Creation of Funds. In the Resolution, the Authority has provided for the creation of the following funds and accounts which funds shall be held by the Authority separate and apart from all other funds and moneys of the Authority and the City:
(a) a special trust fund called the “Hedde Building Redevelopment Project Note Fund” (the “Note Fund”). All of the TIF Revenues shall be deposited into the Note Fund. The TIF Revenues accumulated in the Note Fund shall be used and applied on the Business Day prior to each Interest Payment Date (i) to make any payments to the City or the Authority as may be required under the Redevelopment Contract and (ii) to pay principal of or interest on the Note to the extent of any money then remaining the Note Fund on such Interest Payment Date. Money in the Note Fund shall be used solely for the purposes described herein and in the Resolution. All Revenues received through and including December 31, 2035 shall be used solely for the payments required herein and by the Resolution; and
(b) a special trust fund called the “Hedde Building Redevelopment Project Fund” (the “Project Fund”) The Authority shall disburse any money on deposit in the Project Fund from time to time to pay or as reimbursement for payment made for the Project Costs in each case within 5 Business Days after completion of the steps set forth herein and in the Resolution. If a sufficient amount to pay a properly completed Disbursement Request (as defined in Section 4.02) is not in the Project Fund at the time of the receipt by the Authority of such request, the Authority shall notify the owner of the Note and such owner may deposit an amount sufficient to pay such request with the Authority for such payment. As set forth in the Resolution, if the Redeveloper is the owner of the Note and the Redeveloper so elects, the Authority shall make a grant to Redeveloper in the amount of an approved Disbursement Request; in such event, the approved Disbursement Request amount shall offset funding of the Note.
Creation of Funds. GBRA shall establish, as needed, a Capital Projects Fund, a Debt Service Fund, a Lake XxXxxxxxx Operating Fund, and a Lake XxXxxxxxx Capital Repair and Replacement Fund, pursuant to an approved Bond Resolution or this Contract. Such funds shall be accounted for separately and apart from all other funds of GBRA. GBRA reserves the right to create additional funds pursuant to the terms of any Bond Resolution. The WCID shall establish the CRR Fund and the Hydro Fund. Such funds shall be kept separate and apart from all other funds of the WCID. The WCID reserves the right to create additional funds. The GBRA funds and WCID funds referenced above are collectively referred to hereinafter as the “Funds.”
Creation of Funds. On or before the Closing Date, the Trustee shall establish on its records the following accounts and funds (collectively referred to as the "Funds") to be maintained by the Trustee for the benefit of the Holders:
(a) Administrative Expenses Fund (b) Debt Service Fund
Creation of Funds. There are hereby created and ordered to be established in the custody of the Trustee the following special trust funds in the name of the City:
Creation of Funds. (a) There is hereby created and established and shall be maintained by the District the following funds:
(1) The Bayfront Project Special Tax Financing District Special Tax Fund A (the “Special Tax Fund A”); and
(2) The Bayfront Project Special Tax Financing District Administrative Expense Fund (the “Administrative Expense Fund”).
(b) There is hereby created and established and shall be maintained by the Authority Trustee the following funds:
(1) The Bayfront Project Special Tax Financing District Repayment Fund (the “Repayment Fund”); and
(2) The Bayfront Project Special Tax Financing District Surplus Fund (the “Surplus Fund”). The amounts on deposit in the funds created and established pursuant to Section 3.1(b) shall be held by the Authority Trustee, as assignee of the Authority as set forth in Section 3.6 below, on behalf of the District and shall be invested and disbursed in accordance with the provisions of this Article 3. The investment earnings thereon shall be disbursed in accordance with the provisions of Section 3.7 hereof.
Creation of Funds. 15.1.2.1 Within thirty (30) days after Final Approval of this Agreement, Kmart shall transfer to an interest-bearing trust account (the “Account”) the sum of thirty-six thousand (36,000) dollars (the “Named Plaintiff Fund”), and the sum of eight million (8,000,000) dollars (the “Cash Fund”) representing the cash portion of the Damages Sub-Class Fund. All interest earned on the Account between the time the Funds are deposited and the time the Funds are distributed to the Named Plaintiffs, Damages Settlement Sub- Class Named Plaintiffs, and Damages Settlement Sub-Class, less taxes owed on such interest, shall be used to pay the Named Plaintiffs, Damages Settlement Sub-Class Named Plaintiffs, and Damages Settlement Sub-Class in accordance with the provisions of this Agreement. In addition, in accordance with generally accepted accounting principles, Kmart shall establish and maintain a segregated account on its books, in the amount of five million (5,000,000) dollars (the “Gift Card Fund”) representing the Gift Card portion of the Damages Sub-Class Fund. Together, the Cash Fund and the Gift Card Fund (collectively, the “Funds”) shall be used to satisfy and settle claims of and make payments to and/or provide Gift Cards to members of the Damages Sub-Class who are determined to be “Eligible Claimants” (as that term is defined in Paragraph 15.3 herein).
15.1.2.2 Kmart shall retain an independent claims administrator (the “Claims Administrator”), who is mutually selected by the Parties, to: (1)
Creation of Funds. The Parties hereby create the following Funds:
(i) Project Fund, consisting of the following Accounts: (1) IFA Appropriation Project Account; (2) IFA RDA Member Project Account; (3) IFA Available Revenue Project Account;
Creation of Funds. There are hereby established with the Trustee the following funds and accounts to be held in trust and maintained by the Trustee under this Indenture:
(a) the Bond Fund, and therein the Negative Arbitrage Account (but only at such times as money is to be deposited or held in such Accounts as provided in this Indenture);
(b) the Project Fund;
(c) the Costs of Issuance Fund;
(d) the Collateral Fund;
(e) the Rebate Fund; and
(f) the Expense Fund. Each fund and account therein shall be maintained by the Trustee as a separate and distinct trust fund or account to be held, managed, invested, disbursed and administered as provided in this Indenture. All money deposited in the funds and accounts created hereunder shall be used solely for the purposes set forth in this Indenture. The Trustee shall keep and maintain adequate records pertaining to each fund and account, and all disbursements therefrom, in accordance with its general practices and procedures in effect from time to time. The Trustee may also terminate funds and accounts that are no longer needed. OHSUSA:763098104.5 The Trustee shall, at the written direction of an Authorized Borrower Representative and may, in its discretion, establish such additional accounts within any fund, and subaccounts within any of the accounts, as the Issuer or the Trustee may deem necessary or useful for the purpose of identifying more precisely the sources of payments into and disbursements from that fund and its accounts, or for the purpose of complying with the requirements of the Code, but the establishment of any such account or subaccount shall not alter or modify any of the requirements of this Indenture with respect to a deposit or use of money in the Special Funds or the Rebate Fund, or result in commingling of funds not permitted hereunder.
Creation of Funds. The following Funds are hereby created and established under this Master Indenture:
(1) Pledged Revenue Fund;
(2) Bond Fund;
Creation of Funds. There are hereby created by the Issuer and ordered established the following special trust funds to be held by the Trustee: (a) the Revenue Fund, (b) the Note Proceeds Fund, and (c) the Cost of Issuance Fund.
