05-13-2020 Council Packet - Laserfiche WebLink

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12316323v3 13 ARTICLE III ISSUANCE OF THE SERIES 2020 BONDS; REFUNDING OF PRIOR NOTE; ACQUISITION AND CONSTRUCTION OF PROJECT; PROJECT FUND Section 3.01 Refunding of Prior Note; Undertaking and Completion of Project; Operation of the Project Facilities under the Act and the Code. (a)Upon the issuance of the Series 2020 Bonds, the Borrower shall cause the Trustee to transfer proceeds thereof, in the amount of $__________, to be transferred to the sole holder of the Prior Note as payment in full of the Prior Note. (b)The Borrower shall promptly undertake and complete the Project, as provided herein and in the Indenture. The Borrower intends to complete the 2018 Project and pay all related costs no later than September 30, 2020 and to complete the 2020 Project and pay all related costs by no later than March 31, 2022. The Borrower may make changes in the Project Buildings or items of Project Equipment at any time; provided that no changes will be made which would delete from the Project any essential characteristics of the Project as specified in Section 1.03 nor which materially and adversely affect the total operating unity and efficiency or capacity of the Project Facilities and that, after such changes, the Project Facilities shall remain in compliance with all applicable requirements of law, including the applicable provisions of the Act and of Section 145 of the Internal Revenue Code. The Project Facilities, to the best knowledge of the Borrower, are and will be in compliance with all applicable zoning, planning and building regulations of governmental authorities having jurisdiction of the Project Facilities. Section 3.02 Agreement to Issue Series 2020 Bonds; Application of Series 2020 Bond Proceeds; Transfer of Prior Note Proceeds. (a)In order to provide funds to loan to the Borrower for the prepayment of the Prior Note and the payment of Project Costs for the 2020 Project, the Issuer has, or will have, upon or promptly after the execution of this Loan Agreement, issued and delivered the Series 2020 Bonds to the Original Purchaser thereof and the Issuer has or will have deposited the proceeds of said Series 2020 Bonds, as follows: (i) $____________ to the holder of the Prior Note; (ii) in the Bond Fund funded interest in the amount of $ _________________; (iii) in the Reserve Fund an amount equal to the Reserve Requirement; and (iv) in the 2020 Project Account of the Project Fund the balance of the proceeds received from said sale, as further described in Section 3.03 hereof. (b)In order to pay Project Costs for the 2018 Project, the Borrower shall cause to be transferred to, and be deposited with, the Trustee, proceeds of the Prior Note to be deposited in the 2018 Project Account of the Project Fund in the amount of $___________. Section 3.03 Deposits to and Disbursements from the Project Fund. (a)Pursuant to the Indenture, the Trustee has been directed to establish within the Project Fund three separate accounts, the 2018 Project Account, into which proceeds of the Prior Note will be transferred, and the 2020 Project Account and the Cost of Issuance Account, into