JOHN DELULIO TRUST (4) - Laserfiche WebLink

Home Browse Search

8. Interest earned on funds held in a revolving fund account; 9. Interest earned on program income pending disposi- tion of such income; and 10. Fund collected through special assessments made against properties owned and occupied by households not of low and moderate income, where such assess- ments are used to recover all of part of the CDBG portion of a public improvement. C. Program income does not include interest earned (except for interest described in 24 CFR 570.513) on cash advances from the U.S. Treasury. Such interest shall be remitted to HUD from transmittal to the U.S. Treasury and will not be reallocated under section 106(c) or (d) of the Act. Examples of other receipts that are not considered program income are proceeds from fund raising activities carried out by DEVELOPER receiving CDBG assistance; funds collected through special assessments used to recover the non-CDBG portion of a public improvement; and proceeds from the disposition of real property acquired or improved with CDBG funds when such disposition occurs after the applicable time period specified in 24 CFR 570.503(b)(8). IX TERMINATION A. This agreement may be terminated on thirty (30) days' written notice by either party. In the event of such termination, DEVELOPER shall only be entitled to reimbursement for approved expenses incurred to the effective date of termination. B. This agreement may be suspended or terminated by CITY upon five (5) days' written notice for violation by DEVELOPER of Federal Laws governing the use of Community Development Block Grant Funds. In the event of such suspension or termination, DEVELOPER shall only be entitled to reimbursement for approved expenses incurred up to the effective date of suspension or termination. C. Pursuant to 24 CFR 85.43, if in the event DEVELOPER defaults by failing to fulfill all or any of its obligations hereunder, CITY may declare a default and termination of this agreement by written notice to DEVELOPER, which default and termination shall be effective on a date stated in the notice which is to be not less than ten (10) days after certified mailing or personal service of such notice, unless such default is cured before the effective date of termination stated in such notice. If terminated for cause, CITY shall be relieved of further liability or responsibility under this agreement, or as a result of the termination thereof, including the payment of money, except for payment for approved expenses incurred for service satisfactorily Page 7 of 11 Pages