1988-06-17 Resolution 6 - Laserfiche WebLink

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Fund shall consist of the following accounts: Construction Account and Bond Interest Account. • The Trustee shall deposit in the Bond Interest Account the accrued interest paid by the purchaser and any unused discount and an amount from the Bond proceeds which, when added to the accrued interest and any unused discount shall equal the interest on the Bonds through August 1, 1989. The Trustee shall, without other or further authority than is hereby given, pay from the Bond Interest Account, or if the Bond Interest Account is not sufficient, then from the Construction Account, or if the Bond Interest Account and the Construction Account are not sufficient, then from the Operation and Reserve Fund created below, interest accruing on all obligations of the Authority until the filing of the Affidavit of Completion referred to below. The Trustee shall deposit all Bond proceeds not required to be deposited in another account into the Construction Account. The Trustee shall pay the cost of issuance of the Bonds from such account upon the presentation of an affidavit executed by any two officers of the Authority, stating the character of the expenditure, the amount thereof, and to whom due, together with a statement of the creditor as to the amount owing. The Trustee shall also pay obligations incurred for labor and to contractors, builders and materialmen, acquiring real estate, acquiring equipment for the building, the fees and expenses of architects, engineers and construction managers and any costs of construction and any other incidental costs incurred in connection with the cost of construction and equipment of the building., including the audit referred to in Section 5.07(c). Such payments shall be made on presentation of a certificate of an architect or engineer of work completed and materials furnished, approved in writing by any two officers of the Authority, or in the case of any items not subject to certification by the architect or engineer, then upon the presentation of an affidavit executed by any two officers of the Authority, stating the character of the expenditure, the amount thereof, and to whom due, together with the statement of the creditor as to the amount owing. Upon the filing with the Trustee of such Affidavit of Completion, the Trustee shall: (a) Transfer from the Bond Interest Account of the Construction Fund to the Sinking Fund created by Section 3.02 an amount sufficient to pay principal and interest on the Bonds which the lease rental received pursuant to the Lease hereof will not be sufficient to pay when due; and (b) Transfer the balance, if any,. in the Bond Interest Account to the Construction Account. Until the date which is one (1) year after the filing of said Affidavit of Completion, the Trustee shall hold in the . Construction Account an amount equal to one hundred fifty percent (150) of the amount of any disputed claims of contractors and -12-