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<br />ARTICLE III <br /> <br />DEPOSIT OF MONEYS; DISBURSEMENT <br /> <br />Section 3.1. Deposit of Moneys. On the Closing Date, the Authority shall cause the <br />Assignee to transfer the amount of $ to or to the order of the Authority. [Upon receipt <br />of such amounts, the Authority will (a) transfer the amount of $ to or to the order of the <br />City (the "Funding Amount") for the payment or reimbursement for the payment of the <br />Improvements, (b) transfer the amount of $ to Quint & Thimmig LLP, for bond counsel <br />services, and (c) transfer the amount of $ to Northcross Hill & Ach LLC, for financial <br />advisory services.] <br /> <br />Section 3.2. Disbursement. <br /> <br />(a) The City agrees to establish, on or prior to the Closing Date, an account with the <br />State of California Local Agency Investment Fund which accounts shall be used solely for the <br />payment of costs of the Improvements and for no other purpose, the "Improvement Account." <br />On or prior to the Business Day following the Closing Date, the Funding Amount shall be <br />deposited in the Improvement Account. Evidence of such deposit shall be provided by the City <br />to the Assignee. <br /> <br />(b) At least five Business days before any withdrawal by the City from the Improvement <br />Account shall be made, the City shall file with the Assignee a disbursement certificate, <br />substantially in the form attached hereto as Exhibit E, stating: <br /> <br />(i) the name of the payee or payees to whom each such payment is due, which <br />may be the City in the case of reimbursement for costs theretofore paid by the City; <br /> <br />(ii) if such disbursement is for reimbursement to the City, evidence of prior <br />payment; <br /> <br />(iii) the respective amounts to be paid; <br /> <br />(iv) the purpose for which each obligation to be paid was incurred; <br /> <br />(v) that obligations in the stated amounts have been incurred by the City and are <br />presently due and payable and that each item thereof is a proper charge against the <br />Improvement Account, and has not been previously paid therefrom; <br /> <br />(vi) that there has not been filed with or served upon the City notice of any lien, <br />right to lien or attachment upon, or claim affecting the right to receive payment of, any <br />of the amounts payable to any of the persons named in such requisition, which has not <br />been released or will not be released simultaneously with the payment of such <br />obligation, other than materialmen's or mechanics' liens accruing by mere operation of <br />law; <br /> <br />-5- <br />