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<br />SWC : mmg 8/ ) 8 ( # 3 7/0 11) <br />SWC:aml 8/1/88R <br /> <br />2. <br /> <br />FINANCIAL ASSISTANCE PURPOSES. <br /> <br />Heron Court shall use <br /> <br />the monies paid hereunder solely for the purpose of painting its <br /> <br />housing project, and shall coordinate its project with the <br /> <br />Housing Rehabilitation Program of the City. <br /> <br />3. <br /> <br />METHOD OF PAYMENT BY CITY. <br /> <br />Heron Court shall keep <br /> <br />detailed and accurate records of all expenditures made and <br /> <br />expenses incurred under this contract. <br /> <br />The parties acknowledge <br /> <br />that Heron Court will be applying for a Rehabilitation Loan from <br /> <br />City. <br /> <br />Therefore, funds payable from this contract shall be <br /> <br />deposited into a construction escrow account along with any <br /> <br />Rehabili tation Loan funds granted to Heron Court, from which <br /> <br />payments shall be made to Heron Court or its Contractor on a <br /> <br />construction progress basis. <br /> <br />Heron Court shall submit requests for payment to City <br />once per month, on the forms provided by City's Housing <br />Coordinator. All requests for payment shall be accompanied by <br /> <br />receipts or other proofs of expenditure. <br /> <br />4. <br /> <br />DISCLOSURE OF PROGRAM INCOME. <br /> <br />Heron Court shall <br /> <br />disclose to City any and all income received by Heron Court from <br /> <br />sources other than this Agreement, during each month such income <br /> <br />is received. Disclosure shall be made on the expenditure forms <br /> <br />referenced in paragraph 3. <br /> <br />5. FINANCIAL STATEMENT AND ANALYSIS. At any time during <br /> <br />the term hereof, Heron Court shall make available to City or <br /> <br />public upon request, a financial statement and analysis setting <br />forth in detail the manner in which, and the specific purposes <br /> <br />for which, the sums paid hereunder were expended to the date of <br /> <br />2 <br />