COM 1109.000 2020-2022 - Laserfiche WebLink

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(ii) Upon the issuance of each Series of Parity Bonds, proceeds of such Bonds (and proceeds of Special Taxes, if applicable) shall be deposited into the Costs of Issuance Account and the Construction Account in the amounts specified in the applicable Supplemental Indenture. (iii) In addition, if applicable, the Trustee shall transfer funds from the Surplus Fund to the Tax Receipts Account at such times and in such amounts as are directed in writing by an Authorized County Representative pursuant to Section 3.10 hereof. (b) Amounts on deposit in the applicable Accounts within Project Fund shall be applied as follows: (i) Payments of Costs of Issuance shall be made, upon requisition therefor as provided below, from the Costs of Issuance Account. In addition, upon the earlier of the first anniversary of the applicable Delivery Date or its receipt of a Certificate of an Authorized County Representative that all or a specified portion of the amount remaining in the Costs of Issuance Account for a Series of Bonds is no longer needed to pay Costs of Issuance for such Series of Bonds, the Trustee shall transfer all or such specified portion of said amount to the Construction Account. (ii) Payments of Actual Costs on account of the Acquisition Price and Incidental Expenses shall be made, upon requisition therefor as provided below, first from the Construction Account (until exhausted) and then from the Contingency Account, subject in each case to compliance with the applicable provisions of Sections 4 and 5 of the Project Funding Agreement. Without limiting the generality of the foregoing, (A) each such payment shall be properly supported by the applicable Payment Request submitted by the Developer to and approved by DEM, and (B) no payments shall be made with respect to Developer Advances made prior to the Delivery Date of the 2022 Bonds except as expressly provided in Sections 4(f)and 5(d)of the Project Funding Agreement. All such payments from the Cost of Issuance Account, the Construction Account and the Contingency Account shall be made as authorized pursuant to an original or copy of an original received via e-mail or facsimile transmission of a requisition signed by an Authorized County Representative in substantially the form attached as Exhibit B-2 hereto. (c) Upon completion of the Improvements, receipt of the Certificates of an Authorized Developer Representative and of an Authorized County Representative (which may be given in reliance upon the Certificate of the Authorized Developer Representative) confirming that the Improvements are Complete (as defined in Section 5(d) of the Project Funding Agreement) and that all Actual Costs of the Improvements have been paid in full, the Trustee shall (A) return any unexpended balance in the Contingency Account to the Developer (if originally provided by the Developer in the form of cash or a Letter of Credit), and (B) [if the amount remaining in the Construction Account is equal to or greater than $ , transfer the portion of such amount equal to the largest integral multiple of $5,000 that is not greater than such amount to the Redemption Account, to be applied to the redemption of Bonds] and after, making such transfer from the Construction Account, if any, transfer all of the amount remaining in such Account to the Interest Account,to be applied to the payment of interest on the Bonds. Section 3.10. Surplus Fund. 30