5.4. ERMUSR 02-20-2007 - Laserfiche WebLink

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BROOKINGS-TWIN CITIES DEVELOPMENT PROJECT AGREEMENT Section 603. Issuance of Taxable and Tax Exempt Bonds . Bonds and additional bonds or refunding bonds may be issued as Taxable Bonds or Tax- Exempt Bonds. Subject to the approval of CMMPA and in accordance with the applicable Bond Resolution, individual Participants may have different portions of their respective Development Project Costs financed from the proceeds of Taxable Bonds or Tax-Exempt Bonds, based on their specific circumstances. Any Taxable Bonds and any portion of the Development Project financed or refinanced by Taxable Bonds shall not be subject to the tax covenants set forth in Section 206 of this Agreement. Agency Participants may have their respective share of CMMPA Debt Related Monthly Development Project Costs adjusted to reflect a mix of Taxable Bonds and Tax Exempt Bonds per Attachment 4A of this Agreement. ARTICLE 7 END OF DEVELOPMENT PROJECT Section 701. Ending of Development Project and Agreement Termination. (a) CMMPA shall determine when the Development Project shall be terminated. Such decision shall be made in accordance with Prudent Utility Practice, provided that: (a) termination of the Development Project shall comply with the provisions of the CapX 2020 Development Agreement between CMMPA and the other CapX 2020 participants in the Transmission Project, (b) termination of Development Project and this Agreement shall not occur so long as any Bonds are outstanding or until adequate provision for the payment thereof has been made in accordance with provisions of the applicable Bond Resolutions, and (c) termination of the Development Project and this Agreement will not occur until all costs, obligations and liabilities of CMMPA for the Development Project have beeri provided for. (b) To the extent that there are outstanding liabilities and costs that CMMPA is obligated to pay as of termination of Development Project ,the Participant shall be responsible for payment for its Participant Election Share of the amount of such outstanding liabilities and costs. (c) The Parties recognize that this Agreement may be superseded by the Brookings-Twin Cities Project Agreement. ARTICLE 8 OBLIGATIONS IN THE EVENT OF DEFAULT Section 801. Participant Failure to Pay. (a) Upon failure of the Participant to make any payment in full when due under this Agreement or to perform any obligation herein, CMMPA shall make demand upon the Participant, and if said failure is not cured within 20 days from the date of such C:1Documents and Settings\Bryan\Local Settings\Temporary Internet Files10LK53\Cap X Brookings 2-12-07 22 clean.doc