Common use of Determining Amounts in the Construction Fund Clause in Contracts

Determining Amounts in the Construction Fund. The Construction Manager shall provide the Trustee with a construction draw schedule and amendments to such schedule as necessary from time to time. Amounts available or reasonably projected to be available in the Construction Fund shall be computed assuming that all construction draws are made on the dates specified in the construction draw schedule and that investments held in the Construction Fund or in other funds whose earnings are deposited in the Construction Fund are invested at the stated rate of such current investments until maturity or earliest call date and at the contracted rate, if any, for any future reinvestments. No investment earnings shall be assumed on moneys which have not (i) been invested or (ii) been contracted for investment. The Construction Manager may rely on (i) a certificate of the Trustee as to the amounts available or reasonably projected to be available, to the extent determinable, in the Construction Fund, and the Trustee is hereby authorized to release such information to the Construction Manager, or (ii) a certificate of the Authority as to the amounts available or reasonably projected to be available in the Construction Fund, provided that the accuracy of the calculation of such projected amounts shall be certified by an independent accountant.

Determining Amounts in the Construction Fund. The Construction Manager shall provide the Trustee with a construction draw schedule and amendments to such schedule as necessary from time to time. Amounts available or reasonably projected to be available in the Construction Fund shall be computed assuming that all construction draws are made on the dates specified in the construction draw schedule and that investments held in the Construction Fund or in other funds whose earnings are deposited in the Construction Fund are invested at the stated rate of such current investments until maturity or earliest call date and at the contracted rate, if any, for any future reinvestments. No investment earnings shall be assumed on moneys which have not (i) been invested or (ii) been contracted for investment. The Construction Manager may rely on (i) a certificate of the Trustee as to the amounts available or reasonably projected to be available, to the extent determinable, in the Construction Fund, and the Trustee is hereby authorized to release such information to the Construction Manager, or (ii) a certificate of the Authority as to the amounts available or reasonably projected to be available in the Construction Fund, provided that the accuracy of the calculation of such projected amounts shall be certified by an independent certified public accountant.