Common use of Notification of Disbursement Method Form Clause in Contracts

Notification of Disbursement Method Form. Pursuant to the Project Agreement executed for this loan, there are two methods by which funds can be disbursed for construction costs. The first method is for the Commission to pay vendors directly. The second method is for the Commission to reimburse the subdivision after Project costs have been incurred and paid by the subdivision. For loans only, the Commission needs to be formally notified in advance as to which method the subdivision plans to utilize. Please refer to the enclosure entitled "Notification of Disbursement Method" and the accompanying "Instructions for Declaring Official Intent".