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<br />lr~\ <br />I <br /> <br />prepare, with the assistance of the <br />engineering firm referred to in paragraph <br />B.1. above, an estimate of the funds required <br />from the state for project engineering and/or <br />construction during that month and shall <br />forward said estimate to the state not ~ess <br />than fifteen (15) days prior to the beginning <br />of such month. <br /> <br />b. upon receipt and approval by the state <br />of such monthly estimate, the state will, <br />within forty (40) days from the receipt of <br />such estimate, pay over to the Contractor the <br />amount of the monthly estimate or such <br />portion thereof as has been approved by the <br />state. <br /> <br />c. No payments will be made under this <br />contract for project construction until the <br />project plans and specifications referred to <br />in paragraph B.1. above are approved by the <br />state. <br /> <br />- <br />J. Upon completion o~ the repayment to the State <br />in the Sum of Five Hundred Three Thousand Eight <br />Dollars and Eighty-Eight Cents ($503,008.88), as <br />set forth in paragraph B.11.b. of this contract, <br />the State agrees to convey to the Contractor all <br />of the state's right, title, and interest in and <br />to the project and any other property described in <br />paragraph B.12. by deed or other proper <br />conveyance; <br /> <br />4. The repayment schedule (Exhibit A of the Original <br />contract) is hereby amended as shown in Attachment B, which is by v/ <br />this reference incorporated and made a part hereof. <br /> <br />5. The effective date of this Contract Amendment No. 1 <br />shall be seven (7) days after the day it is dated. <br /> <br />6. The Contractor pledges its full faith and credit in <br />support of this obligation and warrants that it shall lawfully <br />adopt a valid ordinance that recognizes this obligation pursuant <br />to its charter prior to the execution of this Contract. Such <br />ordinance is a condition precedent to State performance of this <br />contract. Such ordinance shall be irrepealable for the period of <br />repayment of the project contract loan. Such ordinance shall <br />specifically authorize the City to enter into this Contract. <br />Such ordinance shall specifically pledge the full faith and <br />credit of the City to repay the project contract loan in the <br />event of default. Such ordinance shall be attached hereto as <br />Attachment C and is incorporated herein by this reference. / <br /> <br />Page ~ of Z Pages <br />