60-18 Bond Financing for the Community Center Project

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Fund shall be used by the Trustee to pay the interest on and principal of the Bonds as the same becomes due at maturity, redemption or upon acceleration, together with the Annual Fees described in subsection (a) in that sequence or order of priority. If necessary, the Trustee shall transmit such funds to the Paying Agent for any series of Bonds in sufficient time to ensure that such interest will be paid as it becomes due. Section 4.4 Deposit of Pledged Revenues. (a) On or before 10:00 a.m., Eastern Time, at least three (3) business days immediately preceding each Interest Payment Date, commencing on February 1, 2019, the Trustee shall deposit the Pledged Revenues (as received from the Redevelopment Commission in accordance with the TIF Pledge Resolution) into the Bond Fund, but no more than shall be necessary for the payment of the principal of and interest on the Bonds on the immediately succeeding Interest Payment Date (taking into consideration any amounts currently deposited therein) and overdue principal and interest payments on outstanding Bonds, together with Annual Fees coming due within the next six (6)months. (b) Any amounts remaining from deposits described in Section 4.4(a) shall be applied by the Trustee as follows: (i)first, to be transferred into the Debt Service Reserve Fund for the purpose of replenishing the Debt Service Reserve Fund to the Reserve Requirement with respect to the Bonds, (ii) second, to be transferred into the Debt Service Reserve Fund for the purpose of satisfying any Debt Service Reserve Fund Reimbursement Obligation for any Reserve Fund Credit Facility, including all Credit Facility Costs, and (iii) third, to redeem outstanding Bonds in accordance with Section 5.1 hereof, as directed by the Issuer, or to be released and returned to the Issuer and used for any other purpose permitted by the Act. (c) The obligations hereunder to deposit and apply the Pledged Revenues shall be absolute and unconditional and shall not be impaired by the failure of the Financing Agreement to be in effect or the default by the Public Library thereunder. Section 4.5 Construction Fund. (a) A portion of the Net Proceeds received from the sale of the Series 20 Bonds shall be deposited with the Trustee in trust in the Construction Fund in an amount required to be deposited therein pursuant to Article III hereof. Moneys held in the Construction Fund representing proceeds of the sale of the Series 20_ Bonds shall be disbursed by the Trustee in accordance with the provisions of this Section to pay the costs of completing the Project approved by the Issuer. Subject to the limitations below and any applicable conditions precedent, limitations, restrictions, representations, warranties and covenants contained in the Financing Agreement or this Indenture, or the Tax Certificate, disbursements from the Construction Fund shall be made only to pay (or to reimburse the Public Library or its designee for payment of)the Annual Fees and costs of the Project approved by the Issuer, as follows: (1) Costs incurred directly or indirectly for or in connection with the acquisition, construction, expansion, equipping, installation or improvement of the Project, as the case may be, including: costs incurred with respect to preliminary planning and studies; architectural, legal, engineering, accounting, consulting, supervisory and 20