Common use of Disbursement Process Clause in Contracts

Disbursement Process. Grant award funds will be disbursed monthly. In order to receive disbursements, requests for disbursement and verification of continued eligibility must be submitted during February and August of each year and must be supported by documentation sufficient in the Authority’s determination to support payment. Incomplete documentation of continued eligibility due each February and August will cause the subgrantee to forfeit the next monthly disbursement of the respective semi-annual disbursement cycle (March-August or September-February). If the documentation is still insufficient 30 days after February 28 or August 31, the subgrantee will forfeit all six monthly disbursements for the respective semi-annual disbursement cycle. Missed disbursements cannot be made up and will revert to the Authority immediately. The request for disbursement must contain at least the information in substance and form of Exhibit B attached hereto. The Authority shall notify the Subgrantee in writing within seven (7) business days or as soon as practicable of any deficiencies or discrepancies in the request for disbursement. The Subgrantee shall not receive a disbursement until the Subgrantee corrects any such deficiencies or discrepancies. Funds are to be applied toward current costs at the time of disbursement; therefore, a delay in the processing of any disbursement will result in a loss of grant funds. Grant funds may not be applied retroactively. The Subgrantee’s expenditure of Grant funds for uses not described in the Subgrantee’s Application or the request for disbursement, or which deviate, without Authority authorization, in any category from the approved uses of Grant proceeds listed in the Commitment Letter and subject to the Authority’s Funding Resolution, may result in the suspension of subsequent Grant disbursements and may be deemed by the Authority to constitute an Event of Default hereunder. The amount of all ineligible Grant expenditures shall be immediately repaid to the Authority. If it is determined that funds are used for costs other than Eligible Costs, the Authority may suspend subsequent Grant disbursements. If warranted, the Authority may take action consistent with Article VIII of this Agreement.

Disbursement Process. The Subgrantee may request disbursement of Grant funds up to, but not exceeding, its total Grant award funds in accordance with the Eligible Costs set forth by the Authority. Only one disbursement request per month will be disbursed monthlyallowed against the Grant. In order to maintain eligibility to receive disbursements, requests for disbursement and verification of continued eligibility must be submitted during February and August of each year year, or more often as disbursements may be requested, and must be supported by documentation sufficient in the Authority’s determination to support payment. Subgrantee must provide all documentation verifying Eligible Costs sufficient to allow disbursement of an annual portion (one-third) of the full award on or before August each year as described in Section 4.2 above. The Authority shall use its best efforts to respond to a disbursement request within thirty (30) business days after the receipt of such disbursement request. The request for disbursement must contain at least the information in substance and form of Exhibit B attached hereto and shall include primary-source, itemized invoices and verification of having met the prevailing wage requirements of the ▇▇▇▇▇-▇▇▇▇▇ Act. The Subgrantee shall not receive a disbursement until the Subgrantee corrects any such deficiencies or discrepancies. Incomplete documentation of continued eligibility due each February and August will cause the subgrantee Subgrantee to forfeit the next monthly disbursement a one-month portion of the respective semi-annual disbursement cycle (March-August or September-February). If the documentation is still insufficient 30 thirty (30) days after February 28 or August 31, the subgrantee Subgrantee will forfeit all six monthly disbursements the entire six-month portion for the respective semi-annual disbursement cycle. Missed disbursements cannot be made up and will revert to the Authority immediately. The request for disbursement must contain at least the information in substance and form Incomplete documentation of Exhibit B attached hereto. The Authority shall notify annual Eligible Costs due each August will cause the Subgrantee in writing to forfeit the undisbursed portion of the annual award (one-third of the full award), for the respective annual period. Pursuant to section 10185 of Program Regulations, the Subgrantee shall provide verification that the Project has been initiated within seven six (76) business days or as soon as practicable months of any deficiencies or discrepancies in the request for disbursementaward date and shall annually provide sufficient documentation to approve disbursement equal to each year's award. The Subgrantee also shall not receive a disbursement until provide semi-annual progress reports to the Subgrantee corrects any such deficiencies or discrepanciesAuthority. Funds are to be applied toward current costs at the time of disbursementdisbursement and/or during the specified funding period; therefore, a delay in the processing of any disbursement will may result in a loss of grant Grant funds. Grant funds may not be applied retroactively. The Subgrantee’s expenditure of Grant funds for uses not described in the Subgrantee’s Application or the request for disbursement, or which deviate, without Authority authorization, in any category from the approved uses of Grant proceeds listed in the Commitment Letter and subject to the Authority’s Funding Resolution, may result in the suspension of subsequent Grant disbursements and may be deemed by the Authority to constitute an Event of Default hereunder. The amount of all ineligible Grant expenditures shall be immediately repaid to the Authority. If it is determined that funds are used for costs other than Eligible Costs, the Authority may suspend subsequent Grant disbursements. If warranted, the Authority may take action consistent with Article VIII of this Agreement.