Progress Payments for Authorized Improvements Sample Clauses

Progress Payments for Authorized Improvements. (a) Owner shall deliver, and the City shall accept, the Authorized Improvements to be conveyed to the City in accordance with the terms herein. The net proceeds from the issuance of the PID Bonds and, subject to Subsection 4.02 (i) of this Agreement, the Owner Contribution, will be held by the Trustee in various segregated accounts under the Project Fund. Those sums held in the various segregated accounts will be reimbursed to the Owner by the Trustee to fund the costs of construction of the Authorized Improvements, City inspection and administrative costs, and other soft costs (as more particularly specified herein and in the Service and Assessment Plan) upon receipt of a completed Certification for Payment (in the form as attached in Exhibit “E”). Payments will be made to Owner, (as provided in Section 4.02(d)) periodically as construction progresses (each such payment, a “Progress Payment”). The procedures for Progress Payments are contained in this Section 4.02. and the Indenture. Such payments shall be made by the Trustee on a monthly basis and within five (5) business days of the Trustee’s receipt of the completed Certification for Payment from the City Director of Finance. The City Construction Representative or its designee shall deliver to the City Director of Finance his/her concurrence to pay pursuant to a completed Certification for Payment within five (5) business days after its receipt of the required submittal items pursuant to either subparagraph (b), (c), or (d) below, as applicable and the City Director of Finance will then have up to five (5) business days to forward the executed Certification for Payment to the Trustee for payment. If the City disapproves any Certification for Payment, the City shall provide a written explanation of the reasons for such disapproval so that if the Certification for Payment is revised in accordance with City’s comments, the Certification for Payment can be approved. Notwithstanding anything to the contrary contained herein, if the monthly reconciliation provided by the Construction Manager pursuant to Section 3.11(b) above for a particular Authorized Improvement shows there are not enough funds in the segregated account to fund the remaining design and construction costs of that Authorized Improvement after taking into consideration any contingencies, the City Construction Representative, the City Director of Finance, and the PID Administrator shall not be obligated to authorize payments of funds exceedin...