Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the Construction Fund, to the credit of which the deposits are to be made as required by Section 3.1 hereof.
(a) The Construction Fund shall consist of three separate accounts including the Bond Issuance Expense Account, the Capitalized Interest Account and the Construction Account. The Issuer shall deposit in the: (i) Bond Issuance Expense Account of the Construction Fund a total sum of $[200,000] of the proceeds of the 2024 Bonds; (ii) Capitalized Interest Account of the Construction Fund a total sum of $ of the proceeds of the 2024 Bonds to be used to pay capitalized interest through and including August 1, 20226; and (iii) Construction Account of the Construction Fund a total sum of $ of the proceeds of the 2024 Bonds.
(b) The Issuer shall deposit $ from the sale of the Bonds of the Issuer, into the Bond Issuance Expense Account of the Construction Fund to pay Bond Issuance Costs. The Bond Issuance Costs set forth in Exhibit B shall be wire transferred at closing to the entities listed as authorized by the Mayor and the Director of Finance and Records, the authorization evidenced by the execution of this Indenture. Other costs of issuance shall be paid by the Trustee upon submission of an affidavit signed by the Mayor and the Director of Finance and Records. On December 1, 2025, any amounts remaining in the Bond Issuance Expense Account of the Construction Fund shall be transferred to the Construction Account of the Construction Fund and the Bond Issuance Expense Account shall be closed.
(c) The Trustee shall deposit in the Capitalized Interest Account all moneys required to be deposited therein pursuant to the provisions of this Article IV. The Trustee shall invest such funds in accordance with Article IV and shall apply such funds to the payment of interest on the Series 2024 Bonds as it becomes due through and including August 1, 2026. Any funds remaining in the Capitalized Interest Account after November 1, 2026, shall be transferred to the Construction Account.
(d) The Trustee shall deposit in the Reserve Fund proceeds of the Bonds in an amount equal to the Reserve Requirement at the time of delivery of the bonds as set forth in Section 3.1 and 4.5.
(e) [Moneys on deposit in the Construction Account must first be draw down in the amount of $ to fund [RAB on Sycamore] prior to drawing down any remaining Bond proceeds for other portions of the Project].
(f) Except as set fort...
Construction Fund. The Construction Fund shall be drawn on and used by the Company to pay the Costs of Issuance of the Bonds to the extent not paid from the settlement account pursuant to Section 2.1 of the Indenture and to pay other Project Costs when due and payable. Moneys in the Construction Fund shall be disbursed to the Company, or such other Person as may be designated, on requisitions substantially in the form of Exhibit C to the Indenture signed by the Authorized Company Representative and delivered to the Trustee, stating with respect to each payment to be made:
(1) The amount and general purpose of such disbursement; and
(2) That each obligation mentioned therein (i) has been properly incurred, (ii) is a proper charge against the Construction Fund in accordance with the provisions of this Loan Agreement, the Tax Documents and the Indenture, and (iii) has not been the basis of any previous requisition. The Trustee shall rely fully on any such requisition delivered pursuant to this Section and shall not be required to make any investigation in connection therewith. All moneys remaining in the Construction Fund after all Project Costs have been paid or provided for shall at the written direction of the Company be used in accordance with Section 3.3 hereof. If moneys in the Construction Fund are not sufficient to pay all Project Costs, the Company nonetheless shall complete the Project in accordance with Exhibit A attached hereto (as revised and amended in accordance with this Loan Agreement) and shall pay all such additional Project Costs. The Company shall not be entitled to any reimbursement for any such additional Project Costs from the Issuer, the Trustee, or any Registered Owner; nor shall it be entitled to any abatement, diminution or postponement of the Installment Loan Payments or other amounts payable hereunder.
Construction Fund. (a) The Shipowner has deposited in the Construction Fund with the Depository the amount, if any, indicated in the Depository Agreement from the proceeds of the Obligation to be held by the Depository in a Securities Account in accordance with the terms of the Depository Agreement. This Securities Account together with any future deposits and the proceeds from the investment of the amounts on deposit shall be called the "Construction Fund."
(b) The Shipowner may withdraw money from the Construction Fund under the same procedures and conditions as the Shipowner may withdraw money from the Escrow Fund under Section 5.03, except that the Shipowner's Request for withdrawal will not be subject to Section 5.03(a)(2)(A) or 5.03(h). The administration of the Construction Fund shall also be subject to the terms and conditions of Sections 5.04 and 5.05.
Construction Fund. (a) There is hereby established and created a fund designated as the “Fishers Redevelopment Authority Construction Fund” (the “Construction Fund”), to which the 20 Bond proceeds shall be deposited as described in Section 2.06. The Trustee shall apply said Construction Fund to the costs of acquisition and construction of the Project, including, but not limited to, the following items:
(1) The purchase price of the Leased Premises;
(2) Obligation incurred for labor and to contractors, builders and materialmen in connection with the Projects;
(3) The cost of equipment, if any, for the Projects;
(4) The cost of all indemnity and surety bonds required by this Indenture, the fees and expenses of the Trustee, the Registrar, and any Paying Agent during construction, and premiums on insurance during construction;
(5) Expenses and fees of lawyers, the Trustee, financial advisors, architects, engineers and construction managers;
(6) All costs and expenses incurred in connection with the issuance and sale of the Bonds, including, without limitation, attorneys’ fees, Trustee fees and expenses, printing costs, and recording and filing fees;
(7) All other incidental costs incurred in connection with the cost of the Projects; and
(8) Any amount required to be deposited in the Rebate Fund during the period of acquisition and construction.
(b) The Trustee shall pay the items listed above upon the written request of any officer of the Authority, Mayor of the City, or the Controller of the City, upon presentation of invoices or other documents evidencing the amounts due as evidenced by the written request in substantially the form set forth in Exhibit B.
(c) The Authority shall furnish to the Trustee at the time all of the Projects are complete and ready for use an affidavit in substantially the form set forth in Exhibit C (the “Affidavit of Completion”) executed by any officer of the Authority (or such other individuals as are designated in writing to the Trustee by the Authority), and an officer of the Commission (or such other individuals as are designated in writing to the Trustee by the Commission), to the effect that all of the Projects have been completed.
(d) For a period ending one year after the filing of the Affidavit of Completion, the Trustee shall hold in the Construction Fund one hundred fifty percent (150%) of the amount of any disputed claims of contractors and work to be repaired, or if less, shall hold the entire balance of the Construction Fund, and shall ...
Construction Fund. There is hereby created a special fund of the Authority, to be held in trust by the Trustee, designated as the “Massachusetts Port Authority Construction Fund” (herein sometimes called the “Construction Fund”). Whenever Bonds or Notes are issued pursuant to the terms of this Agreement to provide funds for any Additional Improvement or any Additional Facility, there shall be created in the Construction Fund separate Accounts as appropriate, designated with the description of the Project and the Series of Bonds or issue of Notes the proceeds of which are to be deposited therein (each such Account being herein referred to as a “Project Account”), to the credit of which such deposits shall be made as are required by the provisions of Section 210 of this Agreement or the resolutions authorizing such Bonds or Notes. Subject to the provisions of Section 409 of this Article, moneys deposited to the credit of a Project Account shall be applied to the payment of the cost of the Additional Improvements or Additional Facilities to which such Account related. There may also be deposited to the credit of a Project Account any moneys received from any other source for the construction of such Additional Improvements or Additional Facilities. SECTION 402. Payment of the cost of Additional Improvement or Additional Facilities shall, to the extent not otherwise paid, be made from the appropriate Project Account in the Construction Fund. All such payments shall be subject to the provisions and restrictions set forth in this Article, and the Authority covenants that it will not cause or permit to be paid from any such Project Account any sums except in accordance with such provisions and restrictions. SECTION 403. For the purposes of this Agreement the cost of Additional Improvements or Additional Facilities shall embrace the cost of acquisition or construction and all other items of cost incident to such acquisition or construction and the financing thereof, and, without intending thereby to limit or restrict any proper definition of such cost under the provisions of the Enabling Act, shall include the following:
Construction Fund. The Issuer shall establish with the Trustee a separate fund to be known as the Construction Fund, to the credit of which the deposits are to be made as required by Section 3.1 hereof. The Construction Fund shall consist of the Lease Rental Reserve Account, the Capitalized Interest Account and the Construction Account.
(a) The Trustee shall, without other or further authority than is hereby given, pay all of the proceeds of the Series 20 Bonds deposited in the Lease Rental Reserve Account to the Issuer, which shall deposit such funds in the Reserve Account. Upon such payment by the Trustee to the Issuer, the Lease Rental Reserve Account shall be closed by the Trustee.
(b) The Trustee shall, without other or further authority than is hereby given, use all of the proceeds of the Series 20 Bonds from the Capitalized Interest Account, or if the Capitalized Interest Account is not sufficient, then from the Construction Account, to pay interest accruing on the Series 20 Bonds through and including , 20 .
(c) Moneys on deposit in the Construction Account shall be paid out from time to time by the Trustee to or upon the order of the Borrower to pay for the Financed Project Costs. Upon receipt by the Trustee of a written request in the form attached hereto as Exhibit A signed by an Authorized Borrower Representative:
(1) stating that the costs of an aggregate amount set forth in such written request have been made or incurred and were necessary for the construction of the Project and were made or incurred in accordance with the construction contracts, plans and specifications, or purchase contracts therefor then in effect or that the amounts set forth in such written request are for allowable Financed Project Costs;
(2) stating that no part of the said costs was included in any written request previously filed with the Trustee under the provisions hereof;
(3) stating a recap of payees and the amount paid; and
(4) stating that such costs are appropriate for the expenditure of proceeds of the Bonds under the Act.
Construction Fund. The net proceeds of the sale of the Bonds, after deposit of any accrued interest thereon in the Debt Service Fund and payment of Costs of Issuance pursuant to Section 2.1 hereof, shall be deposited by the Trustee in the Construction Fund and shall be used to pay Project Costs as provided in Section 3.2 of the Loan Agreement. The Trustee shall disburse moneys from the Construction Fund upon receipt of requisitions signed by the Company substantially in the form attached to this Indenture as Exhibit C. Any amounts remaining after delivery of the certificate of completion pursuant to Section 3.3 of the Loan Agreement shall be used by the Trustee as provided in Section 3.3 of the Loan Agreement.
Construction Fund. 32 Section 6.06. Payments into the Construction Fund; Disbursements........................................ 32 Section 6.07. Use of Money in the Construction Fund Upon Default.........................................32
Construction Fund. 3 SECTION 3.2
