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to WOW all or anY Portion 02 the funds depooLted and, may re— <br />turas any uaexpeaced or uneacudbored amov ats at am, time without <br />i,ncurrinV any ohlig atlon to pay to Company any interest thereon. <br />City shall ineur no obligation to refucard any a:zounts r- <br />jrewded by it pursuant to thiel agreement in the event public <br />improvement proceedings for the proposed development are not <br />Initiated or, if initiated, are for any reason what soover not <br />carried throogh to completion of bond is sue ace, sale and receipt <br />of precaeds by city. <br />S. it is expressly understood that am€itbor the execution <br />of this agreement nor the expenditure of any funds herevaader ahall <br />in any manner obligate City to proceed with the formation ov any <br />puialic improvement district or to take any action on behalf o- <br />c'83uva uy. <br />6. All tuada expended; or encumbered Q City pursuant to <br />this agreement prior to the receipt oL bond proceeds as above- <br />mentioned, sor proper incidental expenses related to General IM- <br />provVnee at District Mo. 1:-64 Wor the provUl ons € f Chapter 3 of <br />ordinance Us, 11.2*, shall be repaid W reWbarwmO to Ccmpany as <br />Loon as bend proceeds suif1cle= t for such payment are available <br />therazor. <br />d ttost 3 <br />city clerk <br />CITY GY =1100D CITY, a municipal <br />corporation <br />Qq <br />By <br />(title) <br />3 - <br />city Manager <br />