Common use of Construction Fund Clause in Contracts

Construction Fund. The Construction Fund shall be drawn on and used by the Company to pay the Costs of Issuance of the Bonds to the extent not paid from the settlement account pursuant to Section 2.1 of the Indenture and to pay other Project Costs when due and payable. Moneys in the Construction Fund shall be disbursed to the Company, or such other Person as may be designated, on requisitions substantially in the form of Exhibit C to the Indenture signed by the Authorized Company Representative and delivered to the Trustee, stating with respect to each payment to be made: (1) The amount and general purpose of such disbursement; and (2) That each obligation mentioned therein (i) has been properly incurred, (ii) is a proper charge against the Construction Fund in accordance with the provisions of this Loan Agreement, the Tax Documents and the Indenture, and (iii) has not been the basis of any previous requisition. The Trustee shall rely fully on any such requisition delivered pursuant to this Section and shall not be required to make any investigation in connection therewith. All moneys remaining in the Construction Fund after all Project Costs have been paid or provided for shall at the written direction of the Company be used in accordance with Section 3.3 hereof. If moneys in the Construction Fund are not sufficient to pay all Project Costs, the Company nonetheless shall complete the Project in accordance with Exhibit A attached hereto (as revised and amended in accordance with this Loan Agreement) and shall pay all such additional Project Costs. The Company shall not be entitled to any reimbursement for any such additional Project Costs from the Issuer, the Trustee, or any Registered Owner; nor shall it be entitled to any abatement, diminution or postponement of the Installment Loan Payments or other amounts payable hereunder.

Construction Fund. The Construction Fund shall and the Accounts therein are to be drawn on established and used maintained by the Company to pay Trustee in the Costs of Issuance event of the issuance of Additional Bonds to the extent not paid from the settlement account pursuant to Section 2.1 of a Supplemental Indenture to fund Construction Costs, as follows: (a) The Trustee shall hold the Indenture and to pay other Project Costs when due and payable. Moneys moneys in the Construction Fund and shall disburse such moneys therefrom to pay Construction Costs. Such disbursements shall be disbursed made from time to time upon receipt of a Written Request of the Company, or such other Person as may be designated, City on requisitions substantially behalf of the Authority (in the form of as set forth in Exhibit C to the Indenture signed by the Authorized Company Representative and delivered to the Trustee, stating hereto) which: (i) states with respect to each payment disbursement to be made: : (1A) The the requisition number, (B) the name and address of the person, firm or authority to whom payment is due, (C) the amount to be disbursed, and general purpose of such disbursement; and (2D) That that each obligation mentioned therein (i) has been properly incurred, (ii) is a Construction Cost and is a proper charge against the Construction Fund in accordance with the provisions of this Loan Agreement, the Tax Documents and the Indenture, and (iii) has not been the basis of any previous requisition. The Trustee shall rely fully on disbursement; (ii) specifies in reasonable detail the nature of the obligation; and (iii) is accompanied by a bill or statement of account for each obligation. (b) If at any such requisition delivered pursuant to this Section and shall not be required to make any investigation in connection therewith. All time there are insufficient moneys remaining in the Construction Costs of Issuance Fund after all Project Costs have been paid or provided for shall at the written direction of the Company be used to disburse moneys in accordance with Section 3.3 3.05 hereof, the Trustee shall disburse from the Construction Fund, subject to this Section 3.03, such additional amounts as are necessary to pay such Costs of Issuance. If Upon the delivery to the Trustee of a Certificate of Completion, the Trustee shall transfer any remaining balance of money in the Construction Fund, first, to the Rebate Fund to the extent the amount on deposit therein is less than the Rebate Requirement, and then the remainder to a separate subaccount within the related Principal Fund, which the Trustee shall establish and hold in trust, and which shall be entitled the “Surplus Subaccount.” The moneys in the Construction Fund are not sufficient Surplus Subaccount shall be applied (unless some other application of such moneys would not, in the opinion of Bond Counsel, adversely affect the tax-exempt status of interest on the Bonds) as directed in writing by the City to pay all Project Costsprincipal on the Series of Bonds from which such moneys were derived as such principal becomes due and payable, in annual amounts which bear the same ratio to the principal amount of such Series of Bonds maturing in such year that the amount deposited in the Surplus Subaccount bears to the original principal amount of such Series of Bonds. Notwithstanding Section 6.09 hereof, the Company nonetheless moneys in the Surplus Subaccount shall complete be invested at a yield no higher than the Project yield on such Outstanding Series of Bonds (unless, in accordance with Exhibit A attached hereto (as revised the opinion of Bond Counsel, investment at a higher yield would not adversely affect the status of interest on Tax-Exempt Bonds), and amended in accordance with this Loan Agreement) and shall pay all such additional Project Costs. The Company investment income shall not be entitled to any reimbursement for any such additional Project Costs from deposited in the Issuer, the Trustee, Surplus Subaccount and expended or any Registered Owner; nor shall it be entitled to any abatement, diminution or postponement of the Installment Loan Payments or other amounts payable hereunderreinvested as provided above.

Construction Fund. The Construction Fund shall be drawn on and used by the Company to pay the Costs of Issuance of the Bonds to the extent not paid from the settlement account pursuant to Section 2.1 of the Indenture and to pay other Project Costs when due and payable. Moneys in the Construction Fund shall be disbursed to the Company, or such other Person as may be designated, on requisitions substantially in the form of Exhibit C to the Indenture signed by the Authorized Company Representative and delivered to the Trustee, stating with respect to each payment to be made: (1i) The amount and general purpose of such disbursement; and (2ii) That each obligation mentioned therein (i) has been properly incurred, (ii) is a proper charge against the Construction Fund in accordance with the provisions of this Loan Agreement, the Tax Documents and the Indenture, and (iii) has not been the basis of any previous requisition. The Trustee shall rely fully on any such requisition delivered pursuant to this Section and shall not be required to make any investigation in connection therewith. All moneys remaining in the Construction Fund after all Project Costs have been paid or provided for shall at the written direction of the Company be used in accordance with Section 3.3 hereof. If moneys in the Construction Fund are not sufficient to pay all Project Costs, the Company nonetheless shall complete the Project in accordance with Exhibit A attached hereto (as revised and amended in accordance with this Loan Agreement) and shall pay all such additional Project Costs. The Company shall not be entitled to any reimbursement for any such additional Project Costs from the Issuer, the Trustee, or any Registered Owner; nor shall it be entitled to any abatement, diminution or postponement of the Installment Loan Payments or other amounts payable hereunder.

Construction Fund. The Construction Fund shall be drawn on and used by the Company to pay the Costs of Issuance of the Bonds to the extent not paid from the settlement account pursuant to Section 2.1 of the Indenture and to pay other Project Costs when due and payable. Moneys in the Construction Fund shall be disbursed to the Company, or such other Person as may be designated, on requisitions substantially in the form of Exhibit C to the Indenture signed by the Authorized Company Representative and delivered to the Trustee, stating with respect to each payment to be made: (1) The amount and general purpose of such disbursement; and (2) That each obligation mentioned therein (i) has been properly incurred, (ii) is a proper charge against the Construction Fund in accordance with the provisions of this Loan Agreement, the Tax Documents and the Indenture, and (iii) has not been the basis of any previous requisition. The Trustee shall rely fully on any such requisition delivered pursuant to this Section and shall not be required to make any investigation in connection therewith. All moneys remaining in the Construction Fund after all Project Costs have been paid or provided for shall at the written direction of the Company be used in accordance with Section 3.3 hereof. If moneys in the Construction Fund are not sufficient to pay all Project Costs, the Company nonetheless shall complete the Project in accordance with Exhibit A attached hereto (as revised and amended in accordance with this Loan Agreement) and shall pay all such additional Project Costs. The Company shall not be entitled to any reimbursement for any such additional Project Costs from the Issuer, the Trustee, or any Registered Owner; nor shall it be entitled to any abatement, diminution or postponement of the Installment Loan Payments or other amounts payable hereunder.