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BOOK 23 F:O" 7 <br />EXHIBIT B <br />PAYMENT SCHEDULE <br />The Rural Economic Development Center, Inc. shall make payable to the Lee County a sum of <br />$128,160.00 as follows: <br />p Initial payment not to exceed 90% of the contract funds, or $115,344.00 upon <br />submission of satisfactory evidence that primary and secondary grant and /or loan <br />sources have been drawn down by 90 %, and that 100% of local funds have been <br />disbursed. <br />P A final payment not to exceed 10% of the contract funds, or $12,816.00 subject to the <br />completion of all work related activities and closure of the contract. All payments <br />are made subject to the submission of a financial reporting form detailing all project <br />expenditures in the format provided by the Center. <br />In order to draw down funds, the grantee must show evidence that all other project funds have <br />been spent. Examples of such evidence include an invoice stamped paid and a check number or <br />a receipt from a vendor. <br />Please include evidence of expenditure with your financial request. <br />Request for payment must be submitted within thirty (30) days after the end of the contract <br />period. <br />All payments will be made subject to the availability of bond funds <br />