Common use of Construction Fund Clause in Contracts

Construction Fund. SECTION 401. 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. SECTION 401. 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.

Construction Fund. SECTION 401. There is hereby created The net proceeds of the sale of the Note to the Purchaser (after payment of the Costs of the issuance thereof) shall be set aside with the Custodian for the account of the Municipality in a special fund account designated "Municipality of Guaynabo, Municipal General Obligation Note of Series A, Construction Fund" (the "Construction Fund") simultaneously with the delivery of the AuthorityNote, for the payment of the Costs of the The Custodian shall pay out of the Construction Fund, from time to time, amounts on deposit therein for the acquisition, construction and improvement of the Project, upon receipt of a Payment Request Form in the form of Exhibit E hereto, signed by a Municipal Representative; that no money shall be held disbursed from the Construction Fund Project until the Municipality has provided the Custodian the following items: (i) copies of the final governmental permits and approvals, i f any, required in trust connection with the construction and development of the and (ii) copy of the final construction contract(s) executed by the TrusteeMunicipality with the contractor and the subcontractors for the Project and all documents required by law in order to execute said contracts or agreements. The Custodian shall not be responsible to ascertain the type of government permits required for the Project, designated as the “Massachusetts Port Authority Construction Fund” (herein sometimes called legality of government permits, the “Construction Fund”)enforceability of the construction contracts and the sufficiency of any other document received from the Municipality. Whenever Bonds or Notes are issued pursuant A copy of each Payment Request Form shall be sent concurrently to the terms of this Agreement Custodian and to provide funds for any Additional Improvement or any Additional Facility, there the Purchaser. The Municipality shall be created submit no more than two Payment Request Forms per month with respect to the Project. The Municipality hereby agrees that it wil l cause the moneys in the Construction Fund separate Accounts as appropriate, designated with to be requisitioned only to reimburse the description Municipality for amounts expended in payment of the Costs of the Project and or to pay directly to any vendors, contractors, subcontractors, suppliers or manufacturers of the Series of Bonds or issue of Notes the proceeds of which are to be deposited therein (each such Account being herein referred to Project as a “Project Account”), to the credit of which such deposits shall be made as are required by the provisions of Section 210 of set forth in 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, and substantially to the extent not otherwise paid, of the estimates of the Costs of the Project set forth in Exhibit D to this Agreement. The Costs of the issuance of the Note shall be made paid by the Custodian pursuant to payment instructions from the appropriate Project Account in Municipality approved by the Construction Fund. All such payments shall be subject to Purchaser, and none of the provisions and restrictions set forth in this Articleparagraph shall apply to the disbursements of such funds. Upon receipt of any such Payment Request Form, the Custodian shall pay such requisition from the Construction Fund. In making any disbursement the Custodian shall pay each such requisition directly to the Municipality or to any payee designated by the Municipal Representative, as set forth in the Payment Request Form directing such disbursement. The Custodian shall be entitled to rely conclusively upon the information stated in a Payment Request Form, and the Authority covenants that it will Custodian shall not cause have any responsibility or permit obligation to be paid from make 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 inspection of the Enabling ActProject, shall include to confirm the following:correctness of the information set forth in any Payment Request Form, to inquire as to the application of proceeds of the Note or to determine that all documents required by law for the execution of any construction contract with any contractor or subcontractor have been received.

Construction Fund. SECTION 401. 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

Construction Fund. SECTION 401. 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,