Common use of Approved Uses Clause in Contracts

Approved Uses. The Capital Project Fund(s) must be used only for infrastructure replacements and enhancements approved by the Board except in the event of a major failure, disaster or force majeure event that necessitates immediate action to restore the Network to operating condition. In such cases, the Executive Director is authorized to expend funds without first obtaining Board approval. The Executive Director will report to the Board at the next Board meeting the funds that were expended for ratification of the expenditure and Special Assessment, if necessary. The Administrative Manager will not expend funds that will cause the Capital Project Fund(s) to be in a deficit position at any time.