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(b)All disbursements from the Construction Fund shall be in accordance with <br />the Bond documents. As the Property Owner incurs eligible Project Costs, and as a <br />condition precedent to the disbursement from the Construction Fund therefor, Property <br />Owner shall deliver to the City, LRC and other persons required by the Bond documents, <br />a certificate from a licensed and registered Colorado civil engineer. Such certificate shall <br />include the actual amount of eligible Project Costs for which disbursement is being <br />requested, separated into the amount to be paid from the Bond Proceeds and the amount <br />to be paid from the Owner’s Funds. Such certificate shall also include the total amount of <br />Project Costs for which Property Owner previously has received disbursements from the <br />Construction Fund. The certificate shall be countersigned by an officer, member or agent <br />on behalf of the Property Owner representing that such eligible Project Costs have <br />actually been incurred and are qualifying costs for payment from Construction Fund <br />revenues. The certificate shall be in a form mutually agreed upon by the Parties. The <br />completed certificate shall be delivered to the City Manager. <br />(c)The Property Owner will keep, or caused to be kept, proper and current <br />books, records and accounts in which complete and accurate entries shall be made of <br />Project Costs and activities related to the Project. All books, records and reports of the <br />Property Owner relating to Project Costs and completion of the URA Public <br />Improvements shall at all reasonable times be open to inspection by the City and LRC <br />and their authorized agents. <br />(d)The LRC may replace the City with an escrow agent at a bank with trust <br />powers; however, nothing herein shall require the City or LRC to utilize an escrow agent <br />to administer the Construction Fund. <br />10 <br />21 <br />