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<br /> 5'5N <br /> Project Manager. The account shall be opened solely for the <br /> purpose of serving as a depository for the funds to be <br /> utilized for the construction of the Project. No other funds <br /> shall be co-mingled with the funds deposited in the account. <br /> 6.04 Return of Unused Funds. If, after the completion of the <br /> <br /> Project, any funds deposited into the account established by <br /> the SMCISD have not been utilized, said funds shall be <br /> returned to each party hereto in proportion to the amount of <br /> funds that were initially contributed by each party. <br /> 6.05 Monthly Reports. Once bids for the Project have been <br /> accepted and the Construction Contract has been executed, the <br /> Project Manager, on a monthly basis, shall prepare and deliver <br /> a report to the City and the County itemizing all expenditures <br /> made by the Project Manager from the Escrow Account. <br /> 6.05 Final Report. Within twenty (20) days after final <br /> <br /> completion of the work under the Project Documents and <br /> acceptance by the City, the Project Manager shall certify to <br /> the parties hereto the total and complete costs of the said <br /> work incurred and present each respective party with its final <br /> report of said costs. <br /> ARTICLE 7 <br /> DEFAULT AND REMEDIES <br /> 7.01 Each of the following shall constitute an event of <br /> default by a party under the terms and provisions of this <br /> Agreement: <br /> -9- <br /> INTERLOCAL AGREEMENT FOR ROADWAY IMPROVEMENTS <br />