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Approving Revenue Bonds Ridgedale Nursing Home
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Approving Revenue Bonds Ridgedale Nursing Home
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Last modified
11/22/2013 3:23:45 PM
Creation date
11/20/2013 9:25:57 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/17/1973
Ord-Res Number
5623-73
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as to all of the terms and conditions of the building contract with the general <br />contractor, and shall represent the Commission or the Lessee in determining com- <br />pliance with the plans and specifications and work of the general contractor. <br />Section 3.4: The Lessee and the contractor shall maintain insurance coverage <br />as required in the Lease. <br />ARTICLE IV. <br />Establishment of Funds <br />Section 4.1: The Trustee shall establish from the proceeds of the sale of <br />the Bonds an Acquisition and Improvement Fund which shall be established to pay <br />for the costs of the purchase of the real property and the construction and <br />equipping of the Leased Premises. Disbursements from said account for said <br />costs shall be as directed in writing by the Commission based on certificates <br />of completion rendered by the independent architect, if one has been selected, <br />and submitted in periodic billings by the general contractor building the Facil- <br />ity. All draws requested by the general contractor shall be accompanied by <br />waivers of liens by the materialmen, contractors, sub - contractors, and laborers <br />requesting said payments through the general contractor. <br />Section 4.2: The Acquisition and Improvement Fund shall be maintained by the <br />Trustee, and the Trustee shall have the right to invest said funds from time <br />to time in qualified investments as hereinafter defined. The Trustee, in in- <br />vesting said funds, may rely upon the schedule of payments called for in the <br />construction contract to plan for maturities of invested funds. <br />Section 4.3: The Trustee shall, from the proceeds of the sale of the bonds, <br />establish an Investment Account Fund, which shall be funds set aside for the <br />payment of interest on the bonds during construction, real estate taxes accruing <br />during construction, insurance during construction, title and recording expenses, <br />inspection fees, independent architectural fees, legal and organizational fees, <br />and all costs, fees, and expenses related to the authorization and sale of <br />the Bonds. The Trustee shall likewise invest the Investment Account Funds <br />in qualified investments, and the income shall accrue to the said Investment <br />Account Fund. <br />Section 4.4: The phrase "qualified investments" shall mean investments in <br />direct or indirect obligations of, or obligations of principal and interest <br />which are fully guaranteed or insured by, the United States of America, in <br />prime quality commercial paper, or in certificates of deposit of, or time <br />
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