Disbursement and Recovery of Stif Formula Funds Clause Samples

The Disbursement and Recovery of STIF Formula Funds clause outlines the procedures for distributing and, if necessary, reclaiming funds allocated under the Statewide Transportation Improvement Fund (STIF) formula. It typically details the criteria and timelines for fund disbursement to eligible recipients, as well as the circumstances under which funds must be returned, such as non-compliance with program requirements or unspent balances. This clause ensures that public funds are managed responsibly, providing a clear framework for both the allocation and potential recovery of resources to maintain accountability and proper use of transportation funding.
Disbursement and Recovery of Stif Formula Funds 
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Related to Disbursement and Recovery of Stif Formula Funds

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution. (b) The Trust and Trustee shall not be required to disburse any Loan proceeds to the Borrower under this Loan Agreement, unless: (i) the proceeds of the Trust Bonds shall be available for disbursement, as determined solely by the Trust; (ii) in accordance with the Bond Act, and the Regulations, the Borrower shall have timely applied for, shall have been awarded and, prior to or simultaneously with the Loan Closing, shall have closed a Fund Loan for a portion of the Allowable Costs (as defined in such Regulations) of the Project in an amount not in excess of the amount of Allowable Costs of the Project financed by the Loan from the Trust; (iii) the Borrower shall have on hand moneys to pay for the greater of (A) that portion of the total Costs of the Project that is not eligible to be funded from the Fund Loan or the Loan, or (B) that portion of the total Costs of the Project that exceeds the actual amounts of the loan commitments made by the State and the Trust, respectively, for the Fund Loan and the Loan; and (iv) no Event of Default nor any event that, with the passage of time or service of notice or both, would constitute an Event of Default shall have occurred and be continuing hereunder.