Common use of Financing of the Project Clause in Contracts

Financing of the Project. The District authorizes the Borrowing Town to act on its behalf and exercise all of its legal powers and duties with respect to the financing of the Project and the authorization and issuance of bonds and notes therefor. The Borrowing Town shall authorize and incur its own general obligation indebtedness in order to finance all capital costs of the Project, which indebtedness shall be issued at such times and in such amounts, as shall be sufficient to meet the cash flow requirements of the Project. The Borrowing Town may, at its discretion, satisfy intra-year cash flow requirements of the Project preceding the issuance of debt for the Project through payment from its working capital, as permitted under Massachusetts General Laws. Proceeds of any such borrowings shall be paid to the District within days of the receipt thereof by the Borrowing Town. The District shall obtain all necessary professional and other services necessary to carrying out the Project and shall oversee all aspects thereof. All amounts payable on account of principal and interest on any bonds or notes issued by the Borrowing Town to finance the Project, shall be paid directly by the Borrowing Town. The apportionment of costs shall be determined pursuant to the provisions of Article IX of the District Agreement as it may be amended from time to time. The District shall pay over to the Borrowing Town the amount of the debt service payment on any indebtedness issued by the Borrowing Town, not less than [15] days prior to the due date of any such debt service payment, whether or not such amounts that have been allocated to the Member Towns have been paid to the District at the time that such payment to the Borrowing Town is due and payable. Any and all grants paid to the District on account of the Project, from any source, shall be applied by the District as a credit to sums otherwise payable by the Member Towns to the District on account of the Project.

Financing of the Project. The District authorizes the Borrowing Town to act on its behalf and exercise all of its legal powers and duties with respect to the financing of the Project and the authorization and issuance of bonds and notes therefor. The Borrowing Town shall authorize and incur its own general obligation indebtedness in order to finance all capital costs of the Project, which indebtedness shall be issued at such times and in such amounts, as shall be sufficient to meet the cash flow requirements of the Project. The term of the bonds or notes of the Borrowing Town issued for the Project shall be determined in with the consultation with the District, provided that the term of any long-term borrowing may not exceed 10 years and the principal amount to be borrowed may not exceed $2,251,047, such amount to be reduced by any grants received as set forth below. The Borrowing Town may, at its discretion, satisfy intra-year cash flow requirements of the Project preceding the issuance of debt for the Project through payment from its working capital, as permitted under Massachusetts General Laws. Proceeds of any such new money borrowings shall be paid to the District within 60 days of the receipt thereof by the Borrowing Town. The District shall obtain all necessary professional and other services necessary to carrying out the Project and shall oversee all aspects thereof. All amounts payable on account of principal and interest on any bonds or notes issued by the Borrowing Town to finance the Project, shall be paid directly by the Borrowing Town. The apportionment of costs of the Project, which include the amounts to be paid over to the Borrowing Town by the District as provided in the following sentence, shall be determined pursuant to the provisions of Subsection A of Article IX of the District Agreement Agreement, as it such agreement has been amended and may be amended from time to time, such costs being treated by the District and the Member Towns as capital costs of the District. The District shall pay over to the Borrowing Town the amount of the debt service payment on any indebtedness issued by the Borrowing Town, not less than [15] 60 days prior to the due date of any such debt service payment, whether or not such amounts that have been allocated to the Member Towns have been paid to the District at the time that such payment to the Borrowing Town is due and payable. Any and all grants paid to the District on account of the Project, from any source, shall be applied by the District as a credit to sums otherwise payable by the Member Towns to the District on account of the Project. Any funds remaining with the District on account of the Project shall be returned to the Borrowing Town within 60 days of the final payment of costs for the Project, and the amount of the debt service on account of the project assessed to the Member Towns shall be adjusted accordingly.

Financing of the Project. The District authorizes the Borrowing Town to act on its behalf and exercise all of its legal powers and duties with respect to the financing of the Project and the authorization and issuance of bonds and notes therefor. The Borrowing Town shall authorize and incur its own general obligation indebtedness in order to finance all capital costs of the Project, which indebtedness shall be issued at such times and in such amounts, as shall be sufficient to meet the cash flow requirements of the Project. The term of the bonds or by any grants received as set forth below. The Borrowing Town may, at its discretion, satisfy intra-year cash flow requirements of the Project preceding the issuance of debt for the Project through payment from its working capital, as permitted under Massachusetts General Laws. Proceeds of any such new money borrowings shall be paid to the District within days of the receipt thereof by the Borrowing Town. The District shall obtain all necessary professional and other services necessary to carrying out the Project and shall oversee all aspects thereof. All amounts payable on account of principal and interest on any bonds or notes issued by the Borrowing Town to finance the Project, shall be paid directly by the Borrowing Town. The apportionment of costs of the Project, which include the amounts to be paid over to the Borrowing Town by the District as provided in the following sentence, shall be determined pursuant to the provisions of Subsection A of Article IX of the District Agreement Agreement, as it itsuch agreement has been amended and may be amended from time to time. The District shall pay over to , such costs being treated by the Borrowing Town the amount of the debt service payment on any indebtedness issued by the Borrowing Town, not less than [15] days prior to the due date of any such debt service payment, whether or not such amounts that have been allocated to the Member Towns have been paid to the District at the time that such payment to the Borrowing Town is due and payable. Any and all grants paid to the District on account of the Project, from any source, shall be applied by the District as a credit to sums otherwise payable by the Member Towns to the District on account of the Project.. Any funds remaining with the District on account of the Project shall be returned to