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4.02. PROGRESS REPORTS. The Executive Administrator may request reports on the <br />progress of the Project at any time. The reports shall contain information as directed by <br />the Executive Administrator and shall be submitted periodically as requested. The City <br />shall respond as requested and a failure to respond may result in withholding the release of <br />funds from the Escrow Account. <br />ARTICLE V. SPECIAL COVENANTS AND REPRESENTATIONS <br />5.01. CONDITIONS FOR DISBURSEMENT OF PRINCIPAL FORGIVENESS FUNDS. No <br />Principal Forgiveness Funds shall be deposited into the Escrow Account or released until <br />the applicable requirements and conditions in the TWDB Resolution and 31 TAC § 375.93, <br />relating to Disbursement of Funds, are met. Construction funds shall not be released unless <br />the City has complied with 31 TAC Chapter 375, Subchapter E, relating to Environmental <br />Reviews and Determinations and 31 TAC §§ 375.81 - 375.83, relating to Engineering <br />Review and Approval. If other conditions affect the release of funds, the Parties agree to <br />negotiate in good faith regarding any new or different terms or conditions that become <br />applicable to the release of Principal Forgiveness Funds. <br />5.02. DELIVERY OF PRINCIPAL FORGIVENESS FUNDS. The TWDB shall deposit the <br />Principal Forgiveness Funds in an approved Escrow Account to be released to the City's <br />Construction Account at the direction of the Executive Administrator. <br />A. Outlay Reports and Invoices. The City shall submit the following documentation: <br />TWDB Outlay Report forms identifying: <br />a. the total amount of expenses incurred by the City for the period <br />covered by the Outlay Report; and <br />b. invoices, receipts or other documentation satisfactory in form and in <br />substance to the TWDB sufficient to establish the requested amount <br />as an eligible expense incurred by the City. <br />Outlay Report forms are due to TWDB quarterly during the planning, <br />acquisition and design phases and monthly during the construction phase of <br />the Project until the completion of the Project. <br />B. Release from Escrow Account. The Executive Administrator shall authorize the <br />release of Principal Forgiveness Funds from Escrow when Outlay Reports have been <br />approved by the TWDB. <br />5.03. INELIGIBLE EXPENSES. The City must use Principal Forgiveness Funds for Eligible <br />Expenses. The City must return any Principal Forgiveness Funds that are used for expenses <br />that cannot be verified as eligible or that are ineligible. The amount of Principal <br />Forgiveness Funds used for any ineligible or unverified expenses shall be credited against <br />TWDB Commitment No. L1000600 <br />Page 7 of 14 <br />