04-14-2021 Council Packet - Laserfiche WebLink

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13068670v2 26 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 2021D Bonds therefor; (f) Expenses of administration, supervision and inspection properly chargeable to the Project, administrative fees and other expenses relating to the Project, title insurance premiums, abstracting and filing fees, legal expenses and fees, fiscal consultant fees and expenses, costs of audits and of preparing, offering, selling and issuing the Bonds, and initial fees of the Trustee; and (g) Any other obligation or expense heretofore or hereafter incurred by the Corporation in connection with the Project defined as and constituting a proper project cost under the Act and approved by the Authorized Corporation 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 expended by the Corporation prior to the issuance of the Series 2021D 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 2021D Bonds; or (iii) Project Costs incurred not more than 60 days prior to the date the Corporation 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. Project costs shall be disbursed in accordance with the terms of the Disbursement Agreement. Section 4.05 Payments from Project Fund. From the deposit of Bond proceeds made pursuant to Section 4.01 hereof to the credit of the Project Fund, together with such other moneys of the Corporation as may be furnished therefor, the Trustee shall, at the direction of the Authorized Corporation Representative, based upon a Draw Request signed by the Authorized Corporation Representative substantially in the form attached hereto as Exhibit B disburse funds. The Trustee shall rely fully on any such Draw Request delivered pursuant to this Section and shall not be required to make any investigation in connection therewith. Upon the completion of the Project, the Completion Date shall be evidenced by delivery to the Trustee of a Certificate of the Authorized Corporation Representative. All surplus Project Fund moneys remaining in the Project Fund after completion of the Project shall be transferred to the Bond Fund and shall be used to pay debt service on the Bonds next coming due in accordance with Section 5.01 hereof. [The balance of this page is intentionally left blank.]