32-17 Economic Development Revenue Bonds (Studebaker Project)

Home Browse Search

(i) stating that the Bond Project has been constructed and/or acquired, delivered and installed on the Bond Project site and the date of completion; (ii) stating that the Developer has made such investigation of such sources of information as are deemed by the Developer to be necessary and is of the opinion that the Bond Project has been fully paid for and that no claim or claims exist against the Developer or the Issuer or against the properties of either out of which a lien based on furnishing labor or material for the Bond Project exists or might ripen; provided, however, there may be excepted from the foregoing statement any claim or claims out of which a lien exists or might ripen in the event that the Developer or the Issuer intends to contest such claim or claims, in which event such claim or claims shall be described; provided, further, however, that it shall be stated that funds are on deposit in the Construction Fund sufficient to make payment of the full amount which might in any event be payable in order to satisfy such claim or claims. If such certificate shall state that there is a claim or claims in controversy which create or might ripen into a lien, there shall be filed with the Issuer and the Trustee a certificate of the Developer or Issuer when and as such claim or claims shall have been fully paid. (d) Disposition of Construction Fund Moneys After Completion. If, after payment by the Trustee of all orders theretofore tendered to the Trustee under the provisions of subparagraph (a) of this Section 4.3 and after receipt by the Trustee of the completion certificate mentioned in subparagraph (c) of this Section 4.3, there shall remain any balance of moneys in the Construction Fund, the Trustee shall transfer all moneys then in the corresponding account (except moneys reserved to pay any disputed claims described in the completion certificate required in Section 4.3(c) hereof) to the Bond Fund. The Trustee, as directed in writing by the Developer, shall use any amount transferred to the Bond Fund from the 2017 Bonds, to redeem the 2017 Bonds pursuant to Section 5.1(b)hereof at the earliest redemption date. Section 4.4. TIF Revenues. (a) Seven (7) days prior to each January 1, April 1, July 1 and September 1, commencing 1, 20 , the Issuer shall deposit with the Trustee an amount of TIF Revenues sufficient to pay, after taking into account amounts on deposit in the Bond Fund, the principal due on the next quarterly payment date which principal amount due shall equal, but not exceed, the total amount of construction advances made as of the seventh day prior to each quarterly payment date. The Issuer hereby covenants and agrees that so long as any of the Bonds issued hereunder are outstanding, it will transfer to the Trustee for deposit in the Bond Fund, a sufficient amount of TIF Revenues promptly to meet and pay the principal of the Bonds as the same becomes due and payable. Nothing herein should be construed as requiring Issuer to deposit or cause to be paid to Trustee for deposit in the Bond Fund, funds from any source other than the TIF Revenues. Section 4.5. Interest Payments. Seven (7) days prior to each January 1, April 1, July 1 and September 1, the Trustee shall calculate the amount of interest due on the next quarterly payment date and notify the Developer of the amount due immediately thereafter. Developer shall pay the amount of the interest due to the Trustee one (1) Business Day prior to the quarterly payment due date. - 22 - 1\11860514.2