Common use of Construction Fund Clause in Contracts

Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the Construction Fund, to the credit of which the deposits are to be made as required by Section 3.1 hereof. (a) The Construction Fund shall consist of three separate accounts including the Bond Issuance Expense Account, the Capitalized Interest Account and the Construction Account. The Issuer shall deposit in the Construction Account a total sum of $ [from the initial advance of the proceeds of the Series 2020 Bonds, which [initial draw on the Series 2020 Bonds] consists of $ , less the portion of the [initial advance of the] proceeds of the Series 2020 Bonds deposited in the Bond Issuance Expense Account and Capitalized Interest Account of the Construction Fund ($ _) and in the Debt Service Reserve Fund ($ ). [The purchaser of the Series 2020 Bonds shall deposit subsequent advances with the Trustee from time to time as needed and the advances shall be recorded in the records of the Trustee.] (b) The Issuer shall deposit $ from the sale of the Bonds of the Issuer, into the Bond Issuance Expense Account of the Construction Fund to pay Bond Issuance Costs. The Bond Issuance Costs set forth in Exhibit A shall be wire transferred at closing to the entities listed as authorized by the Town Council President and the Clerk-Treasurer, the authorization evidenced by the execution of this Indenture. Other costs of issuance shall be paid by the Trustee upon submission of an affidavit signed by the Town Council President and the Clerk- Treasurer. Any amounts remaining in the Bond Issuance Expense Account of the Construction Fund shall be transferred to the Construction Account of the Construction Fund and the Bond Issuance Expense Account shall be closed. (c) The Trustee shall deposit in the Capitalized Interest Account all moneys required to be deposited therein pursuant to the provisions of this Article IV. The Trustee shall invest such funds in accordance with Article and shall apply such funds to the payment of interest on the Series 2020 Bonds as it becomes due through and including _ 15, 202_. Any funds remaining in the Capitalized Interest Account after 16, 202_, shall be transferred to the Construction Account. The Trustee shall deposit in the Debt Service Reserve Fund proceeds of the Bonds in an amount equal to the Reserve Requirement at the time of delivery of the bonds as set forth in Section 3.1 and 4.4. (d) Except as set forth in subparagraph (a) and (c) of this Section 4.3, moneys on deposit in the Construction Account shall be paid out from time to time by the Trustee upon the order of the Issuer in pay, or as reimbursement to the Company for payment made, for the Costs of Construction of the Project upon receipt by the Trustee of an invoice showing the amount paid, or to be paid, and to whom payment is owed and a written request signed by an Authorized Representative of the Company in substantially the form of Exhibit B and approved by the Issuer: (i) stating that the costs of an aggregate amount set forth in such written request has been made or incurred and were necessary for the construction or equipping of the Project and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect or that the amounts set forth in such written request are for allowable Bond Issuance Costs or Costs of Construction; (ii) stating that the amount paid or to be paid, as set forth in such written request, is reasonable and represents a part of the amount payable for the Bond Issuance Costs or the Costs of Construction during construction of the Project or the costs of equipping the Project all in accordance with the cost budget; and that such payment was not paid in advance of the time, if any, fixed for payment and was made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (iii) stating that no part of the such costs was included in any written request previously filed with the Trustee under the provisions hereof; (iv) stating that such costs are appropriate for the expenditure of proceeds of the Bonds under the Act; and (v) stating a recap of vendors and the amount paid and/or to be paid to each and copies of invoices paid and/or to be paid with copies of checks used for any previously made payment and, if a vendor is an unincorporated entity, the taxpayer identification number for such vendor.

Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the Construction Fund, to the credit of which the deposits are to be made as required by Section 3.1 hereof. (a) The Construction Fund shall consist of three separate accounts including the Bond Issuance Expense Account, the Capitalized Interest Account and the Construction Account. The Issuer shall deposit in the: (i) Bond Issuance Expense Account of the Construction Account Fund a total sum of $ $[from the initial advance 200,000] of the proceeds of the Series 2020 2024 Bonds, which [initial draw on the Series 2020 Bonds] consists of $ , less the portion of the [initial advance of the] proceeds of the Series 2020 Bonds deposited in the Bond Issuance Expense Account and ; (ii) Capitalized Interest Account of the Construction Fund (a total sum of $ _) and in the Debt Service Reserve Fund ($ ). [The purchaser of the Series 2020 Bonds shall deposit subsequent advances with the Trustee from time to time as needed and the advances shall be recorded in the records proceeds of the Trustee2024 Bonds to be used to pay capitalized interest through and including August 1, 20226; and (iii) Construction Account of the Construction Fund a total sum of $ of the proceeds of the 2024 Bonds.] (b) The Issuer shall deposit $ from the sale of the Bonds of the Issuer, into the Bond Issuance Expense Account of the Construction Fund to pay Bond Issuance Costs. The Bond Issuance Costs set forth in Exhibit A B shall be wire transferred at closing to the entities listed as authorized by the Town Council President Mayor and the Clerk-TreasurerDirector of Finance and Records, the authorization evidenced by the execution of this Indenture. Other costs of issuance shall be paid by the Trustee upon submission of an affidavit signed by the Town Council President Mayor and the Clerk- TreasurerDirector of Finance and Records. Any On December 1, 2025, any amounts remaining in the Bond Issuance Expense Account of the Construction Fund shall be transferred to the Construction Account of the Construction Fund and the Bond Issuance Expense Account shall be closed. (c) The Trustee shall deposit in the Capitalized Interest Account all moneys required to be deposited therein pursuant to the provisions of this Article IV. The Trustee shall invest such funds in accordance with Article IV and shall apply such funds to the payment of interest on the Series 2020 2024 Bonds as it becomes due through and including _ 15August 1, 202_2026. Any funds remaining in the Capitalized Interest Account after 16November 1, 202_2026, shall be transferred to the Construction Account. . (d) The Trustee shall deposit in the Debt Service Reserve Fund proceeds of the Bonds in an amount equal to the Reserve Requirement at the time of delivery of the bonds as set forth in Section 3.1 and 4.44.5. (de) [Moneys on deposit in the Construction Account must first be draw down in the amount of $ to fund [RAB on Sycamore] prior to drawing down any remaining Bond proceeds for other portions of the Project]. (f) Except as set forth in subparagraph (a), (b) and (c) of this Section 4.3, moneys on deposit in the Construction Account shall be paid out from time to time by the Trustee upon the order of the Issuer in pay, or as reimbursement to the Company for payment made, for the Costs of Construction of the Project upon receipt by the Trustee of an invoice showing the amount paid, or to be paid, and to whom payment is owed and a written request signed by an Authorized Representative of the Company in substantially the form of Exhibit B C and approved by the Issuer: (i) stating that the costs of an aggregate amount set forth in such written request has been made or incurred and were necessary for the construction or equipping of the Project and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect or that the amounts set forth in such written request are for allowable Bond Issuance Costs or Costs of Construction; (ii) stating that the amount paid or to be paid, as set forth in such written request, is reasonable and represents a part of the amount payable for the Bond Issuance Costs or the Costs of Construction during construction of the Project or the costs of equipping the Project all in accordance with the cost budget; and that such payment was not paid in advance of the time, if any, fixed for payment and was made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (iii) stating that no part of the such costs was included in any written request previously filed with the Trustee under the provisions hereof; (iv) stating that such costs are appropriate for the expenditure of proceeds of the Bonds under the Act; and (v) stating a recap of vendors and the amount paid and/or to be paid to each and copies of invoices paid and/or to be paid with copies of checks used for any previously made payment and, if a vendor is an unincorporated entity, the taxpayer identification number for such vendor.

Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the "Construction Fund, ," to the credit of which the deposits are to be made as required by Section 3.1 3.1. hereof. (a) The Construction Fund shall consist of three four separate accounts including the Bond Issuance Expense Account, the Capitalized Interest Account, the Construction Account and the Construction Michigan Road Trail Account. The Issuer shall deposit in the Bond Issuance Expense Account of the Construction Account a total sum of $ [from as the initial advance advance] of the proceeds of the 2024 Bonds[, which initial draw on the Series 2024 Bonds consists of the proceeds of the Series 2020 Bonds, which [initial draw on the Series 2020 Bonds] consists of $ , less the portion of the [initial advance of the] proceeds of the Series 2020 2024 Bonds deposited in the Bond Issuance Expense Account ($ ) and Capitalized Interest Account of the Construction Fund ($ _) and in the Debt Service Reserve Fund ($ )]. The Issuer shall deposit a total sum of $650,000 into the Michigan Road Trail Account to be used by the Company and others for construction of their respective segments of the trail along Michigan Road from Appaloosa Crossing down to Willow Road in the location described on Exhibit E. [The purchaser of the Series 2020 2024 Bonds shall deposit subsequent advances with the Trustee from time to time as needed and the advances shall be recorded in the records of the Trustee.] (b) The Issuer shall deposit $ from the sale of the Bonds of the Issuer, into the Bond Issuance Expense Account of the Construction Fund to pay Bond Issuance Costs. The Bond Issuance Costs set forth in Exhibit A B shall be wire transferred at closing to the entities listed as authorized by the Town Council President Mayor and the Clerk-TreasurerDirector of Finance and Records, the authorization evidenced by the execution of this Indenture. Other costs of issuance shall be paid by the Trustee upon submission of an affidavit signed by the Town Council President Mayor and the Clerk- TreasurerDirector of Finance and Records. Any On September 1, 2024, any amounts remaining in the Bond Issuance Expense Account of the Construction Fund shall be transferred to the Construction Account of the Construction Fund and the Bond Issuance Expense Account shall be closed. (c) The Trustee shall deposit in the Capitalized Interest Account all moneys required to be deposited therein pursuant to the provisions of this Article IV. The Trustee shall invest such funds in accordance with Article IV and shall apply such funds to the payment of interest on the Series 2020 2024 Bonds as it becomes due through and including _ 15[February 1, 202_2027]. Any funds remaining in the Capitalized Interest Account after 16[February 1, 202_2027], shall be transferred to the Construction Account. The Trustee shall deposit Any funds remaining in the Debt Service Reserve Fund proceeds of the Bonds in an amount equal Michigan Road Trail Account after , 2027, shall be transferred to the Reserve Requirement at the time of delivery of the bonds as set forth in Section 3.1 and 4.4Construction Account. (d) Except as set forth in subparagraph (a), (b) and (c) of this Section 4.34.4, moneys on deposit in the Construction Account shall be paid out from time to time by the Trustee upon the order of the Issuer in pay, or as reimbursement to the Company for payment made, for the Costs of Construction of the Project upon receipt by the Trustee of an invoice showing the amount paid, or to be paid, and to whom payment is owed and a written request signed by an Authorized Representative of the Company in substantially the form of Exhibit B C and approved by the Issuer: (i) stating that the costs of an aggregate amount set forth in such written request has been made or incurred and were necessary for the construction or equipping of the Project and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect or that the amounts set forth in such written request are for allowable Bond Issuance Costs or Costs of Construction; (ii) stating that the amount paid or to be paid, as set forth in such written request, is reasonable and represents a part of the amount payable for the Bond Issuance Costs or the Costs of Construction during construction of the Project or the costs of equipping the Project all in accordance with the cost budget; and that such payment was not paid in advance of the time, if any, fixed for payment and was made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (iii) stating that no part of the such costs was included in any written request previously filed with the Trustee under the provisions hereof; (iv) stating that such costs are appropriate for the expenditure of proceeds of the Bonds under the Act; and (v) stating a recap of vendors and the amount paid and/or to be paid to each and copies of invoices paid and/or to be paid with copies of checks used for any previously made payment and, if a vendor is an unincorporated entity, the taxpayer identification number for such vendor.

Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the Construction Fund, to the credit of which the deposits are to be made as required by Section 3.1 hereof. (a) The Construction Fund shall consist of three two separate accounts including the Bond Issuance Expense Account, the Capitalized Interest Account and the Construction Account. The Issuer shall deposit in the Construction Account a total sum of $ [from the initial advance of the proceeds of the Series 2020 2023 Bonds, which [initial draw on the Series 2020 Bonds] 2023 Bonds consists of $ , less the portion of the [initial advance of the] proceeds of the Series 2020 2023 Bonds deposited in the Bond Issuance Expense Account and Capitalized Interest Account of the Construction Fund ($ _) and in the Debt Service Reserve Fund ($ ). [The purchaser of the Series 2020 2023 Bonds shall deposit subsequent advances with the Trustee from time to time as needed and the advances shall be recorded in the records of the TrusteeTrustee and all such advances shall be deposited in the Construction Account.] (b) The As referenced in Section 4.4(a) above, the Issuer shall deposit $ from the sale of the Bonds of the Issuer, into the Bond Issuance Expense Account of the Construction Fund to pay Bond Issuance Costs. The Bond Issuance Costs set forth in Exhibit A B shall be wire transferred at closing to the entities listed as authorized by the Town Council President and the Clerk-Treasurer, the authorization evidenced by the execution of this Indenture. Other costs of issuance shall be paid by the Trustee upon submission of an affidavit signed by the Town Council President and the Clerk- Clerk-Treasurer. Any On May 1, 2023, any amounts remaining in the Bond Issuance Expense Account of the Construction Fund shall be transferred to the Construction Account of the Construction Fund and the Bond Issuance Expense Account shall be closed. (c) The Trustee shall deposit in the Capitalized Interest Account all moneys required to be deposited therein pursuant to the provisions of this Article IV. The Trustee shall invest such funds in accordance with Article and shall apply such funds to the payment of interest on the Series 2020 Bonds as it becomes due through and including _ 15, 202_. Any funds remaining in the Capitalized Interest Account after 16, 202_, shall be transferred to the Construction Account. The Trustee shall deposit in the Debt Service Reserve Fund proceeds of the Bonds in an amount equal to the Reserve Requirement at the time of delivery of the bonds as set forth in Section 3.1 and 4.4. (d) Except as set forth in subparagraph (a) and (c) of this Section 4.34.4, moneys on deposit in the Construction Account shall be paid out from time to time by the Trustee upon the order of the Issuer in to pay, or as reimbursement to the Company for payment made, for the Costs of Construction of the Project upon receipt by the Trustee of an invoice showing the amount paid, or to be paid, and to whom payment is owed and a written request signed by an Authorized Representative of the Company in substantially the form of Exhibit B C and approved by the IssuerPresident of the Redevelopment Commission: (i) stating that the costs of an aggregate amount set forth in such written request has been made or incurred and were necessary for the construction or equipping of the Project and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect or that the amounts set forth in such written request are for allowable Bond Issuance Costs or Costs of Construction; (ii) stating that the amount paid or to be paid, as set forth in such written request, is reasonable and represents a part of the amount payable for the Bond Issuance Costs or the Costs of Construction during construction of the Project or the costs of equipping the Project all in accordance with the cost budget; and that such payment was not paid in advance of the time, if any, fixed for payment and was made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (iii) stating that no part of the such costs was included in any written request previously filed with the Trustee under the provisions hereofhereof that has been paid by the Trustee; (iv) stating that such costs are appropriate for the expenditure of proceeds of the Bonds under the Act; and (v) stating a recap of vendors and the amount paid and/or to be paid to each and copies of invoices paid and/or to be paid with copies of checks used for any previously made payment and, if a vendor is an unincorporated entity, the taxpayer identification number for such vendor.

Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the "Construction Fund, ," to the credit of which the deposits are to be made as required by Section 3.1 3.1. hereof. (a) The Construction Fund shall consist of three four separate accounts including the Bond Issuance Expense Account, the Capitalized Interest Account, the Construction Account and the Construction Michigan Road Trail Account. The Issuer shall deposit in the Bond Issuance Expense Account of the Construction Account a total sum of $ [from as the initial advance advance] of the proceeds of the 2024 Bonds[, which initial draw on the Series 2024 Bonds consists of the proceeds of the Series 2020 Bonds, which [initial draw on the Series 2020 Bonds] consists of $ , less the portion of the [initial advance of the] proceeds of the Series 2020 2024 Bonds deposited in the Bond Issuance Expense Account ($ ) and Capitalized Interest Account ($ )]. The Issuer shall deposit a total sum of $650,000 into the Michigan Road Trail Account to be used by the Company and others, solely for construction of their respective segments of the Construction Fund ($ _) and trail along Michigan Road from Appaloosa Crossing down to Willow Road in the Debt Service Reserve Fund location described on Exhibit E ($ “Trail Project”). [The purchaser of the Series 2020 2024 Bonds shall deposit subsequent advances with the Trustee from time to time as needed and the advances shall be recorded in the records of the Trustee.] (b) The Issuer shall deposit $ from the sale of the Bonds of the Issuer, into the Bond Issuance Expense Account of the Construction Fund to pay Bond Issuance Costs. The Bond Issuance Costs set forth in Exhibit A B shall be wire transferred at closing to the entities listed as authorized by the Town Council President Mayor and the Clerk-TreasurerDirector of Finance and Records, the authorization evidenced by the execution of this Indenture. Other costs of issuance shall be paid by the Trustee upon submission of an affidavit signed by the Town Council President Mayor and the Clerk- TreasurerDirector of Finance and Records. Any On September 1, 2024, any amounts remaining in the Bond Issuance Expense Account of the Construction Fund shall be transferred to the Construction Account of the Construction Fund and the Bond Issuance Expense Account shall be closed. (c) The Trustee shall deposit in the Capitalized Interest Account all moneys required to be deposited therein pursuant to the provisions of this Article IV. The Trustee shall invest such funds in accordance with Article IV and shall apply such funds to the payment of interest on the Series 2020 2024 Bonds as it becomes due through and including _ 15[February 1, 202_2027]. Any funds remaining in the Capitalized Interest Account after 16[February 1, 202_2027], shall be transferred to the Construction Account. The Trustee Trustee, on , 2034, shall deposit transfer any funds remaining in the Debt Service Reserve Fund proceeds of the Bonds in an amount equal Michigan Road Trail Account to the Reserve Requirement Bond Fund to redeem the 2024 Bonds pursuant to Section 5.1(a) and (b) hereof at the time of delivery of earliest redemption date and the bonds as set forth in Section 3.1 and 4.4Michigan Road Trail Account shall be closed. (d) Except as set forth in subparagraph (a), (b) and (c) of this Section 4.34.4, moneys on deposit in the Construction Account shall be paid out from time to time by the Trustee upon the order of the Issuer in pay, or as reimbursement to the Company Company, for payment made, for the Costs of Construction of the Project upon receipt by the Trustee of an invoice showing the amount paid, or to be paid, and to whom payment is owed and a written request signed by an Authorized Representative of the Company in substantially the form of Exhibit B C and approved by the Issuer: (i) stating that the costs of an aggregate amount set forth in such written request has been made or incurred and were necessary for the construction or equipping of the Project and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect or that the amounts set forth in such written request are for allowable Bond Issuance Costs or Costs of Construction; (ii) stating that the amount paid or to be paid, as set forth in such written request, is reasonable and represents a part of the amount payable for the Bond Issuance Costs or the Costs of Construction during construction of the Project or the costs of equipping the Project all in accordance with the cost budget; and that such payment was not paid in advance of the time, if any, fixed for payment and was made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (iii) stating that no part of the such costs was included in any written request previously filed with the Trustee under the provisions hereof; (iv) stating that such costs are appropriate for the expenditure of proceeds of the Bonds under the Act; and (v) stating a recap of vendors and the amount paid and/or to be paid to each and copies of invoices paid and/or to be paid with copies of checks used for any previously made payment and, if a vendor is an unincorporated entity, the taxpayer identification number for such vendor.. may be paid out from time to time by the Trustee upon the order of the Issuer in pay, or as reimbursement to the Redevelopment Commission, for payment made, for the costs of construction of the Trail Project upon receipt by the Trustee of an invoice showing the amount paid, or to be paid, and to whom payment is owed and a written request signed by the President of the Redevelopment Commission in similar form of Exhibit C.]

Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the "Construction Fund, ," to the credit of which the deposits are to be made as required by Section 3.1 3.1. hereof. (a) The Construction Fund shall consist of three four separate accounts including the Bond Issuance Expense Account, the Capitalized Interest Account, the Construction Account and the Construction Michigan Road Trail Account. The Issuer shall deposit in the Bond Issuance Expense Account of the Construction Account a total sum of $ [from as the initial advance advance] of the proceeds of the 2024 Bonds[, which initial draw on the Series 2024 Bonds consists of the proceeds of the Series 2020 Bonds, which [initial draw on the Series 2020 Bonds] consists of $ , less the portion of the [initial advance of the] proceeds of the Series 2020 2024 Bonds deposited in the Bond Issuance Expense Account ($ ) and Capitalized Interest Account of the Construction Fund ($ _) and in the Debt Service Reserve Fund ($ )]. The Issuer shall deposit a total sum of $ into the Michigan Road Trail Account to be used by the Company and others for construction of their respective segments of the trail along Michigan Road. [The purchaser of the Series 2020 2024 Bonds shall deposit subsequent advances with the Trustee from time to time as needed and the advances shall be recorded in the records of the Trustee.] (b) The Issuer shall deposit $ from the sale of the Bonds of the Issuer, into the Bond Issuance Expense Account of the Construction Fund to pay Bond Issuance Costs. The Bond Issuance Costs set forth in Exhibit A B shall be wire transferred at closing to the entities listed as authorized by the Town Council President Mayor and the Clerk-TreasurerDirector of Finance and Records, the authorization evidenced by the execution of this Indenture. Other costs of issuance shall be paid by the Trustee upon submission of an affidavit signed by the Town Council President Mayor and the Clerk- TreasurerDirector of Finance and Records. Any On September 1, 2024, any amounts remaining in the Bond Issuance Expense Account of the Construction Fund shall be transferred to the Construction Account of the Construction Fund and the Bond Issuance Expense Account shall be closed. (c) The Trustee shall deposit in the Capitalized Interest Account all moneys required to be deposited therein pursuant to the provisions of this Article IV. The Trustee shall invest such funds in accordance with Article IV and shall apply such funds to the payment of interest on the Series 2020 2024 Bonds as it becomes due through and including _ 15[February 1, 202_2027]. Any funds remaining in the Capitalized Interest Account after 16[February 1, 202_2027], shall be transferred to the Construction Account. The Trustee shall deposit in the Debt Service Reserve Fund proceeds of the Bonds in an amount equal to the Reserve Requirement at the time of delivery of the bonds as set forth in Section 3.1 and 4.4. (d) Except as set forth in subparagraph (a), (b) and (c) of this Section 4.34.4, moneys on deposit in the Construction Account shall be paid out from time to time by the Trustee upon the order of the Issuer in pay, or as reimbursement to the Company for payment made, for the Costs of Construction of the Project upon receipt by the Trustee of an invoice showing the amount paid, or to be paid, and to whom payment is owed and a written request signed by an Authorized Representative of the Company in substantially the form of Exhibit B C and approved by the Issuer: (i) stating that the costs of an aggregate amount set forth in such written request has been made or incurred and were necessary for the construction or equipping of the Project and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect or that the amounts set forth in such written request are for allowable Bond Issuance Costs or Costs of Construction; (ii) stating that the amount paid or to be paid, as set forth in such written request, is reasonable and represents a part of the amount payable for the Bond Issuance Costs or the Costs of Construction during construction of the Project or the costs of equipping the Project all in accordance with the cost budget; and that such payment was not paid in advance of the time, if any, fixed for payment and was made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (iii) stating that no part of the such costs was included in any written request previously filed with the Trustee under the provisions hereof; (iv) stating that such costs are appropriate for the expenditure of proceeds of the Bonds under the Act; and (v) stating a recap of vendors and the amount paid and/or to be paid to each and copies of invoices paid and/or to be paid with copies of checks used for any previously made payment and, if a vendor is an unincorporated entity, the taxpayer identification number for such vendor.

Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the Construction Fund, to the credit of which the deposits are to be made as required by Section 3.1 hereof. (a) The Construction Fund shall consist of three two separate accounts including the Bond Issuance Expense Account, the Capitalized Interest Account and the Construction Account. The Issuer shall deposit in the Construction Account a total sum of $ [from the initial advance of the proceeds of the Series 2020 2022 Bonds, which [initial draw on the Series 2020 Bonds] 2022 Bonds consists of $ , less the portion of the [initial advance of the] the proceeds of the Series 2020 2022 Bonds deposited in the Bond Issuance Expense Account and Capitalized Interest Account of the Construction Fund ($ _) and in the Debt Service Reserve Fund ($ ). [The purchaser of the Series 2020 2022 Bonds shall deposit subsequent advances with the Trustee from time to time as needed and the advances shall be recorded in the records of the Trustee.] (b) The Issuer shall deposit $ from the sale of the Bonds of the Issuer, into the Bond Issuance Expense Account of the Construction Fund to pay Bond Issuance Costs. The Bond Issuance Costs set forth in Exhibit A B shall be wire transferred at closing to the entities listed as authorized by the Town Council President Mayor and the Clerk-TreasurerChief Financial Officer, the authorization evidenced by the execution of this Indenture. Other costs of issuance shall be paid by the Trustee upon submission of an affidavit signed by the Town Council President Mayor and the Clerk- TreasurerChief Financial Officer. Any On , 2022, any amounts remaining in the Bond Issuance Expense Account of the Construction Fund shall be transferred to the Construction Account of the Construction Fund and the Bond Issuance Expense Account shall be closed. (c) The Trustee shall deposit in the Capitalized Interest Account all moneys required to be deposited therein pursuant to the provisions of this Article IV. The Trustee shall invest such funds in accordance with Article and shall apply such funds to the payment of interest on the Series 2020 Bonds as it becomes due through and including _ 15, 202_. Any funds remaining in the Capitalized Interest Account after 16, 202_, shall be transferred to the Construction Account. The Trustee shall deposit in the Debt Service Reserve Fund proceeds of the Bonds in an amount equal to the Reserve Requirement at the time of delivery of the bonds as set forth in Section 3.1 and 4.4. (d) Except as set forth in subparagraph (a) and (c) of this Section 4.3, moneys on deposit in the Construction Account shall be paid out from time to time by the Trustee upon the order of the Issuer in pay, or as reimbursement to the Company for payment made, for the Costs of Construction of the Project upon receipt by the Trustee of an invoice showing the amount paid, or to be paid, and to whom payment is owed and a written request signed by an Authorized Representative of the Company in substantially the form of Exhibit B C and approved by the Issuer: (i) stating that the costs of an aggregate amount set forth in such written request has been made or incurred and were necessary for the construction or equipping of the Project and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect or that the amounts set forth in such written request are for allowable Bond Issuance Costs or Costs of Construction; (ii) stating that the amount paid or to be paid, as set forth in such written request, is reasonable and represents a part of the amount payable for the Bond Issuance Costs or the Costs of Construction during construction of the Project or the costs of equipping the Project all in accordance with the cost budget; and that such payment was not paid in advance of the time, if any, fixed for payment and was made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (iii) stating that no part of the such costs was included in any written request previously filed with the Trustee under the provisions hereof; (iv) stating that such costs are appropriate for the expenditure of proceeds of the Bonds under the Act; and (v) stating a recap of vendors and the amount paid and/or to be paid to each and copies of invoices paid and/or to be paid with copies of checks used for any previously made payment and, if a vendor is an unincorporated entity, the taxpayer identification number for such vendor.

Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the Construction Fund, to the credit of which the deposits are to be made as required by Section 3.1 hereof. (a) The Construction Fund shall consist of three two [three] separate accounts including the Bond Issuance Expense Account[, the Capitalized Interest Account Account] and the Construction Account. The Issuer shall deposit in the Bond Issuance Expense Account of the Construction Account a total sum of $ [from as the initial advance advance] of the proceeds of the 2024 Bonds[, which initial draw on the Series 2024A Bonds consists of the proceeds of the Series 2020 Bonds, which [initial draw on the Series 2020 Bonds] consists of $ , less the portion of the [initial advance of the] proceeds of the Series 2020 2024A Bonds deposited in the Bond Issuance Expense Account ($ ) and Capitalized Interest Account of the Construction Fund ($ _) and in the Debt Service Reserve Fund ($ )]. [The purchaser of the Series 2020 2024 Bonds shall deposit subsequent advances with the Trustee from time to time as needed and the advances shall be recorded in the records of the Trustee.] (b) The Issuer shall deposit $ from the sale of the Bonds of the Issuer, into the Bond Issuance Expense Account of the Construction Fund to pay Bond Issuance Costs. The Bond Issuance Costs set forth in Exhibit A B shall be wire transferred at closing to the entities listed as authorized by the Town Council President Mayor and the Clerk-TreasurerChief Financial Officer, the authorization evidenced by the execution of this Indenture. Other costs of issuance shall be paid by the Trustee upon submission of an affidavit signed by the Town Council President Mayor and the Clerk- TreasurerChief Financial Officer. Any On June 1, 2024, any amounts remaining in the Bond Issuance Expense Account of the Construction Fund shall be transferred to the Construction Account of the Construction Fund and the Bond Issuance Expense Account shall be closed. (c) [The Trustee shall deposit in the Capitalized Interest Account all moneys required to be deposited therein pursuant to the provisions of this Article IV. The Trustee shall invest such funds in accordance with Article IV and shall apply such funds to the payment of interest on the Series 2020 2024A Bonds as it becomes due through and including _ 15, 202_202 . Any funds remaining in the Capitalized Interest Account after 161, 202_2025, shall be transferred to the Construction Account. The Trustee shall deposit in the Debt Service Reserve Fund proceeds of the Bonds in an amount equal to the Reserve Requirement at the time of delivery of the bonds as set forth in Section 3.1 and 4.4.] (d) Except as set forth in subparagraph [(a) and (b)] or [(a), (b) and (c) )] of this Section 4.3, moneys on deposit in the Construction Account shall be paid out from time to time by the Trustee upon the order of the Issuer in pay, or as reimbursement to the Company for payment made, for the Costs of Construction of the Project upon receipt by the Trustee of an invoice showing the amount paid, or to be paid, and to whom payment is owed and a written request signed by an Authorized Representative of the Company in substantially the form of Exhibit B C and approved by the Issuer: (i) stating that the costs of an aggregate amount set forth in such written request has been made or incurred and were necessary for the construction or equipping of the Project and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect or that the amounts set forth in such written request are for allowable Bond Issuance Costs or Costs of Construction; (ii) stating that the amount paid or to be paid, as set forth in such written request, is reasonable and represents a part of the amount payable for the Bond Issuance Costs or the Costs of Construction during construction of the Project or the costs of equipping the Project all in accordance with the cost budget; and that such payment was not paid in advance of the time, if any, fixed for payment and was made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (iii) stating that no part of the such costs was included in any written request previously filed with the Trustee under the provisions hereof; (iv) stating that such costs are appropriate for the expenditure of proceeds of the Bonds under the Act; and (v) stating a recap of vendors and the amount paid and/or to be paid to each and copies of invoices paid and/or to be paid with copies of checks used for any previously made payment and, if a vendor is an unincorporated entity, the taxpayer identification number for such vendor.