Section 870-RICR-20-00-6.10 - AgreementA. Upon approval of an Award by the Board, the Corporation and the Applicant will enter into an Agreement prior to any funding to the Applicant.B. In order to safeguard the expenditure of public funds and ensure that the disbursement of funds further the objectives of the Act, the Agreement shall include, among others, the following terms:1. The maximum amount of the Award;2. The anticipated deadline for completion of the Streetscape Improvement Project;3. A schedule and conditions for the disbursement of the Award;4. a procedure for the certification and auditing of project costs;5. A provision that the failure to adhere to a certain timeline or to certain conditions may result in forfeiture of the all or a portion of the Award;6. If the Applicant is not a municipality or political subdivision thereof, representations and warranties that the Applicant is in good standing with the Secretary of State and Division of Taxation at the time of execution of the Agreement and will remain so through the duration of the Agreement; good standing with the Division of Taxation means that the Applicant is current on all taxes or that the Applicant is current on a workout agreement with the Division of Taxation;7. Indemnification requirements;8. Default and remedies including events other than those set forth above, if any, that would trigger forfeiture or revocation of the Award; and9. Reporting requirements including, but not limited to, any requirements under the Act.870 R.I. Code R. 870-RICR-20-00-6.10
Amended effective 11/7/2022
Amended effective 1/3/2024