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• <br /> 144 <br /> Examples: <br /> Initial Deposits - <br /> If two governmental bodies agree to participate by October 1, <br /> each will deposit $12,500. If there are three, each will deposit <br /> $8,333. <br /> Distributions from Escrow - <br /> If there are three participants, submission of copies of invoices <br /> of $16,666 or more will cause disbursement of $16,666 to that <br /> participant. On July 1, 1987, if only one participant has <br /> submitted and received payment for invoices for $16,666, then it <br /> • may submit copies of invoices totaling up to $33,334 and it will <br /> receive up to an additional $16,667. The other two participants <br /> will receive their $8,333 back at that time. <br /> If on July 1, 1987, two participants have obtained their maximum <br /> out of the escrow account, there will be $16,666 remaining in the <br /> account, with $8,333 to be returned to the participant who did <br /> not expend any funds and $8,333 will be eligible for matching on <br /> an equal basis among the two participants who did expend funds. <br /> If not used, the $8,333 will be returned to Village Companies. <br /> Should you have any questions, please contact me. <br /> Best regards, <br /> A4 <br /> Robert E. Woodruff . <br /> REW/kab <br /> cc: Don Willhoit <br /> • <br />