04-14-2021 Council Packet - Laserfiche WebLink

Home Browse Search

13068670v2 25 ARTICLE IV BOND PROCEEDS Section 4.01 Deposit of Series 2021D Bond Proceeds. The Issuer shall deposit, or shall direct the Original Purchaser of the Series 2021D Bonds to deposit, with the Trustee all of the net proceeds of the sale of the Series 2021D Bonds (including accrued interest thereon from the date from which interest is to be paid thereon to the date of delivery to the Original Purchaser thereof), and the Trustee out of such proceeds shall: (a) Deposit to the credit of the Bond Fund all accrued interest paid by the Original Purchaser at the Closing Date for the Series 2021D Bonds and capitalized interest in the amount of $_______________; and (b) Deposit from proceeds of the Series 2021D Bonds to the credit of the Reserve Fund an amount equal to the Reserve Requirement; and (c) Deposit to the credit of the Project Fund the balance of such proceeds. Section 4.02 Establishment of Project Fund. There is hereby established a separate fund to be maintained by the Trustee hereunder, and there shall be deposited with the Trustee to the credit of such fund (herein called the “Project Fund”), the proceeds of the Series 2021D Bonds, except as otherwise provided herein. The Issuer has no obligation hereunder or under the Act to deposit any moneys in the Project Fund. The moneys in the Project Fund shall be applied as provided in Section 4.04 below. Section 4.03 Reserved. Section 4.04 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 Corporation 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 buildings 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 land and buildings and all interests in land and buildings required specifically for the Project. (c) The cost of any indemnity and surety bonds deemed necessary by the Corporation, 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 ay property acquired therefor, and the