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08-25 Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respec Thereto in Connection With the J. C. Hart Development Project
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08-25 Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respec Thereto in Connection With the J. C. Hart Development Project
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disbursement request attached hereto as Exhibit A and shall be consecutively numbered <br /> and accompanied by invoices or other appropriate documentation supporting the payments <br /> or reimbursements requested. The Trustee may conclusively rely,without investigation or <br /> inquiry, on the information contained in the disbursement requests meeting the <br /> requirements of this Section 4.3(a)and shall be protected in issuing the payments requested <br /> therein. <br /> (b) The Trustee shall cause to be kept and maintained accurate records pertaining to <br /> the Project Fund and all disbursements therefrom. If requested by the Company or the Issuer, the <br /> Trustee shall file copies of the records pertaining to the Project Fund and all disbursements from <br /> such fund with the Issuer and the Company. <br /> (c) If,after the later of the payment of all costs of the Project requested by the Company <br /> or ninety(90)days after the filing of the Completion Certificate,there shall remain any balance of <br /> moneys in the Project Fund,the Issuer shall direct the Trustee to transfer all moneys then in such <br /> Project Fund to the Bond Fund. <br /> Section 4.4. Deposit of TIF Revenues. On or before the business day <br /> immediately preceding each January 5 and July 5, commencing 5, 202_, the Issuer <br /> shall transfer to the Trustee for deposit to the Bond Fund the TIF Revenues received by the Issuer, <br /> but no more than shall be necessary for the payment of the principal of and interest on the Bonds <br /> on the immediately succeeding February 1 or August 1 (taking into consideration any amounts <br /> currently deposited therein)together with Trustee fees coming due within the next six(6)months. <br /> Any remaining TIF Revenues shall be transferred by the Issuer to the Trustee to be applied by the <br /> Trustee to pay any overdue principal and interest on outstanding Bonds(with such amounts being <br /> applied first to overdue interest and then to overdue principal), with interest continuing to accrue <br /> on such overdue principal amounts at the stated rate on such Bonds until paid. <br /> Section 4.5. Trust Funds. All moneys and securities received by the Trustee <br /> under the provisions of this Indenture, shall be trust funds under the terms hereof and shall not be <br /> subject to lien or attachment of any creditor of the Issuer or of the Company. Such moneys shall <br /> be held in trust and applied in accordance with the provisions of this Indenture. <br /> Section 4.6. Investment. Moneys on deposit in the Funds established in this <br /> Article IV hereof shall be invested as provided in Section 6.6 hereof. <br /> (End of Article IV) <br /> 20 <br />
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