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1990-03-07 Minutes
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1990-03-07 Minutes
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designated as the "South Bend Redevelopment Authority South Bend • <br />Central Development Area Public Improvement Project Construction <br />Fund." The Construction Fund shall consist of the following <br />accounts: Construction Account and Bond Interest Account. <br />The Trustee shall deposit in the Bond Interest Account the <br />accrued interest paid by the purchaser and any unused discount and an <br />amount from the Bond .proceeds which, when added to the accrued <br />interest and any unused discount shall equal the interest on the <br />Bonds through August 1, 1991. The Trustee shall, without other or <br />further authority than is hereby given, pay from the Bond Interest <br />Account, or if the Bond Interest Account is not sufficient, then from <br />the Construction .Account, or if the Bond Interest Account and the <br />Construction Account are not sufficient, then from the Operation and <br />Reserve Fund created below, interest accruing on all obligations of <br />the Authority until the filing of the Affidavit of Project Completion <br />referred to below. <br />The Trustee shall deposit all Bond proceeds not required to be <br />deposited in another account into the Construction Account. The <br />Trustee shall pay the cost of issuance of the Bonds from such account <br />upon ~ the presentation of an affidavit executed by any two officers of <br />the Authority, stating the character of the expenditure, the amount <br />thereof, and to .whom due, together with a statement of the creditor <br />as to the amount owing. The .Trustee shall also pay obligations <br />incurred. for labor and to contractors, vendors, builders and <br />materialmen, and for acquiring real estate and improvements thereto, • <br />equipment for the Project, the fees and expenses of architects, <br />engineers and construction managers and any costs of construction and <br />land acquisition and any other incidental costs incurred in <br />connection with the .cost of construction and equipment of the Project <br />and land acquisition, including the audit referred to in Section <br />5.07(c). Such payments shall be made on presentation of a <br />certificate of an architect or engineer of work completed and <br />materials or items furnished, approved in writing by any. two officers <br />of the Authority (or, alternatively, by any two members of the Board <br />of Public Works of .the City of South Bend, Indiana (the "Board of <br />Public Works"), so long as the Agency Agreement (the "Agency <br />Agreement").dated January 22, 1990 between the Authority and the <br />Board of Public Works is in effect; the Authority has provided the <br />Trustee with a copy of such Agency Agreement and hereby covenants to <br />provide -the Trustee copies of any amendments to such Agency <br />Agreement) , or in the case of any items not subject to certification <br />by the architect or engineer, then upon .the presentation of an <br />affidavit executed by any two .officers of the Authority (or, <br />alternatively, by any two members of the Board of Public Works, as <br />set forth above), stating the character of the expenditure, the <br />amount thereof, and to whom due, together with the statement of the <br />creditor as to the amount owing. <br />• <br />IV-8 <br />
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