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• <br />DRP for any debt service payments made on the City Obligation pursuant to their obligations set <br />forth in Section II(D) hereof, without interest. <br />H. Conditional Approval of Certain Terms. Notwithstanding any other provision <br />of this Agreement, the parties understand and acknowledge that the terms and conditions related <br />to the issuance of the Bonds, the expansion of the Area, the sale of the Bonds, and the annexation <br />and zoning of property are subject to the completion of the procedures required under Indiana <br />law for those actions and therefore are not binding upon the Commission until that time. The <br />parties further understand and acknowledge that the aforementioned terms and conditions will be <br />finalized and memorialized in various resolutions, ordinances and financing documents which <br />are to be approved subsequent to, or contemporaneously with, the execution of this Agreement. <br />III. USE OF FUNDS, CONSTRUCTION OF PROJECT <br />A. Use of Funds. The Bonds will be issued as tax-exempt bonds under the Code and <br />its accompanying regulations. The Board covenants to expend the proceeds of the Bonds on the <br />Bond Project, which only includes road improvements within the right-of--way or for <br />improvements that benefit the expanded road and not for the benefit of any private person. The <br />Board shall use the City Funds, the proceeds of the Bonds and the Utility Funds as follows: <br />City Funds: Amount <br />ROW acquisition $ 250,000 <br />Engineering Fees 198,000 <br />Incremental Signal Costs: 111,355 <br />Other Construction Costs: 398,397 <br />Contingency (3%) (City & Utility Funds) 42,348 <br />SUBTOTAL COSTS $1, 000, 000 <br />Utility Funds Amount <br />Storm Sewer Improvements $ 450,518 <br />SUBTOTAL COSTS ~ 450, S 18 <br />Bond Proceeds Amount <br />Construction Costs $1,019,417 <br />Contingency (3%) 30,583 <br />Issuance Costs 50,000 <br />SUBTOTAL COSTS X1,100, 000 <br />t <br />9 <br />