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to expend all or any portion of the funds deposited and nay ro- <br />turn any unexpended or unencumbered amounts at any tiojc without <br />Incurring any obligation to pay to Company any interest thereon. <br />City shall incur no obligation to refund any a counts ex - <br />pealed by it pursuant to this agrceutent in the ovent public <br />improvement proceedings for the proposed development are not <br />initiated or, ii initiated, are for any reason whatsoever not <br />carried through to completion of bond issuance, .sale and receipt <br />o' proceeds by City. <br />`i. It is e7prossly understood that neither the execution <br />of this agreement nor the ompe aditure of any fund: hereunder shall <br />in any mannor obligate City to proce=ed with the formation of saay <br />public ir;provement district or to talte any action on behalf of <br />company. <br />G. All funds expendod or encumbered by City pursuaat to <br />this agreement prior to the receipt of bond proceeds as above- <br />mentioned, for proper incidental expenses related to General In- <br />proveraent District Uo.. 1-64 under the provisions of Chapter 3 of <br />Ordinance do. 1123, shall be repaid and reimbursed to Company as <br />soon as "bond proceeds sufficient for such payment are available <br />therefor. <br />Atte t t <br />city Clerk. <br />CI .1 02 P.ZsDwOOD CITY, a municipal <br />corporation <br />3 on <br />Py <br />City Manager <br />LESLIE PROPERTIES, INTC. <br />By, <br />(title) <br />- 3 - <br />