1994-06-21 Minutes - Laserfiche WebLink

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$ to pay the Bond Anticipation Note dated January 6, . 1994, and issued by the Commission to pay expenses related to the Project; (b) Deposit $ to the Capitalized Interest Account of the Sinking Fund established under Section 402 hereof; and (c) Deposit $ to the Reserve Fund established under Section 403 hereof. Section 302. Construction Fund. The Authority shall establish with the Trustee and maintain throughout the period of the acquisition, construction, and equipping of the Project a separate fund to be known as the "South Bend Redevelopment Authority College Football Hall of Fame Project Construction Fund" (the "Construction Fund"), to the credit of which a deposit shall be made as required by the provisions of Section 301 hereof. Any moneys received by the Trustee from any source for the constructing and equipping of the Project shall be deposited in the Construction Fund. The moneys in the Construction Fund shall be held in trust by the Trustee, shall be applied to the payment of the costs of the Project except to the extent required to be transferred to the Rebate Fund in accordance with Section 405 hereof and, pending such application, shall be held as trust funds under this Indenture until paid out or transferred as provided in this Section 302. • 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. 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 Board of Public Works of the City of South Bend, Indiana (the "Board of Public Works"), so long as the Agency Agreement (the "Agency Agreement") dated as of March 15, 1994, between the Authority and the Board of Public Works 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 • 29