32-17 Economic Development Revenue Bonds (Studebaker Project)

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(a) On the issue date of the Bonds, the Issuer shall deposit $ in the Construction Fund from the proceeds of the sale of the Bonds. The purchaser of the Series 2017 Bonds shall deposit subsequent advances with the Trustee from time to time as needed and the advances shall be recorded on the Series 2017 Bonds and in the records of the Trustee. (b) Moneys on deposit in the Construction Fund shall be paid out from time to time by the Trustee to or upon the order of the Developer in order to pay, or as reimbursement to the Developer for payment made, for the Costs of Construction, upon receipt by the Trustee of an invoice showing the Costs of Construction and to whom payment is owed and a written request signed by the Authorized Representative of the Developer, approved by the Authorized Representatives of the Issuer and the Bond Purchaser: (i) stating that the costs of an aggregate amount set forth in such written request have been made or incurred and were necessary for the construction of the Bond Project, and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect; (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 Costs of Construction of the Bond 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. For purposes of approval of a written request, the Trustee may rely on the signatures of the Authorized Representatives of the Issuer and the Bond Purchaser. (c) Completion Certificate. The Developer shall deliver to the Trustee and the Issuer within fifteen (15) days after the construction of the Bond Project, a written completion certificate: - 21 - 1\1 1860514.2