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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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Last modified
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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ARTICLE IV. <br /> APPLICATION OF SERIES 2017 BOND PROCEEDS <br /> Section 4.1. Use of 2017 Bond Proceeds by Issuer. Concurrently with the execution <br /> and delivery hereof, the Issuer is issuing the Series 2017 Bonds and is depositing the proceeds <br /> from the sale thereof with the Trustee for the use of the Developer by making the deposits and <br /> payments specified in Section 3.1 and 4.3 of the Indenture; provided such proceeds shall be used <br /> solely in connection with the development of the Project and advanced and used solely in <br /> accordance with the terms of this Financing Agreement and the Indenture. <br /> Section 4.2. Use of TIF Revenues. Issuer covenants as follows: <br /> (a) Upon receipt of Written Request of the Developer pursuant to Section 4.3(b) of <br /> the Indenture, the Trustee shall distribute sums for Costs of Construction of the Project as those <br /> costs are incurred until the Trustee has distributed in the aggregate total amount of Three Million <br /> Five Hundred Thousand Dollars ($3,500,000). All of the foregoing is for the benefit of the <br /> holders of the Series 2017 Bonds, to the end that industry and the economy may be diversified and <br /> job opportunities promoted and retained, and to secure the Series 2017 Bonds by pledging the TIF <br /> Revenues to the Trustee. <br /> (b) The Issuer covenants that, to the extent collected, it will timely pay the TIF <br /> Revenues to the Trustee as provided in Section 4.4 of the Indenture, provided that the Issuer shall <br /> have no other obligation with respect to the Series 2017 Bonds. <br /> Section 4.3. Estoppel Certificate. The Issuer shall, upon reasonable request of the <br /> Developer, provide the Developer (or such person as the Developer requests) with a certificate <br /> stating that an Event of Default by Developer has not occurred hereunder as of the date of such <br /> certificate,provided that such state of facts are true. <br /> (End of Article IV) <br /> - 13 - <br /> 1\11853148.2 <br />
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