Res 2003-032 - Laserfiche WebLink

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g. A condition which states that the Company certifies that all taxes are current and future taxes will be paid when due and that allows City to require at anytime, at its option, that Company provide timely proof of payment; h. A condition allowing City to make quarterly on-site visits to the Company to assess/monitor the progress toward job creation and requiring Company to provide to local officials at the time of on-site visits information regarding job creation and any other information deemed necessary by City to administer the Revolving Loan Fund contract and the agreement between the City and the Company; i. Provisions requiring records to be kept and reports to be made regarding the documentation of LMI benefit and beneficiaries by race, ethnicity, gender, and handicap status in the same manner and to the same extent as ORCA and HUD requires of City; and j. A condition which restricts the principals of the Company from reducing their proportionate ownership in the Company without prior written approval from City, during the contract period. 4. Properly executed Tri-Party Agreements between Company, City, and (1) Citizens National Bank; (2) Bank of the West; and (3) Texas Certified Development Company, Inc. wherein the parties agree to the steps to be taken by all parties in the event of default by Company. B. Company shall satisfy the following Special Conditions prior to release of contract funds, excluding funds budgeted for architecture/engineering: 1. Company shall not begin construction or rehabilitation of a project assisted with funds provided under this contract until City has received the applicable prevailing wage rates, bid the project and awarded a contract for performances outlined in Exhibit A of this contract. 2. City shall provide to Company documentation (bid tabulation sheets) showing the winning bid for the City-Funded Improvements. The City-Funded Improvements include only those improvements needed to adequately serve the Company as specifically defined in Exhibit A, Performance Statement. Any alternate provisions of the winning bid addressing over-sizing or improvements in addition to the City-Funded Improvements shall be separate from the base bid since these additional goods or services are ineligible for payment with RLF funds. Company shall be responsible for the cost of any improvements exceeding the City-Funded Improvements, and for any cost overruns. 3. Company shall submit to City a ledger with support documentation to include copies of invoices and proof of payment (i.e. paid receipts, canceled checks, wire transfer receipt) documenting expenditures for all improvements exceeding the City-Funded Improvements and/or any cost overruns. 4. Company shall provide City with a copy of a "certificate of insurance" verifying flood insurance covering the Company's project site described in subsection 21.B.18 (the "project site"), or an original signed statement from Company's authorized representative, which indicates such property does not require flood insurance. 5. Company shall provide City with a copy of an acknowledged assignment of the life insurance policy from the life insurance company or a copy of an executed questionnaire if the life insurance policy has been in existence less than six months, which reflects assignment to City of keyman life insurance, for each of the following: Gerald B. Ebel, Mark Terstreip, Stephen Case, and Preston Tatum. The insurance for each such person shall in the amount of at least $250,000.00. The amount of insurance may decline; however the insurance coverage shall always equal or exceed the outstanding Revolving Loan Fund balance. RLF Contract Page 11