2011 - 01-31-2011 Reg. Adj. Meeting

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Bach 23 ew'1916 (b) Assistance provided under this Agreement is to be disbursed to the Applicant pursuant to N.C. Gen. Star. § 143B- 437.70 er seq., the terms of the Program Guidelines and Procedures, and consistent with the terms and schedule established in the Company Performance Agreement. (c) Assistance provided under this Agreement is conditioned upon the execution of a Company Performance Agreement among the Applicant, the Company, the Related Members, and the Guarantor, in a form acceptable to DOC, (d) To receive a disbursement of funds under this Agreement, the Applicant must provide or cause to be provided to DOC a properly executed Company Performance Agreement, proof that the Company, the Related Members, and the Guarantor have performed their obligations under the Company Performance Agreement, and proof that the Applicant has met its obligation to provide matching funds and /or resources for the project. III. APPLICANT'S COMMITMENTS (a) The Applicant agrees to perform the Program and to abide by all commitments, terms and representations in the Local Government Application. (b) The Applicant agrees to provide funds and /or resources for the Project in an amount that matches the amount of the grant provided it under the Program and in a manner consistent with N.C. Gen. Star. § 143B- 437.72(c)(1) and the Program Guidelines and Procedures. The Applicant agrees to provide to DOC, not later than the time it requests a DOC disbursement of Assistance for the Project, an official's certification in the form and manner specified by DOC, stating the amount of required matching finds and /or resources the Applicant has disbursed to the Company for the Project. (c) The Applicant agrees to provide funds and /or resources for the Project in an amount that matches the amount of the grant provided it under the Program and in a manner consistent with N.C. Gen. Stat. § 143B- 437.72(c)(1) and the Program Guidelines and Procedures. (d) The Applicant agrees to take all steps reasonably necessary to ensure and to establish to DOC that the required levels of jobs are created and /or retained, the required salary levels are achieved, the required levels of investments are made, statutorily qualifying expenses are incurred, any required environmental permits are obtained, and any other required performance criteria are satisfied, and that no ,-rant funds are disbursed until the performance criteria in the Company Performance Agreement have been met. (e) The Applicant agrees to take whatever steps may be reasonably necessary to ensure and to establish to DOC that funds disbursed by the Applicant are used only for purposes allowed under the statutory authority creating the Program. (t) The Applicant agrees to take whatever steps may reasonably be required, after consultation with the Secretary of DOC and not inconsistent with the Secretary's authority under the Company Performance Agreement, to recapture all disbursed funds for which the Applicant and DOC have a right to be reimbursed. (g) The Applicant acknowledges that DOC has a right to recapture funds under the Company Performance Agreement and that such riglu does not relieve the Applicant of its own responsibility to recapture funds. (h) The Applicant agrees to otherwise reimburse DOC for any funds improperly disbursed, Provided, however, that Applicant is under no obligation to reimburse DOC for any improperly disbursed funds that were disbursed with DOC's prim permission.