Common use of Project Fund Clause in Contracts

Project Fund. The Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Project Fund and, within the Project Fund, a Project Account for each Series of Bonds (the initial payment into which is provided for in Section 3.01). The moneys in the Project Fund shall be disbursed by the Trustee upon the Written Request of the County in substantially the form of Exhibit B hereto filed with the Trustee, for the payment of Project Costs relating to the Project. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County showing with respect to each payment to be made: (i) the item number of the payment; (ii) the name of the person to whom payment is due; (iii) the amount to be paid; and (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state: (a) that obligations in the stated amounts have been incurred by the County, and that each item thereof is a proper charge against the Project Fund and has not been the subject of a prior requisition; and (b) that there has not been filed with or served upon the County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written Request, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited therein. Upon the completion of the 2015 Project, any amounts remaining in the 2015 Series A Project Account shall be expended on Capital Projects as specified by the County, subject to the receipt by the Authority of an Opinion of Counsel that such expenditures will not cause the interest on the 2015 Bonds to be included in gross income for purposes of federal income taxation.

Project Fund. The Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Project Fund and, within the Project Fund, a Project Account for each Series of Bonds (and the initial payment into which is provided for in Section 3.01). The moneys in the Project Fund shall be disbursed by the Trustee to the County upon the Written Request of the County for the payment of project costs relating to the Projects in substantially the form of attached hereto as Exhibit B hereto filed with B. The County and the Trustee, for Corporation hereby pledge and ▇▇▇▇▇ ▇ ▇▇▇▇ on and a security interest in the payment of Project Costs relating Fund to the ProjectTrustee in order to secure the County's obligation to pay the Base Rental Payments in the event of a default under the Facilities Lease. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County showing with respect to each payment to be made: (i) made the item number of the payment; (ii) , the name and address of the person to whom payment is due; (iii) , the amount to be paid; and (iv) paid and the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state: state (a) that obligations in the stated amounts have been incurred by the County, County and that each item thereof is a proper charge charged against the Project Fund and has not been the subject of a prior requisition; and , and (b) that there has not been filed with or served upon the County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written RequestRequest and accompanying Certificate, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited therein. The County shall deliver to the Trustee a Certificate of Completion at such time as the Project is complete stating that all such costs of construction and incidental expenses have been determined and paid (or that all of such costs and expenses have been paid less specified claims which are subject to dispute and for which a retention in the Project Fund is to be maintained in the full amount of such claims until such dispute is resolved). Upon the completion receipt of the 2015 Certificate of Completion for the Project, the Trustee shall transfer any amounts remaining balance in the 2015 Series A Project Account shall be expended on Capital Projects as specified by the County, subject Fund that are not needed for Project Costs to the receipt by Certificate Reserve Fund to the Authority of an Opinion of Counsel that such expenditures will not cause extent necessary to make the interest amount on deposit therein equal the 2015 Bonds Certificate Reserve Fund Requirement and thereafter shall transfer any remaining balance in the Project Fund to be included in gross income for purposes of federal income taxationthe Base Rental Payment Fund.

Project Fund. The Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Project Fund and, within the Project Fund, a Project Account for each Series of Bonds (the initial payment into which is provided for in Section 3.01). The moneys in the Project Fund shall be disbursed by the Trustee upon the Written Request of the County in substantially the form of Exhibit B hereto filed with the Trustee, for the payment of Project Costs relating to the 2017-B Project. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County showing with respect to each payment to be made: (i) the item number of the payment; (ii) the name of the person to whom payment is due; (iii) the amount to be paid; and (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state: (a) that obligations in the stated amounts have been incurred by the County, and that each item thereof is a proper charge against the Project Fund and has not been the subject of a prior requisition; and (b) that there has not been filed with or served upon the County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written Request, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited therein. Upon the completion of the 2015 2017-B Project, any amounts remaining in the 2015 2017 Series A B Project Account shall be expended on Capital Projects as specified by the County, subject to the receipt by the Authority of an Opinion of Counsel that such expenditures will not cause the interest on the 2015 Bonds to be included in gross income for purposes of federal income taxation, or shall be transferred to the Revenue Fund to pay interest and principal on the Bonds next coming due until fully used for such purpose .

Project Fund. The Trustee hereby agrees to shall establish and maintain so long as any Bonds are Outstanding hold in trust the Project Fund and, within the “2017 Project Fund, a Project Account for each Series of Bonds ” (the initial payment into which is provided for in Section 3.01“Project Fund”). The moneys in the Project Fund shall be disbursed applied to the payment of the Costs of the Project, in the manner set forth below. On the Date of Delivery and after any initial disbursement by the Trustee upon from the Written Request Project Fund, the Borrower may submit to the Trustee a written direction in the form attached hereto as Exhibit E. Upon receipt of such direction, the Trustee shall transfer the remaining moneys in either account within the Project Fund to the Depository Bank(s) and the Depository Bank(s) shall each establish the “2017 Project Fund” (the “Depository Bank Project Fund”). Upon confirmation of receipt of the County wire transfer of such moneys in substantially the form of Exhibit B hereto filed with Project Fund to the Depository Bank, the Trustee, for ’s responsibilities with regard to the use or disbursement of moneys in the Project Fund shall cease. The moneys in the Depository Bank Project Fund shall be held by the Depository Bank and applied to the payment of Project the Costs relating to of the Project, in the manner set forth below. Before any each payment is made from the Project FundFund (including any account established therein) by the Trustee or the Depository Bank Project Fund (including any account established therein) by the Depository Bank, there shall be filed with the Trustee or the Depository Bank, as applicable, a Written Request sequentially numbered Requisition of the County showing Borrower conforming with the requirements of this Section and Section 3.2 of the Agreement, and in the form attached hereto as Exhibit C, stating with respect to each payment to be made: (i1) the item number of the paymentrequisition number; (ii2) the name and address of the person Person to whom payment is due; (iii3) the purpose for which such payment is to be made; (4) the amount to be paid; and; (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state: (a5) that obligations in the stated amounts have each obligation mentioned therein has been properly incurred by the County, and that each item thereof is a proper charge against the Project Fund and Fund; (6) that none of the items for which payment is requested has not been previously reimbursed from the subject Project Fund; (7) that each item for which payment is requested is or was necessary in connection with the acquisition, construction, rehabilitation, renovation, installation, improvement, equipping or financing of a prior requisitionthe 2017 Project; (8) that at least 97.0% of the amount requisitioned, together with all amounts requisitioned to date, have in the aggregate been used to pay for or to reimburse the Borrower for expenditures properly allocable to Costs of the Project pursuant to the Tax Certificate (excluding Costs of Issuance); and (b9) that there has not been filed with or served upon the County notice of any lienan invoice evidencing each item for payment is attached thereto, right to lien or attachment upon, or claim affecting the right to receive payment of, any including invoices for costs previously paid and for which reimbursement is being requested. Each such Requisition of the moneys payable to any Borrower shall be sufficient evidence of the persons named in such Written Request, which has not been released or will not be released simultaneously with facts stated therein and the payment Trustee and Depository Bank shall have no duty to confirm the accuracy of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of lawfacts. Upon receipt of each such Written RequestRequisition of the Borrower, signed by an Authorized Representative of the Borrower and an Authorized Representative of the Bank and accompanied by an invoice for each item for payment, the Trustee will Depository Bank shall thereupon disburse moneys in the Depository Bank Project Fund to pay the amount set forth in such Written Request therein as directed by the terms thereof. The Trustee need not make and the Authority may at any such payment time request, through the Bank, copies of accounting records from the Depository Bank reflecting investment and disbursement of funds in the accounts under its control. Prior to the Completion Date, if it ▇▇▇▇▇▇▇▇ delivers a Request to the Trustee and the Depository Bank (i) describing a component of the 2017 Project that is no longer necessary for inclusion within the 2017 Project and the reasons therefor (which Request has received notice of any lien, right to lien or attachment uponbeen consented to, or claim affecting deemed consented to by the right to receive payment of, any Authority in accordance with Section 3.2(d) of the moneys Agreement), (ii) directing the Depository Bank to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on transfer to the Trustee for deposit in the Project Fund a proportionate amount of moneys in the Project Fund which correspond to such portion of the 2017 Project, and (iii) requesting the Trustee to apply such proportionate amount of moneys to redeem Authority Notes in Authorized Denominations, to the maximum degree permissible, and at the earliest possible dates at which the Authority Notes can be redeemed pursuant to Section 4.01 of this Indenture; then the Trustee shall transfer such amount from the Project Fund into a separate account within the Revenue Fund, which the Trustee shall establish and hold in trust, and which shall be deposited therein. Upon entitled the completion of the 2015 Project, any amounts remaining “Surplus Account.” The moneys in the 2015 Series A Project Surplus Account shall be expended on Capital Projects as specified used and applied (subject to Section 5.03) in accordance with such Request (unless some other application of such moneys permitted by the CountyIndenture and the Loan Agreement is requested by the Borrower with the written consent of the Bank and would not, subject in the opinion of Note Counsel, cause interest on the Authority Notes to no longer be Tax-Exempt. Upon the receipt by the Trustee of a certificate conforming with the requirements of Section 3.3 of the Agreement, and after payment of costs payable from the Project Fund or provision having been made for payment of such costs not yet due by retaining such costs in the Project Fund or otherwise as directed in such certificate, the Trustee shall transfer any remaining balance in the Project Fund into a separate account within the Revenue Fund, which the Trustee shall establish and hold in trust, and which shall be entitled the “Surplus Account.” If the Depository Bank still holds unspent proceeds of the Authority Notes, the Trustee shall request the Depository Bank to arrange for such moneys to be returned to the Trustee for deposit in the Surplus Account. The moneys in any Surplus Account shall be used and applied (subject to Section 5.03) at the written direction of an Opinion the Borrower (unless some other application of Counsel that such expenditures will not moneys permitted by this Indenture and the Loan Agreement is requested by the Borrower and would not, in the opinion of Note Counsel, cause the interest on the 2015 Bonds Authority Notes to become no longer Tax-Exempt) to redeem Authority Notes in Authorized Denominations, to the maximum degree permissible, and at the earliest possible dates at which the Authority Notes can be included redeemed pursuant to Sections 4.01 of this Indenture, as directed by the Borrower. Notwithstanding Section 5.05 hereof, the moneys in gross the Surplus Account shall be invested at the written instruction of the Borrower at a yield no higher than the yield on the Outstanding Authority Notes (unless in the opinion of Note Counsel, addressed and delivered to the Authority and the Trustee, investment at a higher yield would not cause interest on the Authority Notes to become no longer Tax-Exempt), and all such investment income shall be deposited in the Surplus Account and expended or reinvested as provided above. In the event of redemption of all of the Authority Notes pursuant to Section 4.01 hereof or an Event of Default which causes acceleration of the Authority Notes, any moneys then remaining in the account within the Project Fund relating to such Authority Notes shall be transferred to the Surplus Account within the Revenue Fund, and all moneys in the Revenue Fund relating to such Authority Notes shall, if applicable, be used to reimburse the Credit Bank for purposes draws on the Alternate Letter of federal income taxationCredit used to redeem Authority Notes or used to redeem Authority Notes if there is no Alternate Letter of Credit or there is a default under the Alternate Letter of Credit.

Project Fund. The Trustee hereby County covenants and agrees to establish and maintain so long a separate fund, to be known as any Bonds are Outstanding the "Alachua County Capital Improvement Revenue Bond Project Fund," which shall be used only for payment of the Costs of the Project. Moneys in the Project Fund andFund, until applied in payment of any item of the Cost of the Project in the manner hereinafter provided, shall be held in trust by the County and shall be subject to a lien and charge in favor of the Lender and for the further security of the Lender. The County shall establish a "2020A Project Account" and "2020B Project Account" within the Project Fund. The County covenants that the acquisition, a construction and installation of the Project will be completed without delay and in accordance with sound engineering practices. The County shall make disbursements or payments from the 2020A Project Account for each Series of Bonds (the initial payment into which is provided for in Section 3.01). The moneys in the Project Fund shall be disbursed to pay the Costs of the 2020A Project upon the filing with the Clerk of documents and/or certificates signed by the Trustee upon the Written Request of the County in substantially the form of Exhibit B hereto filed with the TrusteeAdministrator or his or her designee, for the payment of Project Costs relating to the Project. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County showing stating with respect to each disbursement or payment to be made: : (i1) the item number of the payment; , (ii2) the name and address of the person Person to whom payment is due; , (iii3) the amount to be paid; and , (iv4) the purpose purpose, by general classification, for which the obligation payment is to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee made, and shall state: (a5) that obligations (A) each obligation, item of cost or expense mentioned therein has been properly incurred, is in payment of a part of the stated amounts have been incurred by Costs of the County, 2020A Project and that each item thereof is a proper charge against the Project Fund and has not been the subject basis of a prior requisition; and any previous disbursement or payment, or (bB) that there each obligation, item of cost or expense mentioned therein has been paid by the County, has not been filed with or served upon theretofore reimbursed to the County notice or otherwise been the basis of any lienprevious disbursement or payment and the County is entitled to reimbursement thereof. The Clerk shall retain all such documents and/or certificates submitted pursuant hereto for seven (7) years from the dates of such documents and/or certificates. The Clerk shall make available the documents and/or certificates at all reasonable times for inspection by the Lender or the agent or representative of the Lender. Proceeds of the 2020B Bond may be drawn from time to time, right but not more often than once per month, by submittal to lien or attachment uponthe Lender of a Draw Request in the form attached as Exhibit C hereto. In the event the full amount shall not be drawn by August 27, or claim affecting 2021, the right remaining amount shall be drawn on such date and deposited into the 2020B Project Account, to receive payment of, be requisitioned thereafter by the Tax Collector pursuant to the terms of the Interlocal Agreement. Notwithstanding any of the other provisions of this Section 10(C), to the extent that other moneys payable to any of the persons named in such Written Requestare not available therefor, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written Request, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited thereinapplied to the payment of principal and interest on the Bonds when due. Upon The date of completion of the Project shall be determined by the County Administrator, who shall certify such fact in writing to the Board. Promptly after the date of the completion of the 2015 Project, and after paying or making provisions for the payment of all unpaid items of the Cost of such Project, the County shall deposit any amounts balance of moneys remaining in the 2015 Series A Project Account Fund in such other fund or account as shall be expended on Capital Projects as specified determined by the CountyBoard, subject to the receipt by the Authority of an Opinion opinion of Counsel bond counsel that such expenditures will not cause the interest on same doesn't adversely impact the 2015 Bonds to be included in gross income for purposes tax status of federal income taxationthe Bonds.

Project Fund. The Trustee hereby agrees to establish and maintain so long as any Series 2021 A Bonds are Outstanding the Project Fund and, within the Project Fund, a Project Account for each Series of Bonds (the initial payment into which is provided for in Section 3.01). The moneys in the Project Fund shall be disbursed by the Trustee upon the Written Request of the County in substantially the form of Exhibit B C hereto filed with the Trustee, for the payment of Project Costs relating to the Project. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County showing with respect to each payment to be made: (i) the item number of the payment; (ii) the name of the person to whom payment is due; (iii) the amount to be paid; and (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state: (a) that obligations in the stated amounts have been incurred by the County, and that each item thereof is a proper charge against the Project Fund and has not been the subject of a prior requisition; and (b) that there has not been filed with or served upon the County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written Request, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited therein. Upon the completion of the 2015 Project, any amounts remaining in the 2015 2021 Series A Project Account shall be expended on Capital Projects as specified by the County, subject to the receipt by the Authority of an Opinion of Counsel that such expenditures will not cause the interest on the 2015 Bonds to be included in gross income for purposes of federal income taxationtaxation or shall be transferred to the Revenue Fund to pay interest and principal on the Bonds next coming due until fully used for such purpose.

Project Fund. The Trustee hereby agrees (a) Any amounts delivered from time to establish and maintain so long as time to the Fiscal Agent by or on behalf of the Borrower (excluding any Bonds are Outstanding proceeds of the Bank Loan) shall be deposited to the Equity Account of the Project Fund. Whether disbursed by the Fiscal Agent or by the Bank directly to the Borrower, proceeds of the Bank Loan shall be deemed to have been disbursed from the Note Proceeds Account of the Project Fund andsolely for the acquisition, within rehabilitation and equipping of the Project, to pay other Qualified Project Costs and to pay other costs related to the Project as provided herein. Not less than 97% of the moneys deposited in and/or credited or deemed credited to the Tax-Exempt Subaccount of the Note Proceeds Account of the Project Fund, a and taking into account proceeds of the Bank Loan (if any) deposited in and/or credited to or deemed credited to the Closing Costs Fund, representing the proceeds of the Governmental Lender Tax-Exempt Note, including Investment Income thereon, will be expended for Qualified Project Account for each Series of Bonds Costs (the initial payment into which is provided for in Section 3.01“97% Requirement”). The moneys No more than 2% of the amounts deposited in and/or credited or deemed credited to the Tax-Exempt Subaccount of the Note Proceeds Account of the Project Fund shall be disbursed by applied to the Trustee upon payment of Costs of Issuance (as defined in the Written Request Regulatory Agreement). Before any payment shall be made (or deemed made) from the Note Proceeds Account of the County Project Fund, the Regulatory Agreement shall have been executed and submitted to the Title Company together with instructions for recordation in the official records of the County, and the Title Company shall have accepted and agreed to such instructions. (b) Notwithstanding anything to the contrary herein, following the Initial Disbursement on the Closing Date, all disbursements of the Bank Loan shall be transferred by Bank directly to Borrower in accordance with the Disbursement Agreement and upon receipt of a properly completed Request for Advance in substantially the form of set forth as Exhibit B hereto filed with the Trustee, for the payment of Project Costs relating E to the ProjectDisbursement Agreement (a “Request for Advance”), a copy of which shall be provided to the Fiscal Agent and the Governmental Lender and in the case of disbursements to pay accrued interest on the Borrower Note, as provided in Section 3.04(a) hereof. If, at any later time, the Bank, the Fiscal Agent and Borrower shall determine that it is necessary or desirable that disbursements of the Bank Loan shall instead be transferred from the Bank to the Fiscal Agent for subsequent disbursement to the Borrower, the Bank and the Borrower shall provide a written request to the Fiscal Agent to such effect, the Fiscal Agent shall provide its written confirmation of acceptance thereof, and the following procedures shall apply. Before any payment is shall be made by the Fiscal Agent from the Note Proceeds Account of the Project Fund, there shall first be filed with the Trustee Fiscal Agent a Written Request Requisition of the County showing with respect Borrower substantially in the form attached hereto as Exhibit C and consented to each payment by the Bank pursuant to be made: (i) the item number terms, conditions and provisions of the payment; (ii) the name of the person to whom payment is due; (iii) the amount to be paid; and (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence Disbursement Agreement, with a copy to the Trustee and shall state: (a) that obligations in the stated amounts have been incurred by the County, and that each item thereof is a proper charge against the Project Fund and has not been the subject of a prior requisition; and (b) that there has not been filed with or served upon the County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of lawGovernmental Lender. Upon receipt of each Written Requisition submitted by the Borrower and approved in writing by the Bank, the Fiscal Agent shall promptly, but in any case within two Business Days, make payment from the appropriate account within the Project Fund in accordance with such Written RequestRequisition. The Fiscal Agent shall have no duty to determine whether any requested disbursement from the Project Fund complies with the terms, conditions and provisions of the Bank Loan Documents, constitutes payment of Qualified Project Costs or complies with the 97% Requirement. The approval in writing of a Written Requisition or Request for Advance, as applicable, by the Bank shall be deemed a certification and, insofar as the Fiscal Agent and the Governmental Lender are concerned, shall constitute conclusive evidence that all of the terms, conditions and requirements of the Bank Loan Documents applicable to such disbursement have been fully satisfied or waived and the Written Requisition or Request for Advance from the Borrower shall, insofar as the Fiscal Agent and the Governmental Lender are concerned, constitute conclusive evidence that the costs described in the Written Requisition constitute Qualified Project Costs or other permitted Project costs. Such documents shall be retained by the Fiscal Agent, subject at all reasonable times to examination by the Borrower, the Trustee will pay Governmental Lender, the amount Bank and the agents and representatives thereof upon reasonable notice to the Fiscal Agent. The Fiscal Agent is not required to inspect the Project or the construction work or to make any independent investigation with respect to the matters set forth in any Written Requisition, Request for Advance or other statements, orders, certifications and approvals received by the Fiscal Agent. The Fiscal Agent is not required to obtain completion bonds, lien releases or otherwise supervise the acquisition, rehabilitation and equipping of the Project. Notwithstanding anything to the contrary contained herein, only the signature of an authorized officer of the Bank shall be required on a Written Requisition during any period in which a default by the Borrower has occurred and is then continuing under the Borrower Loan (notice of which default has been given in writing by an authorized officer of the Bank to the Fiscal Agent and the Governmental Lender, and the Fiscal Agent shall be entitled to conclusively rely on any such Written Request Notice as directed to the occurrence and continuation of such a default). Furthermore, the Fiscal Agent shall disburse amounts in the Project Fund upon receipt of a Written Requisition signed only by the terms thereofBank (and without any need for any signature by an Authorized Borrower Representative) so long as the amount to be disbursed is to be used solely to make payments of principal, interest and/or fees due under the Bank Loan Documents. The Trustee need Fiscal Agent shall immediately provide Written Notice to the Borrower, the Bank and the Governmental Lender if there are not sufficient funds available to or on deposit with the Fiscal Agent to make the payments as and when required by this Section 8.07(b). Except as provided in the next sentence, all such payments shall be made by check or draft payable, or by wire transfer in accordance with the payment instructions set forth in the Written Requisition. The Fiscal Agent shall conclusively rely on the payment instructions provided in any Written Requisition or invoices provided in connection therewith, and the Fiscal Agent shall have no duty to authenticate or investigate such payment if it instructions or the authority under which they were given. Upon the occurrence of an Event of Default of the Borrower of which the Fiscal Agent has received notice knowledge as provided herein, which is continuing under the Bank Loan Documents, with the Written Consent of the Bank, the Fiscal Agent may apply amounts on deposit in the Project Fund to the payment of principal of and interest on the Bank Loan. (c) Immediately prior to any lien, right mandatory prepayment of the Bank Loan pursuant to lien or attachment upon, or claim affecting the right to receive payment ofhereto, any amounts then remaining in the Project Fund shall, at the written direction of the moneys Bank, be transferred to the Bank Loan Payment Fund to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts applied to the prepayment of the Bank Loan pursuant hereto as specified by the Bank. (d) Amounts on deposit in the Project Fund shall be deposited thereininvested in Permitted Investments directed in writing by the Borrower. Investment income earned on amounts on deposit in each account of the Project Fund shall be retained in and credited to and become a part of the amounts on deposit in that account or subaccount of the Project Fund. Upon the completion final disbursement of the 2015 Project, any all amounts remaining on deposit in the 2015 Series A Project Account Fund, the Fiscal Agent shall be expended on Capital Projects as specified by close the County, subject to the receipt by the Authority of an Opinion of Counsel that such expenditures will not cause the interest on the 2015 Bonds to be included in gross income for purposes of federal income taxationProject Fund.

Project Fund. The Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Project Fund and, within the Project Fund, a Project Account for each Series of Bonds (the initial payment into which is provided for in Section 3.01). The moneys in the Series 2014 Project Fund Account shall be disbursed by the Trustee upon the Written Request of the County in substantially the form of Exhibit B hereto filed with the Trustee, for the payment of Project Costs relating to the Project. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County Authority showing with respect to each payment to be made: (i) the item number of the payment; (ii) the name and address of the person to whom payment is due; (iii) the amount to be paid; and (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state:shall (a) that obligations in the stated amounts have been incurred by the CountyAuthority, and that each item thereof is a proper charge against the 2014 Series [A/B] Project Fund Account and has not been the subject of a prior requisition; and (b) that there has not been filed with or served upon the Authority or County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written RequestRequest and accompanying Certificate, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited therein. Upon the completion of the 2015 2014 Project, any amounts remaining in the 2015 2014 Series A B Project Account shall be expended on Capital Projects as specified by [deposited in the County, subject to the receipt by the Authority of an Opinion of Counsel that such expenditures will not cause the interest on the 2015 Bonds to be included in gross income for purposes of federal income taxationTurbo Redemption Fund].

Project Fund. The Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Project Fund and, within the Project Fund, a Project Account for each Series of Bonds (the initial payment into which is provided for in Section 3.01). The moneys in the Project Fund shall be disbursed by the Trustee upon the Written Request of the County in substantially the form of Exhibit B hereto filed with the Trustee, for the payment of Project Costs relating to the Project. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County showing with respect to each payment to be made: (i) the item number of the payment; (ii) the name of the person to whom payment is due; (iii) the amount to be paid; and (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state: (a) that obligations in the stated amounts have been incurred by the County, and that each item thereof is a proper charge against the Project Fund and has not been the subject of a prior requisition; and (b) that there has not been filed with or served upon the County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written Request, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited therein. Upon the completion of the 2015 Project, any amounts remaining in the 2015 2017 Series A Project Account shall be expended on Capital Projects as specified by the County, subject to the receipt by the Authority of an Opinion of Counsel that such expenditures will not cause the interest on the 2015 Bonds to be included in gross income for purposes of federal income taxation.