1994-05-17 Resolution 91 - Laserfiche WebLink

Home Browse Search

• Project on said real estate in accordance with the provisions of Section 5.13 hereof. The cost of construction shall include but not be limited to the items set forth in Sec. 3.01 hereof. (Third) Any balance in excess of one hundred fifty percent (150 %) of the amount of any disputed claims of contractors and work to be repaired remaining after the completion of the Project in accordance with Sec. 5.13 hereof may be obligated within a period of one (1) year thereafter for any one or more of the following purposes upon written request of the Lessee: (a) For the purchase of equipment for -said Project; or (b) For the improvement of said Project. (Fourth) Any balance in excess of one hundred fifty percent (150 %) of the amount of any disputed claims of construction and work to be repaired remaining unobligated after one (1) year from the filing of the affidavit referred to in Sec. 3.01 shall be transferred to the Sinking Fund as provided in Sec. 3.01. (Fifth) Any balance remaining after payment of all obligations authorized by Subsection (Third) above, shall be transferred to the Sinking Fund within ten (10) days after the last payment of such obligations. • Sec. 5.13. The Authority covenants that it has entered into a valid and binding Lease of the Project to the Commission, and that a full, true and correct copy of said Lease is on file with the Trustee. The Authority covenants further that it will bring suit to mandate the governing board or officials of the Lessee to levy a tax to pay the rental provided in said Lease, or take such other action to enforce the Lease as is reasonably requested by the Trustee, if such rental is more than sixty (60) days in default. The Authority further covenants that, upon the receipt by the Trustee of the proceeds of the Bonds secured hereby, it will forthwith proceed to construct the Project in accordance with such plans and specifications referred to in said Lease, and will complete such construction with all expedition practicable in accordance with the plans and specifications, together with such changes therein as may be authorized by the Authority pursuant to this Section. The Authority further covenants that it will not authorize, approve or permit any changes to be made in such plans and specifications unless all of the following conditions exist: (a) the proposed changes in the plans and specifications are approved in writing by the South Bend Redevelopment Commission, as Lessee, and, if such proposed changes, together with all other changes previously made, will increase the original cost of the • -26-