Disbursement Of Funds Agreement

The payment agreement governs the manner, date and conditions of payment of subsidies and must be fully implemented before each payment. This loan is one of a series of bonds (the „bonds“) issued by the City to prove its commitment under a given loan and payment contract, dated to the date of this agreement (the „contract“), entered into by the City to provide funds to finance part of the costs of building improvements and extensions of the city`s municipal sanitary pipeline system (the „utility“). The recipient and the Department enter into a payment agreement to ensure the completion of the project in a timely manner, as defined and described in the model agreement. It is stipulated that the city enters into a canal financial loan and a payment agreement (the „agreement“) with the Iowa Finance Authority, an agency and public instruments of the State of Iowa, as a lender (the „Lender“). Any delay in the standard contract or payment contract (as well as this statement on grants documents) is also a delay as a result of this declaration.