building permit, as applicable. In the event an approved third party is collecting the mitigation fee, such third party will promptly deposit all such mitigation fees into the §10 Trust Account or promptly deliver all such funds to CSI for deposit into the §10 Trust Account. All Permit administration, implementation and maintenance expenses will be paid from the §10 Trust Account. Funds will be expended in the manner approved by the EC (as defined in the HCP) in accordance with an approved work plan and budget. Funds remaining in the account upon expiration of the term, or any extended term, of the Permit will be retained in an interest bearing account and expended in cooperation with the Service solely and exclusively for conservation measures consistent with recommendations of the AMP (as defined in the HCP).
Sample 1
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