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4. Testing and Inspections. <br />The URA Public Improvements shall be subject to testing and inspections in accordance <br />with the provisions of the Subdivision Agreement and other Legal Standards. <br />5. Construction Fund Account. <br />(a) The LRC shall coordinate with the City to create a construction account <br />( "Construction Fund ") at the City to be administered as provided in the Bond <br />Documents. The Construction Fund shall include the following funding: (i) Bond <br />Proceeds from the LRC; (ii) Owner's Funds from Property Owner; and (Hi) City Drainage <br />Line Funds from the City. Draws on the Construction Fund shall only be used for <br />design, engineering, bidding, acquisition, permitting, construction, project management, <br />construction management, construction inspection and testing, and other reasonable <br />and necessary invoices and costs of the URA Public Improvements and the City <br />Drainage Line ( "Project Costs "). Any Project Costs incurred by Property Owner shall be <br />certified in writing to the City and LRC by the Project Engineer and Property Owner <br />representative, with a copy to the City Public Works Director. For the City design, <br />engineering review, construction inspection and testing, and similar costs for the URA <br />Public Improvements, the Property Owner shall pay the published City fees and charges <br />for comparable development in the City. Invoices and payment records for Project Costs <br />shall be subject to review and approval by the City's reviewer prior to certification in <br />writing to the City and the LRC, which invoice and payment records form shall be in a <br />form mutually agreed upon by the Parties. All draws on the Construction Fund shall <br />require the written approval of the City Manager and Director of Public Works prior to <br />disbursement. Project Costs do not include (1) any land acquisition costs; (ii) any <br />interest on any costs incurred prior to the date of issuance of the Bonds from which <br />such previously incurred costs are paid; (iii) any costs for planning, legal, accounting, <br />overhead, administrative staffing or non - engineered design (excepting only design <br />services performed by a licensed landscape architect, whose services shall be part of <br />and subject to the cap for the costs of the CD Plans set forth in Section 2(b), above). <br />(b) All disbursements from the Construction Fund shall be in accordance with the <br />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 <br />documents, a certificate from a licensed and registered Colorado civil engineer. Such <br />certificate shall include the actual amount of eligible Project Costs for which <br />disbursement is being requested, separated into the amount to be paid from the Bond <br />Proceeds and the amount to be paid from the Owner's Funds. Such certificate shall also <br />include the total amount of Project Costs for which Property Owner previously has <br />received disbursements from the Construction Fund. The certificate shall be <br />countersigned by an officer, member or agent on behalf of the Property Owner <br />representing that such eligible Project Costs have actually been incurred and are <br />qualifying costs for payment from Construction Fund revenues. The certificate shall be <br />in a form mutually agreed upon by the Parties. The completed certificate shall be <br />delivered to the City Manager. <br />5 <br />