Use of Contract Funds. The Principal acknowledges that all Contract funds on deposit in the Account are trust funds under applicable law and the GIA. Funds in the Account and any other funds deposited into the Account will be used solely to pay for (a) labor costs incurred by the Principal in the performance of the Contract; (b) payments to subcontractors and suppliers on the Contract and any other beneficiaries of the trust funds; (c) payments to reimburse the Principal for indirect costs incurred on the Contract; and (d) payments to satisfy any and all obligations of the Principal under the GIA. The Surety retains the sole and absolute discretion to direct the Agent as to whether such costs and expenses may be paid from the Account; provided, however, absent a direction from the Surety not to authorize any particular payment or disbursement requested by the Principal or determined by the Agent to be permitted by this Agreement, the Agent is authorized to honor disbursements contemplated by this Agreement. In determining the validity of any payment request presented hereunder, the Agent shall be entitled to rely upon the documentation that accompanies the Principal’s requests.
Use of Contract Funds. The funds provided hereunder will be disbursed to Subrecipient on a periodic basis for allowed Program expenditures and for Subrecipient services at the rate specified. At no time will funds for Subrecipient services be advanced before the services are actually performed.
Use of Contract Funds. These contract funds are intended solely for housing rental subsidies to help qualified individuals secure and maintain housing. Allowable costs are rent (including past-due rent), security deposits, application fees, and moving costs). Funds can be braided with other housing assistance (deposits, application fees, etc.), but not duplicated.
Use of Contract Funds. The use of City funds is expressly limited to the objectives identified in this agreement.
