Laserfiche WebLink
(ii) the Developer shall have provided to the Bond Trustee, for deposit into a <br /> project contingency fund (the "Project Contingency Fund") to be established under the <br /> Bond Indenture, either cash or an irrevocable letter of credit from a bank or other <br /> financial institution acceptable to the County and the Bond Trustee, in an amount equal to <br /> the unexpended balance of the Project Contingency or such other amount as the County <br /> determines to be reasonably necessary to assure the availability of sufficient funds to <br /> complete the Improvements, taking into account the nature and extent of increases to the <br /> estimated Actual Costs previously charged to the Project Contingency and the status of <br /> construction and the remaining Work required to complete the Improvements; provided <br /> that the foregoing deposit into the Project Contingency Fund may be :made from Net <br /> Bond Proceeds if the total amount of Developer Advances previously made for Actual <br /> Costs, when added to the total amount of Net Bond Proceeds, is sufficent to fund the <br /> Estimated Acquisition Price in full. <br /> (f) Net Bond Proceeds of the initial series of Bonds, less any portion thereof <br /> deposited into the Project Contingency Fund under Subsection (e)(ii) above (if a_olicable}� shall <br /> be deposited by the Bond Trustee into a project construction fund (the "Project Construction <br /> Fund") and used, together with funds drawn from the Project Contingency Fund (as needed) to <br /> pay Actual Costs on account of the Acquisition Price pursuant to Payment Requests submitted to a <br /> and approved by DEM after the issuance of such Bonds. Subject to DEM's receipt and approval <br /> of Payment Requests therefor, Net Bond Proceeds may be used to repay the Developer for 3 <br /> Developer Advances made prior to the issuance of such Bonds, but only if and to the extent that <br /> the amount of such prior Developer Advances, less the amount of any Developer Advances taken <br /> into account with respect to the funding of the Project Contingency Fund under Subsection (e)(ii) <br /> above, exceeds the minimum amount which, when added to the total amount of Net Bond <br /> Proceeds deposited into the Project Construction Fund, is required to fund the Acquisition Price <br /> in full. If, at any time after the issuance of the initial series of Bonds, the estimated Actual Costs <br /> in the Project Budget are increased by an amount greater than the remaining balance in the <br /> Project Contingency Fund, the Developer shall immediately deposit cash or a letter of credit <br /> (meeting the above requirements) into the Project Contingency Fund in an amount at least equal <br /> to the difference, and the County may withhold payment of amounts otherwise due to the <br /> Developer in the event that the Developer fails to make such deposit. Upon completion of the <br /> Improvements and dedication thereof to the County, unexpended moneys in the Project j <br /> Contingency Fund, if initially provided by the Developer, shall be returned to the Developer and, <br /> if initially provided from Net Bond Proceeds, shall be applied toward the final Payment Request <br /> for Developer Advances. <br /> (g) If any portion of the Developer Advances remains outstanding after payment of <br /> the final Payment Request pursuant to Section 5 hereof, the Developer may again request that the <br /> County proceed with the offering and sale of one or more subsequent series of Bonds to repay <br /> outstanding Developer Advances; subject to the adoption of the applicable Series Resolution by <br /> the Council and to compliance with the limitations set forth in Subsection (b) above and with all <br /> applicable conditions specified in the Bond Indenture. <br /> (h) The County shall use good faith efforts to proceed with the offer and sale of each <br /> series of Bonds expeditiously in accordance with the foregoing. However, it is expressly <br /> 13 <br />