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ti <br />40 <br />i <br />that any extension of funding beyond this date shall be at the sole discretion of the <br />DISTRICT. <br />Any request for extension of funding beyond the date set forth in the preceding <br />paragraph shall require submittal by the PROJECT SPONSOR of a request for extension <br />to the DISTRICT no later than July 1, 2002. This request will then be considered by the <br />DISTRICT Board, whose decision shall be final, <br />3, ASSISTANCE AMOUNT - The DISTRICT shall contribute no more than <br />fift percent50% of the PROJECT SPONSOR`S out-of-pocket costs for completion of <br />this PROJECT ("PROJECT AMOUNT"). Payment of funds by tate DISTRICT to the <br />PROJECT SPONSOR (tile "ASSISTANCE AMOUNT") will be on a reimbursement <br />basis only, and only for those authorized PROJECT COSTS as shown in Exhibit B and <br />meeting the requirements of Paragraph 5 below and shall not, in any event, exceed <br />$13.400.00. The PROJECT has been designated as a Phase I Project, which involves <br />planning, designing, engineering and/or permitting activities. Pursuant to the <br />DISTRICT's Rules, reimbursement will be made, assuming the PROJECT SPONSOR <br />has otherwise fully complied with the requirements of the Agreement, only upon <br />commencement of construction of the project for which the Phase I planning, designing, <br />engineering and/or permitting were directed, which may not involve further DISTRICT <br />funding. Procedures set forth below with respect to reimbursement by the DISTRICT are <br />subject to this requirement of commencement of construction.. <br />4. MATCHING FUNDS - The PROJECT SPONSOR warrants and <br />represents that it has the PROJECT SPONSOR Match Amount (the PROJECT <br />AMOUNT less the ASSISTANCE AMOUNT) available for the completion of the <br />PROJECT and shall, prior to the execution of this Agreement, have provided the <br />DISTRICT with suitable evidence of the availability of such funds using. DISTRICT <br />Form 095-01 (Exhibit Q, and including upon request, providing the DISTRICT with <br />access to applicable books and records, financial statements, and bank statements. <br />2 <br />