COM 1109.000 2020-2022 - Laserfiche WebLink

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computed in accordance with Section 148(0(4) of the Tax Code. In the event that, prior to the time of any payment required to be made from a subaccount of the Alternative Penalty Account, the amount in such subaccount is not sufficient to make such payment when such payment is due, the County shall calculate the amount of such deficiency and direct the Trustee, in writing, to deposit an amount equal to such deficiency into such subaccount of the Alternative Penalty Account from any funds held by the Trustee pursuant to this Indenture and designated by the County in such written directions prior to the time such payment is due. Each payment required to be made pursuant to this Subsection (a)(ii) shall be made on or before the date on which such payment is due, and shall be accompanied by Internal Revenue Service Form 8038-T or shall be made in such other manner as provided under the Tax Code. (b) Disposition of Unexpended Funds. Any funds remaining in the Accounts of the Rebate Fund after redemption and payment of the Bonds and after making the payments described in Subsection (a)(i)(C) or (a)(ii)(C) (whichever is applicable), may be withdrawn by the Trustee at the written direction of an Authorized County Representative and utilized in any lawful manner pursuant to Chapter 32. (c) Survival of Defeasance and Final Payment. Notwithstanding anything in this Section or this Indenture to the contrary, the obligation to comply with the requirements of this Section shall survive the defeasance and final payment of the Bonds. (d) Amendment Without Consent of Owners. This Section may be deleted or amended in any manner without the consent of the Owners, provided that prior to such event there is delivered to the County an opinion of Bond Counsel to the effect that such deletion or amendment will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Bonds. (e) Trustee Responsibility. The Trustee shall be deemed conclusively to have complied with its obligations with respect to the Rebate Fund and any amounts required to be rebated to the Treasury Department hereunder by following the directions given by an Authorized County Representative pursuant to this Section, and no other obligations of the Trustee shall be implied hereunder. Section 3.9. Project Fund. (a) Pursuant to Section 3.1(a) hereof, a Costs of Issuance Account, a Construction Account and a Contingency Account are created and established within the Project Fund. Deposits into such Accounts shall be made as follows: (i) Upon the issuance of the 2022 Bonds, the Trustee shall deposit (A) proceeds of the 2022 Bonds into the Costs of Issuance Account and the Construction Account in the respective amounts specified in Section 3.1(b) hereof, and (B) cash or a Letter of Credit provided by the Developer or proceeds of the 2022 Bonds (if permitted under Section 4(e) of the Project Funding Agreement) in the amount specified in Section 3.1(c) hereof. In addition, if applicable prior to completion of the Improvements, the County shall require the Developer to make one or more deposits into the Contingency Account as required under Section 4(f) of the Project Funding Agreement. 29