 | Board of Visitors minutes February 9, 2007 |  |
Section 4.4 Payments from Construction Fund.
Payment of the Cost of the Projects shall be made from the appropriate account of the Construction Fund and other available funds, all as provided by law. All payments from the Construction Fund shall be subject to the provisions and restrictions set forth in this Article, and the Board covenants that it will not cause or permit to be paid from the Construction Fund any sums except in accordance with such provisions and restrictions.
Moneys in the Construction Fund shall be paid out by the Custodian to be issued on vouchers of the University, all in accordance with the Act, the amounts stated in such vouchers to be certified by the University to be necessary for paying items of Cost of the Projects.
The vouchers shall be in substantially the form of Exhibit B hereto (or in such other form required by the Custodian) and shall state each amount to be paid, the appropriate account from which funds should be used, the name of the person, firm or corporation to whom each such payment is due and the purpose for which the obligation to be paid was incurred, and shall certify that the goods or services specified have been received, or performed, payment therefor has not been previously authorized and that the expenditure is a proper charge to the appropriation for the Construction Fund.
The University shall keep accounts of the Costs of the Projects which have been, and are expected to be, spent for each component of the Projects to ensure that such Costs of the Project shall not exceed the maximum authorized amount for each such component.
| Board of Visitors minutes February 9, 2007 | |