60-18 Bond Financing for the Community Center Project

Home Browse Search

Section 3.4. Completion and Use of the Project. (a) The Public Library agrees that it will make, execute, acknowledge and deliver (or cause to be made, executed, acknowledged and delivered) any contracts, orders, receipts, writings and instructions with any other persons, firms or Public Libraries and in general do all things reasonably within its power which may be requisite or proper for the substantial completion (as certified by the Public Library) of the construction, equipping, furnishing, and improvement of the Project, and, upon subsequent completion of the Project, the Public Library will operate and maintain the Project in such manner as reasonably within Public Library's power so as to conform with all applicable and material zoning, planning, building, environmental and other applicable governmental regulations and so as to be consistent with the Act. (b) The Issuer shall deposit all proceeds from the sale of the Bonds in the manner specified in Article III of the Indenture, and the Issuer shall maintain such proceeds and funds in the manner specified in Article IV of the Indenture. Under the Indenture, the Trustee, on behalf of the Issuer, is authorized and directed to make payments from the Construction Fund to pay for costs of the Project approved by the Issuer, or to reimburse the Public Library for any costs of the Project approved by the Issuer, with any such disbursements to be made in accordance with the terms and conditions of the Indenture and this Financing Agreement. The Public Library agrees to direct such requisitions to the Trustee as may be necessary to effect payments out of the Construction Fund for costs of the Project approved by the Issuer, all in accordance with Section 4.5 of the Indenture and this Financing Agreement. (c) Any moneys remaining in the Construction Fund after completion of the Project shall be transferred and applied in the manner provided in the Indenture. (d) The Public Library hereby acknowledges receipt of a copy of the Indenture. Section 3.5. Fees and Expenses of Public Library. The Public Library hereby covenants and agrees to pay any and all fees, charges and expenses, including legal counsel, of the Public Library incurred in connection with this Financing Agreement to the extent that any such fees, charges and expenses of the Public Library are not paid or provided for out of the proceeds of the Bonds in accordance with the terms of the Indenture and in the amounts set forth in Exhibit C thereto, which are deemed to be approved by the Public Library without further action or authorization. Section 3.6. Tax Covenants. [The Public Library hereby represents that it has taken and caused to be taken, and covenants that it will take and cause to be taken, all actions that may be required of it, alone or in conjunction with the Issuer, for the interest on the Series 20_Bonds to be and remain excluded from gross income for federal income tax purposes, and represents that it has not taken or permitted to be taken on its behalf, and covenants that it will not take or permit to be taken on its behalf, any actions that would adversely affect such exclusion under the provisions of the Code. The Public Library and the Issuer each covenant to the owners of the Series 20_Bonds that, notwithstanding any other provision of this Financing Agreement or any other instruments, it shall take no action, nor shall the Public Library direct the Trustee to take or approve any action or make any investment or use of proceeds of the Series 20_Bonds or any other moneys 7