1994-05-17 Resolution 91 - Laserfiche WebLink

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(i) Construction Fund, including: • a Bond Interest Account, and (b) Construction Account; (u) Sinking Fund; (iii) Reserve Fund; and (iv) Operation and Reserve Fund. Operation of Funds and Accounts Construction Fund. Capitalized interest from bond proceeds and accrued interest to the date of issuance of the Bonds will be deposited and held in the Bond Interest Account of the Construction Fund. All other bond proceeds not required to be otherwise deposited will be deposited in the Construction Account of the Construction Fund. The Trustee shall apply the Construction Account to the cost of the financed improvements, including: (i) the cost of acquiring the Leased Premises from the Building Authority; (ii) obligations incurred for labor and to contractors, vendors, builders and materialmen in connection with the improvements; (iii) fees and expenses of architects, engineers and construction managers; and (iv) all other incidental costs. The Trustee will pay from the Bond Interest Account (or if the Bond Interest Account is not sufficient, then from the Construction Account) interest as it becomes due on the Bonds until the filing of the Affidavit of Completion, as described below. is Upon the filing with the Trustee of the affidavit of project completion (the "Affidavit of Completion "), the Trustee will (i) transfer from the Bond Interest Account of the Construction Fund to the Sinking Fund an amount sufficient to pay principal of and interest on the Bonds which the lease rental received pursuant to the Lease will not be sufficient to pay when due; and (ii) transfer the balance, if any, in the Bond Interest Account to the Construction Account. is The Trustee will hold in the Construction Account 150% of the amount of any disputed claims of contractors and work to be repaired, or if less shall hold the entire balance of the Construction Account, and transfer the unobligated balance of the Construction Account, if any, to the Sinking Fund. Any balance remaining in the Construction Account after payment of all disputed claims, claims for repair work and obligations for additional improvements or equipment will be transferred to the Sinking Fund within ten days after the last payment of such obligations. Sinking Fund. The Trustee will deposit in the Sinking Fund from each rental payment received by the Trustee pursuant to the Lease and from proceeds of rental value insurance which represents lease rental payments under the Lease, all of such rental payment or if less an amount which, when added to the amount in the Sinking Fund on the deposit date, equals the sum of (i) unpaid principal and mandatory sinking fund redemption payments due on the Bonds within eight months after the date such rental payment becomes due, and (ii) interest on the Bonds due within 45 days after the date such rental payment becomes due. Any portion of a rental payment remaining after such deposit will be deposited by the Trustee in the Operation and Reserve Fund. The Trustee will pay from the Sinking Fund the principal of the Bonds at maturity or upon mandatory sinking fund redemption and the interest on the Bonds as the same falls due. C -3