05-13-2020 Council Packet - Laserfiche WebLink

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12316306v3 -28- (h)Any other obligation or expense heretofore or hereafter incurred by the Borrower in connection with the Project defined as and constituting a proper project cost under the Act and approved by the Authorized Borrower Representative. Provided, however, that, notwithstanding the foregoing, Project Costs described in this Section are limited to the extent provided in Section 3.03 of the Loan Agreement; and provided further, however that Project Costs shall not include any costs related to the 2020 Project expended by the Borrower prior to the issuance of the Series 2020 Bonds except for: (i) Preliminary Expenditures; (ii) Project Costs that in the aggregate are not in excess of the lesser of $100,000 or five percent of the proceeds of the Series 2020 Bonds; or (iii) Project Costs incurred not more than 60 days prior to the date the Borrower made a written declaration of official intent as to reimbursement, pursuant to Section 1.150-2 of the Income Tax Regulations under the Internal Revenue Code of 1986, as amended. Section 4.04 Payments from a Project Account. Any moneys on deposit in a Project Account shall be applied solely to the payment or reimbursement of Project Costs, at the direction of the Authorized Borrower Representative, in accordance with the provisions of Section 3.03 of the Loan Agreement, based upon a Draw Request signed by the Authorized Borrower Representative substantially in the form attached hereto as Exhibit B, and in accordance with the provisions of the Disbursing Agreement. All Draw Requests may be submitted to the Trustee by facsimile, with signed originals to be delivered as soon thereafter as may be practicable. Upon the completion of each of the 2018 Project and the 2020 Project, the Completion Date shall be evidenced by delivery to the Trustee of a Certificate of the Authorized Borrower Representative. For purposes of complying with the requirements of this Section, the Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon Draw Requests of the Borrower. The Trustee shall not be bound to make an investigation into the facts or matters stated in any Draw Request. The Trustee shall not be responsible for determining whether funds on hand in the 2018 Project Account are sufficient to complete the 2018 Project or on hand in the 2020 Project Account are sufficient to complete the 2020 Project. The Trustee shall not be responsible to collect lien waivers. Section 4.05 Payments from Cost of Issuance Account. Any moneys on deposit in the Cost of Issuance Account shall be applied solely to the payment or reimbursement of costs of issuance of the Series 2020 Bonds, to the extent that such costs of issuance are not permitted, for federal income tax purposes, to be financed with proceeds of the Series 2020 Bonds. Amounts on deposit from time to time in the Cost of Issuance Account shall be disbursed by the Trustee at the direction of the Authorized Borrower Representative, in accordance with the provisions of Section 3.03 of the Loan Agreement, based upon a Draw Request signed by the Authorized Borrower Representative substantially in the form attached hereto as Exhibit B. For purposes of complying with the requirements of this Section, the Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon Draw Requests of the Borrower. The Trustee shall not be bound to make an investigation into the facts or matters stated in any Draw Request. The Trustee shall not be responsible for determining whether funds on hand in the Cost of Issuance Account are sufficient to complete payment of all