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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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with the American Recovery and Reinvestment Act without any deobligation of the 2009 <br />Recovery Grant funds. <br />(c) In addition to Section 2.06(b), in the event there remains a balance (inclusive of <br />Loan proceeds and any earnings) in the Construction Fund on the date that is the earlier of (i) one <br />year after Substantial Completion of Construction or (ii) three (3) years after the dated date of the <br />Bonds (or in either such circumstance, such later date as the Finance Authority may approve in <br />its discretion), the Participant agrees to make a Loan Reduction Payment, and to pay a <br />Settlement Fee, to the Finance Authority within 10 days after any Finance Authority written <br />demand. Any Loan Reduction Payment shall be applied and Bond maturities modified consistent <br />with the Reamortization Methodology. If the Authorizing Instrument permits the Participant to <br />apply Bond proceeds to pay interest accruing on or before Substantial Completion of <br />Construction, the Participant may seek to reimburse itself for such interest costs it has paid <br />pursuant to a Disbursement Request provided, unless otherwise approved by the Finance <br />Authority, any such reimbursement shall be limited to the amount thereof that the Participant <br />causes to be used to pay the Settlement Fee. If the Participant fails to make such Loan Reduction <br />Payment or to pay a Settlement Fee by such date, the Finance Authority and Deposit Agreement <br />Counterparty are authorized to cause any balance held in the Construction Fund to be so applied <br />without further direction and authorization from the Participant. Notwithstanding the foregoing, <br />if requested by the Finance Authority, in lieu of the Participant making a Loan Reduction <br />Payment together with any Settlement Fee payment, the Finance Authority may in its discretion <br />require the Participant to hold any remaining balance (inclusive of Loan proceeds and any <br />earnings) in the Construction Fund until such amounts maybe applied on the first optional <br />redemption date applicable to the Bonds, and upon any such request, the Participant agrees to <br />cause such amounts to be so held and applied on such date. <br />(End of Article ~II) <br />B-13 <br />BDDBOI 5738468v1 <br />
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