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32-17 Economic Development Revenue Bonds (Studebaker Project)
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32-17 Economic Development Revenue Bonds (Studebaker Project)
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5/17/2017 1:41:10 PM
Creation date
6/7/2017 1:24:57 PM
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City Council - City Clerk
City Counci - Date
5/22/2017
Bill Number
32-17
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containing comparable information at no additional cost, the Issuer and the Developer hereby <br /> agree that confirmations of permitted investments are not required to be issued by the Trustee for <br /> each month in which a monthly statement is rendered. No statement need be rendered for any <br /> fund or account if no activity occurred in such fund or account during such month. <br /> Section 3.9. Completion of Project. (a) The Developer agrees that it will use <br /> reasonable efforts to cause to be made, executed, acknowledged and delivered any contracts, <br /> orders, receipts, writings and instructions with any other persons, firms, corporations or <br /> partnerships and in general do all things which may be requisite or proper, all for constructing, <br /> equipping and completing the Project by December 31, 2018. <br /> The Developer agrees, for the benefit of the Issuer and the Bondholders and in order to <br /> fulfill the purposes of the Act, to complete the construction and assembly of the Project and to <br /> pay from other funds of the Developer that portion of the costs as may be in excess of the <br /> moneys available therefor in the Construction Fund. The Issuer does not make any warranty, <br /> either express or implied, that the moneys, which will be paid into the Construction Fund and <br /> which under the provisions of this Financing Agreement will be available for payment of the <br /> costs of the construction and assembly of the Project, will be sufficient to pay all the costs which <br /> will be incurred in that connection. The Developer shall not be entitled to any reimbursement <br /> therefor from the Issuer,the Trustee, or the holders of any of the Bonds. <br /> (b) The Issuer has, in Section 4.3 of the Indenture, authorized and directed Trustee to <br /> make payments from the Construction Fund to pay the Costs of Construction, or to reimburse <br /> Developer or the Issuer for any Costs of Construction paid by it in the manner and subject to the <br /> provision of Section 4.3 thereof. <br /> (c) The Completion Date shall be evidenced to Trustee and the Developer by a <br /> certificate signed by an Authorized Representative of the Issuer in compliance with the provision <br /> of Section 4.3(b) of the Indenture and any excess proceeds in the Construction Fund at such time <br /> shall be deposited in the Bond Fund and used to prepay the 2017 Bonds as provided in Section <br /> 4.2(a)hereof. <br /> Section 3.10. Sale, Substitution, or Lease of the Project. The Developer, subject to the <br /> written consent of the Issuer(which consent shall not be unreasonably withheld), may sell, lease <br /> or transfer or otherwise dispose of the Project or any portion thereof only if the sale, lease or <br /> transfer or other disposition shall not relieve the Developer from liability from the performance <br /> of all of the obligations of this Financing Agreement, except as permitted by Section 3.3 hereof, <br /> unless the transferee accepts, agrees and assumes in writing to pay and perform all of the <br /> obligations of the Developer herein and be bound by all of the agreements of the Developer <br /> contained in this Financing Agreement to the same extent as if the transferee had originally <br /> executed this Financing Agreement. <br /> Section 3.11. Section 118 Nonshareholder Contribution. The Developer shall treat and <br /> report the TIF Revenues paid by the Redevelopment Commission to the Trustee in the aggregate <br /> amount of$3,500,000 as a non-shareholder contribution from the Issuer to the Developer under <br /> Code Section 118 ("Nonshareholder Contribution"). <br /> - 11 - <br /> I\11853148.2 <br />
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