1990-05-15 Resolution 22 - Laserfiche WebLink

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ARTICLE III. • Funds Sec. 3.01. There is hereby established and created a funddesignated as the "South Bend Redevelopment Authority South Bend Central Development Area Public Improvement Project Construction Fund." The Construction 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 sum of the interest on the Bonds through August 1, 1992 plus $60,000. 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 Project 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, vendors, builders and materialmen, and for acquiring real. estate and improvements thereto and equipment for the Project, the fees and expenses of architects, engineers and construction managers and any costs of construction and land acquisition and any other incidental costs incurred in connection with the cost of construction and equipment of the Project and land acquisition, 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 or items furnished, approved in writing by any two officers of the Authority (or, alternatively, by any two members of the Board of Public Works of ,the City of South Bend, Indiana (the "Board o~ Public Works"), so long as the Agency Agreement (the "Agency Agreement") dated January 22, 1990 between the Authority and the Board of Public Works is in effect; the Authority has provided the Trustee with a copy of such Agency Agreement and hereby covenants to provide the Trustee copies of any amendments to such Agency Agreement), or in the case of any items not subject to certification by the architect or engineer, • -13-