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<br />(b) <br /> <br />The GIF shall: <br /> <br />1. <br /> <br />Control and administer the PACE Loan Program in <br />Fargo, West Fargo and Cass County <br />Approve and make loans <br />Receive all repayments of PACE loans <br />Account for all borrower's loans <br />Act as the" community" as provided in Chapter 6- <br />09.14 <br /> <br />2. <br />3 . <br />4. <br />5. <br /> <br />(c) <br /> <br />Administer the PACE Program in accordance with Chapter 6- <br />09.14 and the rules and regulations of the Bank of North <br />Dakota. <br /> <br />(d) <br />(e) <br /> <br />Maintain a separate bank account for the Loan Pool funds. <br /> <br />Loan Pool funds shall be accounted for separately from <br />other GIF funds and funds contributed by each <br />governmental entity shall be accounted for separately. <br /> <br />3. Funding. It is the intent of the parties that (i) the <br />funds contributed for the PACE Program by the governmental <br />entities, as provided below and, (ii) the PACE loans currently in <br />existence, will constitute a revolving fund which will be capped at <br />a total value of $8,000,000 (the "Loan Pool"). It is presently <br />intended that the entities will make the following annual <br />contributions to the GIF to be used in the Loan Pool beginning <br />January 1, 1997, until the Loan Pool fund obtains the value of <br />$8,000,000: <br /> <br />Fargo - $400,000 <br />West Fargo - $45,000 <br />Cass County - $600,000 <br /> <br />The amounts will be paid to the GIF by the governmental entities in <br />the first quarter of each year. It is anticipated that the Loan <br />Pool will reach $8,000,000 by the year 2002. Notwithstanding the <br />foregoing, it is expressly agreed and understood by all of the <br />parties to this Agreement, that each entity's decision to make the <br />foregoing annual contributions is subject to and shall be part of <br />each entity's annual budget process. Therefore, each entity may <br />withdraw from this Agreement and discontinue funding at any time <br />during the life of this Agreement for budget reasons without <br />penalty or other recourse of any kind. <br /> <br />All funds contributed by the governmental entities to the <br />Loan Pool shall be used exclusively for PACE loans and expenses to <br />third parties such as professional services, insurance premiums and <br />the like. No reimbursement shall be paid to Fargo Cass County <br />Economic Development Corporation for staffing or other <br />administrative services, which the Fargo Cass County Economic <br />Development Corporation has agreed to provide without charge to the <br /> <br />2 <br />