1992-09-10 Resolution 64 - Laserfiche WebLink

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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 Project Completion, which Affidavit of Project Completion shall be set forth on AIA Form No. G704, 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. After the filing of said Affidavit of Project 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 work to be repaired as identified in writing by the Authority to the Trustee, and transfer the unobligated balance of the Construction Account, if any, to the Sinking Fund referred to in Section 3.02 hereof. Any balance remaining in the Construction Account after payment of all disputed claims, claims for repair work, and obligations authorized by Subsection (Third) of Section 5.12 shall be transferred to the Sinking Fund within ten (10) days after the last payment of such obligations. The Trustee shall have no responsibility to see that the Construction Fund is properly applied, except as herein specifically provided. Sec. 3.02. There is hereby established and created a fund designated as the "South Bend Redevelopment Authority Blackthorn Golf Course Project Sinking Fund." The Trustee shall deposit in such Sinking Fund from each rental payment received by the Trustee pursuant to the Lease, an amount equal to the following whichever is less: (a) All of such rental payment; or (b) An amount which, when added to the amount in the Sinking Fund on the deposit date equals the sum of the following amounts: (i) Unpaid interest on the Bonds due on, before or within forty-five (45) days after the date such rental payment becomes due; and -13-