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City of Santa Ana <br />Agreement No.: D2202006 <br />Project No.: 3010038-002C <br />Page 19 of 49 <br />(c) Upon Completion of Construction and submission of necessary reports by the Recipient, the Division <br />will prepare an appropriate payment schedule and supply the same to the Recipient. The Division may <br />amend this schedule as necessary to accurately reflect amounts due under this Agreement. The Division <br />will prepare any necessary amendments to the payment schedule and send them to the Recipient. The <br />Recipient must make each Payment on or before the due date therefor. A ten (10) day grace period will <br />be allowed, after which time a penalty in the amount of costs incurred by the State Water Board will be <br />assessed for late payment. These costs may include, but are not limited to, lost interest earnings, staff <br />time, bond debt service default penalties, if any, and other related costs. For purposes of penalty <br />assessment, payment will be deemed to have been made if payment is deposited in the U.S. Mail within <br />the grace period with postage prepaid and properly addressed. Any penalties assessed will not be added <br />to the assistance amount balance, but will be treated as a separate account and obligation of the <br />Recipient. The interest penalty will be assessed from the payment due date. <br />(d) The Recipient is obligated to make all payments required by this Agreement to the State Water Board, <br />notwithstanding any individual default by its constituents or others in the payment to the Recipient of fees, <br />charges, taxes, assessments, tolls or other charges ("Charges") levied or imposed by the Recipient. The <br />Recipient must provide for the punctual payment to the State Water Board of all amounts which become <br />due under this Agreement and which are received from constituents or others in the payment to the <br />Recipient. In the event of failure, neglect or refusal of any officer of the Recipient to levy or cause to be <br />levied any Charge to provide payment by the Recipient under this Agreement, to enforce or to collect <br />such Charge, or to pay over to the State Water Board any money collected on account of such Charge <br />necessary to satisfy any amount due under this Agreement, the State Water Board may take such action <br />in a court of competent jurisdiction as it deems necessary to compel the performance of all duties relating <br />to the imposition or levying and collection of any of such Charges and the payment of the money <br />collected therefrom to the State Water Board. Action taken pursuant hereto shall not deprive the State <br />Water Board of, or limit the application of, any other remedy provided by law or by this Agreement. <br />(a) Each Payment must be paid in lawful money of the United States of America by check or other <br />acceptable form of payment set forth at www.waterboards.ca.gov/make a payment. <br />The Recipient must pay Payments and Additional Payments from Net Revenues and/or other amounts <br />legally available to the Recipient therefor. <br />B.2.7 Pledged Revenues. <br />B.2.7.1 Establishment of Enterprise Fund and Reserve Fund <br />In order to carry out its System Obligations, the Recipient covenants that it shall establish and maintain or <br />shall have established and maintained the Enterprise Fund. All Revenues received shall be deposited <br />when and as received in trust in the Enterprise Fund. As required in this Exhibit, the Recipient must <br />establish and maintain a Reserve Fund. <br />B.2.7.2 Pledge of Net Revenues, Enterprise Fund, and Reserve Fund. <br />The Obligation hereunder shall be secured by a lien on and pledge of the Enterprise Fund, Net <br />Revenues, and any Reserve Fund on parity with the Parity Obligations. The Recipient hereby pledges <br />and grants such lien on and pledge of the Enterprise Fund, Net Revenues, and any Reserve Fund to <br />secure the Obligation, including payment of Payments and Additional Payments hereunder. The <br />Enterprise Fund, Net Revenues in the Enterprise Fund, and any Reserve Fund shall be subject to the lien <br />of such pledge without any physical delivery thereof or further act, and the lien of such pledge shall be <br />valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the <br />Recipient. <br />B.2.7.3 Application and Purpose of the Enterprise Fund <br />Exhibit B <br />