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on the following terms and conditions: Orange shall notify the <br />maker of the letter of credit at least 45 days prior to the matur- <br />ity or expiration of such letter of credit. Said notice shall <br />(i) certify that the mitigation measures which are reasonably <br />resulting from the Phase in question, or any earlier Phases, and <br />are recommended in the EIR or the New Traffic study have not been <br />completed, (ii) identify which mitigation measures remain to be <br />completed, and certify (iii) that the entire amount of the letter <br />of credit has not been previously drawn down and (iv) what the <br />remaining balance is. <br />If the JP.A receives any TSIP fees (other than TSIP fees <br />deposited by the Agency in connection with the Project) subse- <br />quest to the draw down of any letter of credit, the JPA shall <br />forthwith pay the maker of the letter of credit Fifty Percent <br />(508) of such TSIP fees until the full amount previously drawn <br />down under the letters of credit for any previous Phases has <br />been fully reimbursed. Upon completion of all mitigation measures <br />for any phase or any prior phase of the project, the maker of <br />the letter of credit shall receive one hundred percent (100 %) <br />of all subsequent nonproject TSIP fees received by the JPA <br />until such time as the letter(s) of credit are fully reimbursed <br />for any draw down. The first letter of credit drawn down upon <br />shall be the first one reimbursed. <br />In the ,event a letter of credit for Phase Two or Phase <br />Three has been drawn down upon as provided herein, and the differ- <br />ence between the actual costs of the required mitigation measures <br />for a particular Phase located in Orange's TSIP area that are <br />9 03935 <br />