Authorizing $1,550.000 Economic Development Technologies Corp Project

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CUSTODY AND APPLICATION OF PROCEEDS OF BOND: CONSTRUCTION FUND Section 5. There is hereby created and established with the Bank, which is hereby constituted and appointed as depositary for the Issuer, a special fund in the name of the Issuer to be designated "City of South Bend, Indiana Ecomonic Development Revenue Bond Construction Fund (Clark Information Technologies-Corporation Project) ". The proceeds received by the Issuer upon the sale of the Bond shall be deposited in the Con- struction Fund which shall be held in a separate account by the Bank, as depositary. Moneys in the Construction Fund shall be expended in accordance with the provisions of the Agreement, and particularly Section 3.3 thereof. The Bank, as depositary, shall keep and maintain adequate records pertaining to the Construction Fund and all disbursements therefrom, and after the Project has been completed and a certificate of payment of all costs filed as provided in this Section 5, the Bank, as depositary, shall deliver copies of such records to the Issuer and the Company. The completion of the Project and payment of all costs and expenses incident thereto shall be evidenced by the filing with the Issuer and the Bank of a certificate of the Authorized Company Representative required by Section 3.4 of the Agree- ment. Any moneys thereafter remaining in the Construction Fund shall be applied in accordance with Section 3.4 of the Agreement. ACQUISITION, CONSTRUCTION AND INSTALLATION OF PROJECT AND PAYMENT OF AMOUNTS UNDER THE AGREEMENT Section 6. It is the declared intention of the Issuer to authorize the disbursement of the proceeds of the Bond in order to finance a portion of the cost of the acquisition, construction and installation of the Project by the Company, pursuant to the Agreement in substantially the form which has been presented to and is hereby approved by the members of the Issuer. The Agreement and the revenues and income thereof, including all moneys received under its terms and conditions and the Note therein authorized, are provided to be sufficient to pay the principal installments of, premium, if any, and interest on the Bond hereby authorized when due, and are hereby pledged and ordered paid to the Bank on behalf of the Issuer as specified in Section 7 hereof. The Agreement provides that the Company shall remit the required payments in repayment of the loan under the terms and conditions of the Agreement directly to the Bank on -23-