1994-05-17 Resolution 91 - Laserfiche WebLink

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• 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 of the City of South Bend, Indiana (the " "), so long as the Agency Agreement (the "Agency Agreement ") dated as of 1994, between the Authority and the 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, then upon the • presentation of an affidavit executed by any two officers of the Authority (or, alternatively, by any two members of the Board of Public Works, as set forth above) , 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 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 • -14-