05-13-2020 Council Packet - Laserfiche WebLink

Home Browse Search

12316323v3 14 which proceeds of the proceeds of the Series 2020 Bonds shall be deposited, as provided in Section 4.02 of the Indenture. (b)Pursuant to Sections 4.02 and 4.04 of the Indenture, proceeds of the Bonds, as described therein, are to be deposited in and held in the Project Account, and are to be applied to the payment or reimbursement of Project Costs with respect to the 2020 Project. Moneys in the Project Account shall, in accordance with Section 4.04 of the Indenture, be disbursed by the Trustee, upon the direction of the Authorized Borrower Representative, pursuant to a Draw Request substantially in the form of Exhibit B to the Indenture and in accordance with the provisions of the Disbursing Agreement. Upon the completion of each of the 2018 Project and the 2020 Project, the respective Completion Date shall be evidenced by delivery to the Trustee of a Certificate of the Authorized Borrower Representative, as further provided in Section 3.06 hereof. (c)Pursuant to Sections 4.02 and 4.05 of the Indenture and Section 3.05 hereof, certain proceeds of the Bonds[, together with certain moneys of the Borrower not constituting proceeds of the Bonds,] are to be deposited into and held in the Cost of Issuance Account and applied to payment of costs of issuance of the Bonds, as further provided therein. Moneys in the Cost of Issuance Account shall, in accordance with Section 4.05 of the Indenture, be disbursed by the Trustee, upon the direction of the Authorized Borrower Representative. Each disbursement shall be made pursuant to a Draw Request substantially in the form of Exhibit B to the Indenture. (d)Notwithstanding any other provision hereof, the Borrower covenants that the issuance costs financed by the Bonds (including underwriting discount) will not exceed 2.00% of the proceeds of the Bonds. Section 3.04 Obligation of the Borrower to Cooperate in Furnishing Documents to the Trustee. The Borrower agrees to cooperate in furnishing to the Trustee (i) any documents or directions required by the Trustee to effect payments out of the Project Fund, and (ii) the documents referred to in the Indenture required for the authentication and delivery of the Series 2020 Bonds. Such obligations are subject to any provision of this Loan Agreement or the Indenture requiring additional documentation. Section 3.05 Borrower Required to Provide for Payment in Full of All Costs of the Project. The Issuer does not make any warranty, either express or implied, that the moneys which will be deposited into the Project Fund, and which under the related provisions of this Loan Agreement and the Indenture will be available for the payment of Project Costs, will be sufficient for such purposes. The Borrower agrees that it shall pay or cause to be paid all such costs and that to the extent such costs exceed the available proceeds of the Prior Note and the Series 2020 Bonds, it shall not be entitled to any reimbursement therefor from the Issuer, the Trustee, or the Holders of any of the Series 2020 Bonds, nor shall it be entitled to any diminution in or postponement of payments to be made under Sections 4.02 or 4.04 hereof. Specifically, the Borrower covenants that it will pay or cause to be paid from funds other than proceeds of the Prior Note and the Series 2020 Bonds the amount of all costs of issuance of the Series 2020 Bonds (including underwriting discount) in excess of an amount equal to 2.00% of the proceeds of the Series 2020 Bonds.