05-13-2020 Council Packet - Laserfiche WebLink

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12316306v3 -27- On the Closing Date, proceeds of the Prior Note in the amount of $____________ shall be transferred to the Trustee and deposited by the Trustee into the 2018 Project Account. Such proceeds shall be applied to the payment or reimbursement of Project Costs with respect to the 2018 Project, as further provided in Section 4.04 hereof. The moneys in the 2020 Project Account of the Project Fund shall be held in trust by the Trustee and applied to the payment of Project Costs with respect to the 2020 Project, in accordance with and subject to the provisions of this Article, but shall nonetheless be subject to a lien and charge in favor of the Holders of the Bonds issued and outstanding under this Indenture. Section 4.03 Project Costs Defined. For the purposes of this Indenture, the Project Costs shall include, without intending thereby to limit or restrict any proper definition of such cost under any applicable laws and generally accepted accounting principles, the following: (a)Obligations incurred for labor (including payroll cost of Borrower employees according to time spent by such employees on the Project) and to contractors, builders and materialmen in connection with the acquisition, construction, reconstruction, renovation and installation of the Project, including site improvements, and demolition of any existing building on the Land or removal of any equipment (net of any salvage), including obligations for machinery, materials and equipment therefor; (b)Costs of acquisition of real property and all interests in land required specifically for the site of the Project; (c)The cost of any indemnity and surety bonds deemed necessary by the Borrower, the fees and expenses of the Trustee and any paying agent during the Construction Period, taxes and other municipal or governmental charges levied or assessed during the Construction Period on the Project or any property acquired therefor, and the premiums for insurance, if any, in connection with the Project during the Construction Period; (d)Costs of acquisition and installation of equipment, furnishings and other tangible personal property required for the Project; (e)Fees and expenses of engineers and architects for surveys and estimates and other preliminary investigations, preparation of plans, drawings and specifications, and supervising construction, as well as for the performance of all other duties of engineers and architects in relation to the Project or the issuance of the Series 2020 Bonds therefor; (f)Costs of issuance of the Series 2020 Bonds, including title insurance premiums, abstracting and filing fees, legal expenses and fees, initial fees of the Trustee, underwriting fees and expenses, costs of audits and costs of preparing, offering, selling and issuing the Series 2020 Bonds, and; (g)Interest on the Series 2020 Bonds for a period not in excess of the Construction Period with respect to the 2020 Project, plus an additional six months; and