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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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1/29/2013 8:33:50 AM
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7/23/2008 5:34:45 PM
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(i) Construction Fund, including: <br />• a Bond Interest Account, and <br />(b) Construction Account; <br />(u) Sinking Fund; <br />(iii) Reserve Fund; and <br />(iv) Operation and Reserve Fund. <br />Operation of Funds and Accounts <br />Construction Fund. Capitalized interest from bond proceeds and accrued interest to the date of issuance <br />of the Bonds will be deposited and held in the Bond Interest Account of the Construction Fund. All other bond <br />proceeds not required to be otherwise deposited will be deposited in the Construction Account of the Construction <br />Fund. The Trustee shall apply the Construction Account to the cost of the financed improvements, including: (i) <br />the cost of acquiring the Leased Premises from the Building Authority; (ii) obligations incurred for labor and to <br />contractors, vendors, builders and materialmen in connection with the improvements; (iii) fees and expenses of <br />architects, engineers and construction managers; and (iv) all other incidental costs. <br />The Trustee will pay from the Bond Interest Account (or if the Bond Interest Account is not sufficient, then <br />from the Construction Account) interest as it becomes due on the Bonds until the filing of the Affidavit of <br />Completion, as described below. <br />is Upon the filing with the Trustee of the affidavit of project completion (the "Affidavit of Completion "), the <br />Trustee will (i) transfer from the Bond Interest Account of the Construction Fund to the Sinking Fund an amount <br />sufficient to pay principal of and interest on the Bonds which the lease rental received pursuant to the Lease will <br />not be sufficient to pay when due; and (ii) transfer the balance, if any, in the Bond Interest Account to the <br />Construction Account. <br />is <br />The Trustee will hold in the Construction Account 150% of the amount of any disputed claims of <br />contractors and work to be repaired, or if less shall hold the entire balance of the Construction Account, and transfer <br />the unobligated balance of the Construction Account, if any, to the Sinking Fund. Any balance remaining in the <br />Construction Account after payment of all disputed claims, claims for repair work and obligations for additional <br />improvements or equipment will be transferred to the Sinking Fund within ten days after the last payment of such <br />obligations. <br />Sinking Fund. The Trustee will deposit in the Sinking Fund from each rental payment received by the <br />Trustee pursuant to the Lease and from proceeds of rental value insurance which represents lease rental payments <br />under the Lease, all of such rental payment or if less an amount which, when added to the amount in the Sinking <br />Fund on the deposit date, equals the sum of (i) unpaid principal and mandatory sinking fund redemption payments <br />due on the Bonds within eight months after the date such rental payment becomes due, and (ii) interest on the Bonds <br />due within 45 days after the date such rental payment becomes due. Any portion of a rental payment remaining after <br />such deposit will be deposited by the Trustee in the Operation and Reserve Fund. The Trustee will pay from the <br />Sinking Fund the principal of the Bonds at maturity or upon mandatory sinking fund redemption and the interest <br />on the Bonds as the same falls due. <br />C -3 <br />
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