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Common use of Construction Fund Clause in Contracts

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:

Appears in 2 contracts

Samples: Trust Agreement, Trust Agreement

Construction Fund. There is hereby created The Agency covenants and agrees to establish a special fund of Construction Fund for 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 Agency Obligations which shall be created in the Construction Fund separate Accounts as appropriate, designated with the description used only for payment of costs of the Project and any additional capital improvements the Series of Bonds or issue of Notes the proceeds costs of which are financed with proceeds of Additional Obligations. The Agency shall establish within the Construction Fund a separate account for the Project and for any additional capital improvements the cost of which are financed with proceeds of Additional Obligations. Accordingly, there is hereby established within the Construction Fund a separate account with respect to the Project to be deposited therein (each such Account being herein referred to as a “deemed the "Series 2017 Project Account”)." Moneys in each account in the Construction Fund, until applied to the payment of any item of cost of the associated capital improvements in the manner hereinafter provided, shall be subject to a lien and charge in favor of the holders of the Agency Obligations which financed such capital improvements and for the further security of such holders. The Agency covenants that the acquisition, construction and installation of the Project and any capital improvements financed with Additional Obligations will be completed without delay and in accordance with sound engineering practices. The Agency shall make disbursements or payments from the applicable account of the Construction Fund to pay costs of the capital improvements for which it was established, except as otherwise provided below. The Agency shall keep records of such disbursements and payments and shall retain all such records for such period of time as required by applicable law. The Agency shall make available the records at all reasonable times for inspection by the Bank and any holder of any of the Agency Obligations or the agent or representative of the Bank or any such holder. Notwithstanding any of the other provisions of this Section 2.08, to the credit extent that other moneys are not available therefor, amounts in an account 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 Construction Fund shall be applied to the payment of principal and interest on and other payment obligations with respect to the associated Agency Obligations. Promptly after the date of the completion of the Project or any capital improvements financed with Additional Obligations, and after paying or making provision for the payment of all unpaid items of the cost of the Additional Improvements Project or Additional Facilities other capital improvements, the Agency shall deposit or apply in the following order of priority any balance of moneys remaining in an account in the Construction Fund (A) in another account of the Construction Fund for which the Governing Body has determined that there are insufficient moneys present 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 pay 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:related capital improvements,

Appears in 1 contract

Samples: Loan Agreement

Construction Fund. (a) 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 paid into 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 amounts required 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 so paid by the provisions of Section 210 the Indenture or any Supplemental Indenture. (b) The Trustee shall establish within the Construction Fund a separate Project Account for each Project and may establish one or more subaccounts in each Project Account. (c) The proceeds 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 insurance maintained in connection with a Project Account shall be applied to during the payment period 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 Project against physical loss of or Additional Facilities. SECTION 402. Payment damage to properties of the cost System, or of Additional Improvement or Additional Facilities shallcontractors’ performance bonds with respect thereto, pertaining to the extent not otherwise paidperiod of construction thereof, shall be made from paid into the appropriate Project Account in the Construction Fund. All such payments . (d) Amounts in each Project Account established for a Project shall be applied to pay the Cost of Construction of the Project. In the event and to the extent that proceeds of the sale of Bonds were deposited in a Project Account pursuant to Section 2.03(b)(2) to provide for the payment of capitalized interest, the Trustee shall, during the period for which such interest was capitalized, transfer from such Project Account, to the appropriate Series Subaccount in the Bond Service Account, the amounts required to pay interest on the Bonds when due, subject to any limitations contained in the provisions Supplemental Indenture authorizing such Bonds. (e) Before any payment is made from any Project Account by the Trustee (except for transfers into Series Subaccounts in the Bond Service Account to pay interest on the Bonds as contemplated in (d) above), the City shall file with the Trustee a Written Request of the City, showing with respect to each payment to be made, the name of the person to whom payment is due and restrictions the amount to be paid with payment instructions, and stating that the obligation to be paid was incurred and is a proper charge against the Project Account. Each such Written Request shall be sufficient evidence to the Trustee: (A) that obligations in the stated amounts have been incurred by the City and that each item thereof is a proper charge against the applicable Project Account; and (B) that there has not been filed with or served upon the City notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request which has not been released or will not be released simultaneously with the payment of such obligation other than materialmen’s or mechanics’ liens accruing by mere operation of law. (f) Upon receipt of each such Written Request, the Trustee shall pay the amounts set forth therein as directed by the terms thereof. (g) The City shall maintain on file with the Trustee a schedule of dates on which the City estimates that money in this Articleeach Project Account will be expended and the amounts estimated to be required on those dates. The City may revise such schedule at any time to reflect changes in the estimated dates and amounts. Amounts in the Construction Fund shall be invested and reinvested by the Trustee, in accordance with instructions received from an Authorized Officer of the City, to the fullest extent practicable in Investment Securities (or, to the extent permitted by a Supplemental Indenture executed and delivered pursuant to Section 10.02(a)(3), in other investments) maturing in such amounts and at such times as may be necessary to make funds available when needed. The Trustee may, and to the extent required for payments from the Construction Fund shall, sell any such Investment Securities at any time, and the Authority covenants that it will not cause proceeds of such sale, and of all payments at maturity and upon redemption of such investments, shall be held in the applicable Project Account in the Construction Fund. (h) Unless otherwise provided in a Supplemental Indenture authorizing a Series of Construction Bonds, all net income earned on any moneys or permit to investments in the Project Account established in the Construction Fund for a Project shall be paid from any held in such Project Account any sums except and applied to pay Costs of Construction of the Project. (i) The substantial completion of construction of each Project shall be evidenced by a Written Certificate of the City, which shall be filed with the Trustee stating (1) that such Project has been substantially completed in accordance with such provisions the plans and restrictions. SECTION 403. For specifications applicable thereto, (2) 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 date of such cost under substantial completion and (3) the provisions amounts, if any, required in the opinion of the Enabling Actsigner or signers for the payment of any remaining part of the Cost of Construction of such Project. Upon the filing of such Certificate, shall include the following:balance in the Project Account in the Construction Fund in excess of the amount, if any, stated in such Certificate shall, to the extent permitted under applicable law and covenants, including any covenants contained in any Tax Certificate, regarding the use of proceeds of the Bonds, and as directed in such Written Certificate or in a Supplemental Indenture, be (i) used to purchase Bonds as provided in Section 5.10, (ii) deposited into the Debt Service Reserve Account to fund any amounts required to be deposited therein, (iii) deposited into the Bond Service Account, (iv) transferred into another Project Account to pay Costs of Construction of a Project or (v) used for any other purpose for which proceeds of Bonds may be used under applicable law and covenants regarding the use of proceeds of Bonds. If subsequent to the filing of such Certificate, a supplemental Written Certificate of the City is filed with the Trustee stating that the balance of the money remaining in the Construction Fund is no longer needed to pay Costs of Construction of such Project, any remaining balance in the Project Account in the Construction Fund shall, to the extent permitted under applicable law and covenants, including any covenants contained in any Tax Certificate, regarding the use of proceeds of the Bonds and as directed in such supplemental Written Certificate or in a Supplemental Indenture, be (i) used to purchase Bonds as provided in Section 5.10, (ii) deposited into the Debt Service Reserve Account to fund any amounts required to be deposited therein, (iii) deposited into the Bond Service Account, (iv) transferred into another Project Account to pay Costs of Construction of a Project or (v) used for any other purpose for which proceeds of Bonds may be used under applicable law and covenants regarding the use of proceeds of Bonds.

Appears in 1 contract

Samples: Master Trust Indenture

Construction Fund. There is hereby created a special fund shall be deposited into the Construction Fund the amounts specified in Section 402 hereof from the proceeds to be received from time to time of the Authoritysale of the Series 1995A Bonds. Moneys in the Construction Fund shall be expended in accordance with the applicable provisions of the Loan Agreement to pay Project Costs at any time with respect to which no Event of Default has occurred and is continuing, upon receipt by the Trustee of a written requisition signed by an Authorized Company Representative, stating the name and address of the person to whom payment is to be held in trust by made and the Trustee, designated as amount to be paid and certifying that (a) none of the “Massachusetts Port Authority payments for which the payment or reimbursement is proposed to be made has formed the basis for any payment or reimbursement theretofore made from the Construction Fund, (herein sometimes called b) each item for which payment or reimbursement is proposed to be made is or was necessary in connection with Construction of the “Construction Fund”)Project, (c) all of the proceeds of the Bonds (to and including such disbursement) have been or are being used to provide for Project Costs and (d) such payment or reimbursement is in accordance with all applicable provisions of the Loan Agreement. Whenever Bonds or Notes are issued pursuant In making any such payment, the Trustee may conclusively rely upon such written requisition and the Trustee shall be relieved of all liability with respect to making such payment in accordance with such written requisition. The Trustee shall keep and maintain adequate records pertaining to the terms Construction Fund and all disbursements therefrom. Notwithstanding the foregoing the Trustee is directed to pay an amount equal to $160,000 from the Construction Fund for costs of this Agreement issuance of the Series 1995A Bonds upon receipt of a closing statement signed by an Authorized Company Representative. In addition to provide funds for any Additional Improvement or any Additional Facilitythe foregoing, there shall be created withdrawn from the Construction Fund (a) any moneys remaining on deposit in the Construction Fund separate Accounts as appropriate, designated with upon the description delivery of a Completion Certificate pursuant to Section 3.4 of the Loan Agreement (other than amounts to be retained by the Trustee in the Construction Fund at the direction of the Company to pay Project Costs not then due and payable or amounts with respect to which the Series of Bonds or issue of Notes the proceeds of which are liability for payment is in dispute), to be deposited therein (each such Account being herein referred to as into 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 segregated account 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 Bond Fund, and (b) 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 remaining on deposit in the Construction Fund. All such payments shall be subject Fund upon the prepayment of all installments payable pursuant to Article VIII of the provisions and restrictions set forth in this ArticleLoan Agreement, 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 deposited into 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:Bond Fund.

Appears in 1 contract

Samples: Indenture of Trust (Laidlaw Environmental Services Inc)

Construction Fund. There is hereby created a special fund (a) The proceeds 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 deposited into the Debt Service Fund and the Construction Fund as Provided in Article IV of the Indenture. Sums on deposit in the Construction Fund separate Accounts shall be invested at the direction of the Company as appropriateset forth in the Indenture. The Trustee shall disburse or apply the money in the Construction Fund in accordance with this Section and Article IV of the Indenture. (b) The Trustee shall disburse (or transfer to the Debt Service Fund) amounts in the Construction Fund to pay Costs of Construction upon receipt of a disbursement request, designated in the form attached to the Indenture as Exhibit A thereto, a copy of which shall be delivered to the Issuer. In making any such payment from the Construction Fund, the Trustee and the Issuer may rely on such disbursement requests and proof delivered to it, and the Trustee and the Issuer shall be relieved of all liability with respect to making such payments in accordance with the description of foregoing. On the Project Closing Date, the Company shall prepare 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”), submit to the credit of Trustee a disbursement request 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 provide for the payment of all Costs of Issuance. (c) Upon the cost filing of the Additional Improvements or Additional Facilities completion certificate pursuant to which such Account related. There may also be deposited to Section 3.4 hereof, 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 balance in the Construction Fund. All Fund in excess of the amount, if any, stated in such payments certificate to be retained therein, shall be subject to the provisions held 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 applied as directed by an Authorized Company Representative in accordance with such provisions and restrictions. SECTION 403. For Section 3.02(f) of the purposes Indenture. (d) In the event the Company shall be required or shall elect to prepay all of the Facilities Payments hereunder, the Company may direct the Trustee to transfer the balance in the Construction Fund to the Debt Service Fund without the necessity of complying with subsection (b) of this Agreement the cost Section. (e) In case of Additional Improvements or Additional Facilities shall embrace the cost acceleration 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 maturity of the Enabling ActBonds pursuant to the Indenture, the Trustee shall include transfer the following:balance in the Construction Fund to the Debt Service Fund without the necessity of complying with subsection (b) of this Section.

Appears in 1 contract

Samples: Credit Agreement (Global Industries LTD)

Construction Fund. There is hereby created a special fund The Construction Fund shall be drawn on and used to pay the Costs of Issuance of the AuthorityBonds and Project Costs when due and payable. The Issuer shall pay to the Trustee for deposit the proceeds from the sale and delivery of the Bonds as follows: (a) the amount of capitalized interest, to be held if any, specified in trust by the Trustee, designated as Indenture in the “Massachusetts Port Authority Capitalized Interest Account of the Construction Fund, (herein sometimes called b) the amount specified in the Indenture as Costs of Issuance of the Bonds in the Costs of Issuance Account of the Construction Fund”). Whenever Bonds or Notes are issued pursuant , (c) an amount equal to the terms of this Agreement to provide funds for any Additional Improvement or any Additional Facility, there shall be created Debt Service Reserve Requirement in the Construction Debt Service Reserve Fund separate Accounts as appropriate, designated with and (d) 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 remainder in the Construction Fund. All such payments The Trustee, pursuant to request of the Company, shall be subject draw on and use the Construction Fund as follows: (a) From the Costs of Issuance Account, immediately after the delivery of the Bonds authorized hereby, the Company, or the Trustee, upon written direction of the Authorized Company Representative, shall pay directly (i) to the provisions and restrictions set forth in this ArticleIssuer, and the Authority covenants that it will not cause or permit amount, if any, to be paid from any such Project Account any sums except in accordance with such provisions pursuant to Section 6.02(b) hereof 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 (ii) to such acquisition other parties submitting invoices, the other Costs of Issuance. (b) The Trustee shall make payments to the Company or, at the Company’s written request, to a third party, from the Costs of Issuance Account of the Construction Fund for any Costs of Issuance (in addition to those paid under Section 4.03(a) above) and, subject to subsection (c) below, other Project Costs from time to time upon receipt by the Trustee of a request of the Company signed by the Authorized Company Representative. Such request shall be accompanied by a certificate signed by the Authorized Company Representative stating with respect to each payment as follows: (i) the name and address of the person, firm or construction corporation to whom payment is to be made; (ii) the amount of expenditures for which payment or reimbursement is requested; (iii) the amount requested to be paid has been or will be incurred and is for Project Costs; (iv) no part of the several amounts requested to be paid, as stated in such certificate, has been or is the basis for the payment of any money in any previous or then pending request; (v) the payment of the amount requested will not result in a breach of the covenants of the Company contained in this Agreement; (vi) the expenditure of such amount to be disbursed, when added to all disbursements under previous requisitions, will result in at least 95% of the total of such disbursements being used to provide “solid waste disposal facilities” within the meaning of Section 142(a)(6) of the Code or facilities functionally related and subordinate thereto; and (vii) in the case of requisitions for Costs of Issuance, that the cumulative total amount disbursed thereunder for Costs of Issuance, together with any compensation to the Underwriter as a discount, does not exceed 2% of the proceeds of the Bonds. The Trustee will accept for payment a facsimile copy of a duly executed request for payment from the Company (which request shall state that no Event of Default, or event that with the passage of time or giving of notice would become an Event of Default, exists hereunder) with all of the required exhibits and information attached, to be followed promptly by delivery to the Trustee of the original documents. The Trustee may rely, without further investigation, on the genuineness of such request of the Company and the financing thereofsignatures of the Authorized Company Representative. (c) The Issuer hereby gives its express written authority to the Company, andabsent an Event of Default, without intending thereby to limit direct the investment of the Construction Fund by the Trustee as hereinafter provided and as permitted by the Indenture. Any money held as part of the Construction Fund shall be invested or restrict reinvested by the Trustee in the same manner as provided for money on deposit in the Bond Fund. Upon acceleration of the maturity of the Bonds pursuant to the Indenture, subject to Section 6.04 of the Indenture, any proper definition amounts held in or on deposit in the Construction Fund shall be transferred by the Trustee to the Bond Fund. (d) If, upon delivery of the Completion Certificate for the Project, there shall be any surplus funds remaining in the Construction Fund not required to provide for the payment of the costs of acquisition, construction, improving and equipping of the Project, such funds shall, upon the written request of the Authorized Company Representative to the Trustee, be used by the Trustee (i) to purchase for cancellation Bonds at any reasonable price as determined by the Authorized Company Representative, which price, however, shall not exceed the principal amount thereof plus accrued interest thereon or (ii) to redeem Bonds in the largest principal amount then subject to redemption at par (together with accrued interest thereon) that does not exceed the amount of such cost under the provisions of the Enabling Act, shall include the following:funds.

Appears in 1 contract

Samples: Lease Agreement (Environmental Power Corp)

Construction Fund. There is hereby created a special fund shall be deposited into the Carbon County, Utah Solid Waste Disposal Refunding Revenue Bonds (Laidxxx Xxxironmental Services, Inc.), 1997 Series A Construction Fund the amounts specified in Section III.3.2 hereof from the proceeds of the AuthorityShort-Term Taxable Bonds. Moneys in the Construction Fund shall be expended in accordance with the applicable provisions of the Agreement to pay Project Costs at any time with respect to which no Event of Default has occurred and is continuing, upon receipt by the Trustee of a written requisition signed by an Authorized Borrower Representative, stating the name and address of the person to whom payment is to be held in trust by made and the Trustee, designated as amount to be paid and certifying that (a) none of the “Massachusetts Port Authority payments for which the payment or reimbursement is proposed to be made has formed the basis for any payment or reimbursement theretofore made from the Construction Fund, (herein sometimes called b) each item for which payment or reimbursement is proposed to be made is or was necessary in connection with construction of the “Construction Fund”)Project, (c) all of the proceeds of the Bonds (to and including such disbursement) have been or are being used to provide for Project Costs and (d) such payment or reimbursement is in accordance with all applicable provisions of the Agreement. Whenever Bonds or Notes are issued pursuant In making any such payment, the Trustee may conclusively rely upon such written requisition and the Trustee shall be relieved of all liability with respect to making such payment in accordance with such written requisition. The Trustee shall keep and maintain adequate records pertaining to the terms of this Agreement Construction Fund and all disbursements therefrom. In addition to provide funds for any Additional Improvement or any Additional Facilitythe foregoing, there shall be created withdrawn from the Construction Fund (a) any moneys remaining on deposit in the Construction Fund separate Accounts as appropriate, designated with upon the description delivery of a Completion Certificate pursuant to Section 3.4 of the Agreement (other than amounts to be retained by the Trustee in the Construction Fund at the direction of the Borrower to pay Project Costs not then due and payable or amounts with respect to which the Series of Bonds or issue of Notes the proceeds of which are liability for payment is in dispute), to be deposited therein (each such Account being herein referred to as into 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 segregated account 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 Bond Fund, (b) 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 remaining on deposit in the Construction Fund upon the prepayment of all installments payable pursuant to Article VII of the Agreement, to be deposited into the Bond Fund. All such payments shall be subject to the provisions and restrictions set forth in this Article, and the Authority covenants that it will (c) 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 less than 95% of the Enabling ActSpendable Proceeds of the Bonds, shall include the following:as defined

Appears in 1 contract

Samples: Indenture of Trust (Laidlaw Environmental Services Inc)

Construction Fund. There is hereby created a special fund (a) A portion of the Authority, to Net Proceeds received from the sale of the Series 20 Bonds shall be held deposited with the Trustee 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 in an amount required to be deposited therein (each such Account being herein referred pursuant to as a “Project Account”), to Article III hereof. Moneys held in the credit Construction Fund representing proceeds of which such deposits the sale of the Series 20 Bonds shall be made as are required disbursed by the Trustee in accordance with the provisions of this Section 210 to pay the costs of this Agreement or completing the resolutions authorizing such Bonds or NotesProject approved by the Issuer. Subject to the provisions limitations below and any applicable conditions precedent, limitations, restrictions, representations, warranties and covenants contained in the Financing Agreement or this Indenture, or the Tax Certificate, disbursements from the Construction Fund shall be made only to pay (or to reimburse the Public Library or its designee for payment of) the Annual Fees and costs of Section 409 the Project approved by the Issuer, as follows: (1) Costs incurred directly or indirectly for or in connection with the acquisition, construction, expansion, equipping, installation or improvement of this Articlethe Project, moneys deposited as the case may be, including: costs incurred with respect to preliminary planning and studies; architectural, legal, engineering, accounting, consulting, supervisory and other services; demolition; labor, services and materials; and recording of documents and title work; (2) Costs incurred directly or indirectly in seeking to enforce any remedy against any contractor or subcontractor in respect of any actual or claimed default under any contract relating to the credit Project, as the case may be; (3) Any financial, legal and accounting charges and expenses or other incidental and necessary costs, expenses, fees and charges approved by the Issuer relating to the acquisition, construction, expansion, equipping, installation or improvement of a Project Account shall be applied the Project, as the case may be. Any disbursements from the Construction Fund described above to pay such fees, costs or expenses (or to reimburse the Public Library for the payment of such fees, costs or expenses) shall be made by the cost Trustee only upon the written request of an Authorized Representative for the Public Library, with the prior written approval of the Additional Improvements or Additional Facilities to which Issuer. Each such Account related. There may also written request shall be deposited to in 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 form of the cost of Additional Improvement disbursement request attached as Exhibit B hereto and shall be consecutively numbered and accompanied by invoices or Additional Facilities shall, to other appropriate documentation supporting the extent payments or reimbursements requested. The Trustee shall not otherwise paid, be made make any disbursements from the appropriate Project Account Construction Fund without the prior written approval of the Issuer. Following the completion of the Project, the Issuer will file or cause the Borrower to file an Affidavit of Completion with the Trustee. If any money remains in the Construction Fund. All Fund after the filing of such payments shall be subject Affidavit of Completion, the Issuer may direct the Trustee to disburse such remaining funds for other expenditures as permitted by law, or may direct the Trustee to transfer all such moneys to the provisions and restrictions set forth in this Article, and Bond Fund. (b) In making disbursements from the Authority covenants that it will not cause Construction Fund 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 accounts thereof, and, the Trustee may rely upon such invoices or other appropriate documentation supporting the payments or reimbursements without intending thereby further investigation. The Trustee shall not be bound to limit make an investigation into the facts or restrict matters stated in any proper definition of such cost under written request. The Trustee shall not be responsible for determining whether the provisions of funds on hand in the Enabling Act, Project Fund are sufficient to complete the Project. The Trustee shall include have no responsibility whatsoever to disburse or transfer funds absent written instructions from the following:Issuer.

Appears in 1 contract

Samples: Trust Indenture

Construction Fund. There is hereby created The Issuer shall establish with the Trustee a special separate fund of the Authority, to be held in trust by the Trustee, designated known 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 the deposits shall are to be made as are required by Section 3.1 hereof. The Construction Fund shall consist of the provisions Capitalized Interest Account, the Bond Issuance Expense Account and the Construction Account. (a) The Trustee shall, without other or further authority than is hereby given, use all of Section 210 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 1, 20 . (b) The Trustee shall use the funds deposited in the Bond Issuance Expense Account to pay the Bond Issuance Costs set forth in Exhibit B hereto, which Bond Issuance Costs shall be paid by check or wire transfer to the entities listed. Execution of this Agreement or Indenture shall be authorization for these payments. Other Bond Issuance Costs shall be paid by the resolutions authorizing such Bonds or Notes. Subject to the provisions of Section 409 of this Article, moneys deposited to the credit Trustee upon submission of a Project requisition signed by an Authorized Borrower Representative, in the form attached hereto as Exhibit A. (c) Moneys on deposit in the Construction Account shall be applied paid out from time to time by the payment Trustee to or upon the order of the cost of Borrower to pay for the Additional Improvements or Additional Facilities to which such Account relatedFinanced Project Costs. There may also be deposited to Upon receipt by the credit Trustee of a Project Account any moneys received from any other source written request in the form attached hereto as Exhibit A signed by an Authorized Borrower Representative: (A) 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 Additional Improvements or Additional Facilities. SECTION 402. Payment written request are for allowable Financed Project Costs; (B) stating that no part of the cost said costs was included in any written request previously filed with the Trustee under the provisions hereof; (C) stating a recap of Additional Improvement or Additional Facilities shall, to payees and the extent not otherwise amount paid, be made from ; and (D) stating that such costs are appropriate for the appropriate Project Account expenditure of proceeds of the Bonds under the Act. Upon exhaustion of all funds in the Construction Fund. All such payments , the Construction Fund shall be subject to the provisions and restrictions set forth in this Article, and the Authority covenants that it will not cause or permit closed. No affidavit of completion shall be required to be paid from any such submitted hereunder. Any amounts remaining in the Construction Fund after completion of the Project Account any sums except shall be transferred in accordance with such provisions and restrictions. SECTION 403. For written direction received by 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:Trustee from an Authorized Borrower Representative.

Appears in 1 contract

Samples: Trust Indenture