Agenda - 03-02-2006-8bCC - Laserfiche WebLink

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3.3. Completion of Construction. When the construction of the Financed Facilities has been substantially completed to the County's satisfaction, the County will promptly prepare and deliver to the Company and the Trustee (a) a certificate to that effect together with (b) a certificate from an Appropriate Consultant estimating the amount of Project Costs remaining to be paid. The Trustee ti~Jill hold in the Project Fund any amounts needed to pay remaining Project Costs, as shoujn on the Consultant's Certificate. The Trustee will disburse any other funds in the Project Fund not required to be so retained, pursuant to [Section 4.03] of the Trust Agreement. 3.4. Contractors' Performance and Payment Bonds. The County will provide for each contractor entering into a Construction Contract to furnish a performance bond and a separate labor and material payment bond as required by Article 3, Chapter 44A of the North Carolina General Statutes. The County will provide copies of such bonds to the Company. Each such bond will include the Company as a dual obligee. Upon any material default by a contractor under any Construction Contract, or upon any material breach of warranty with respect to any materials, workmanship or performance, the County will promptly proceed, either separately or in conjunction with others, to pursue diligently its remedies against such contractor or against the surety of any bond secL~ring the performance of such Construction Contract. 3.5. Contractors' General Fublic Liability and Property Damage Insurance. The County will provide for each contractor entering into a Constriction Contract to procL~re and maintain standard form (a} comprehensive general public liability and property damage insurance, at such contractor's ov~Tn cost and expense, during the duration of such contractor's Construction Contract, in the amount of at least $1,000;000, and (b) comprehensive automobile liability insurance on owned, hired and nono~vned velucles for not less than $1,000,000. Such policies v~~•ill include the Company and the Tristee as additional named insureds or loss payees. Tl1e County will provide to the Trustee a certificate of insurance in a form acceptable to the Trustee, uTith respect to each contractor and subcontractor. Such insurance will provide protection from all claims for bodily injury, including death, property damage and contractual liability, productslcompleted operations, broad form property damage and XCU (explosive, collapse and underground damage), where applicable. 93361v2 6