Disbursements from Construction Fund. The Issuer has, in the Indenture, authorized and directed Trustee to make payments from the Construction Fund to pay the Cost of Construction or to reimburse Company for any amount of the Cost of Construction paid or incurred by it. Except for requisitions for costs of issuance of the 2007 Series A Bonds (which costs shall not be considered to be qualifying), requisitions made in the form and manner described below shall be made initially exclusively for expenditures which qualify as solid waste disposal facilities and none, except for the requisitions for such costs of issuance, shall be made for expenditures which do not so qualify until such time as the ratio of qualifying expenditures to nonqualifying expenditures can be maintained at not less than 95% qualifying to 5% nonqualifying. Notwithstanding the foregoing exception for costs of issuance of the 2007 Series A Bonds, amounts requisitioned for such purposes shall not exceed two percent (2%) of the proceeds of the 2007 Series A Bonds and shall be considered part of the 5% nonqualifying portion. Payments for Cost of Construction shall be made upon receipt in the case of every disbursement of a requisition signed by the Company Representative stating with respect to each payment to be made: (i) the requisition number, (ii) the name and address of the person, firm or corporation to whom payment has been made or is due, (iii) the amount paid or to be paid, (iv) that each obligation mentioned therein has been properly incurred, is a proper charge against the Construction Fund, is unpaid or unreimbursed, and has not been the basis of any previous withdrawal, and (v) that either (a) the expenditures qualify exclusively as Solid Waste Disposal Facilities or (b) the 95%-5% ratio as required above has been satisfied and the payment of the amount shown in such requisition will not result in less than 95% of the proceeds of the 2007 Series A Bonds expended at such time being used for the acquisition, construction or installation of Solid Waste Disposal Facilities.
Disbursements from Construction Fund. The Authority and the Borrower hereby agree that the monies in the Construction Fund shall be applied to the payment of the Cost of the Project and otherwise as provided in accordance with Article IV of the Trust Agreement and substantially to the extent of the estimates of Cost of the Project set forth in the application filed with the Authority or otherwise approved by the Authority, and such monies shall be invested and reinvested in accordance with Article VI of the Trust Agreement.
Disbursements from Construction Fund. (a) Pursuant to the Indenture, the Issuer has established the Construction Fund for the payment of a portion of the Costs of the Project. The moneys on deposit in the Construction Fund shall be disbursed from time to time to the Company to reimburse the Company for portions of the Costs of the Project paid by it or to make payments to persons designated by the Company in respect of portions of the Costs of the Project, upon receipt by the Trustee of a Written Requisition executed by an Authorized Company Representative substantially in the form attached hereto as Exhibit C. Any Written Requisition may be transmitted by facsimile transmission, electronic mail or other means of electronic transmission. In paying any Written Requisition under this Section 3.5, the Trustee shall be entitled to rely as to the completeness and accuracy of all statements in such Written Requisition. The execution of a Written Requisition by an Authorized Company Representative, and communication thereof by facsimile transmission, electronic mail or other means of electronic transmission to the Trustee shall be conclusive evidence of the Company’s approval of such Written Requisition, and the Company shall indemnify and save harmless the Trustee from any liability incurred in connection with any Written Requisition so executed and communicated by an Authorized Company Representative, in accordance with the terms of Section 7.2. Following receipt of any Written Requisition, the Trustee shall disburse the funds in the Construction Funds as requested by such Written Requisition no later than three Business Days thereafter.
Disbursements from Construction Fund. The moneys on deposit in the Construction Fund shall be paid by the Trustee to the Borrower in reimbursement of Qualified Project Costs paid by it on and after August 29, 2005, and to and including December 31, 2009, and sixty (60) days prior to September 9, 2010, and to make payments by the Trustee to persons designated by the Borrower in respect of portions of the Costs of the Projects that are Qualified Project Costs and which are specifically set forth in Requisitions presented to the Trustee by the Borrower signed by an Authorized Borrower Representative, in accordance with Article IV of the Indenture and this Article III, and pending such application such money shall be invested and reinvested in accordance with Article IV of the Indenture. The form of requisition for Requisitions from the Construction Fund is attached to the Indenture as Exhibit B. The payments from the Construction Fund will result in 95% of the total of such disbursements having been used to pay for Qualified Project Costs within the meaning of Section 1400N(a)(4) of the Code.
Disbursements from Construction Fund. The Agency and the College hereby agree that the moneys in the Construction Fund shall be applied to the payment of the Costs of the Project in accordance with Article IV of the Bond Indenture and such moneys shall be invested and reinvested in accordance with Article VI of the Bond Indenture.
Disbursements from Construction Fund. Moneys in the Construction Fund shall be disbursed in accordance with the provisions of the Agreement, and particularly Section 3.3
Disbursements from Construction Fund. (a) Pursuant to the Indenture, the Issuer has established the Construction Fund for the payment of the Costs of the Project. The moneys on deposit in the Construction Fund shall be disbursed from time to time to the Company to reimburse the Company for portions of the Costs of the Project paid by it or to make payments to persons designated by the Company in respect of portions of the Costs of the Project, upon receipt by the Trustee of a Written Requisition executed by an Authorized Company Representative substantially in the form attached hereto as Exhibit C; provided, however, that no disbursement shall be made from the Construction Fund to pay Costs of the Project, other than Costs of Issuance, until the Company has provided all of the instruments described in Section 4.04(e) below. Notwithstanding anything herein to the contrary, disbursements may be made from the Construction Fund to pay Costs of the Project constituting Costs of Issuance upon presentation to the Trustee of a Written Requisition in the for required by this Section 4.04(a). Upon request of the Trustee, the Company shall furnish invoices or other documentation in connection with each such Written Requisition. Any Written Requisition under this Section 4.04 may be in the form of a communication by telegram, telex or facsimile transmission, but if, in such form, it shall be promptly confirmed by a Written Requisition executed by an Authorized Company Representative. The Company shall furnish to the Issuer a copy of each Written Requisition delivered to the Trustee promptly upon request therefor.
Disbursements from Construction Fund. The money in the Construction Fund shall be applied by the Trustee, and in connection therewith Requisitions shall be presented by the Borrower signed by an Authorized Borrower Representative, for payment of the Costs of the Projects in accordance with Article IV of the Indenture and Article III of this Agreement, and pending such application such money shall be invested and reinvested in accordance with Article IV of the Indenture. The form of requisition for Requisitions from the Construction Fund is attached to the Indenture as Exhibit B.
Disbursements from Construction Fund. (1) The Trustee shall disburse from the Construction Fund to the trustee for the Prior Bonds, on the Prior Bond Redemption Date, an amount necessary to pay the entire outstanding principal on the Prior Bonds on the Prior Bond Redemption Date.
Disbursements from Construction Fund. The Trustee is not responsible for determining or monitoring the allocation of funds in the Construction Fund. Pursuant to Section 3.03(c) of the Agreement, the Company is responsible for determining the allocation of funds in the Construction Fund among portions of the Project and for monitoring expenditures based on such allocations. Subject to Section 5.5 below, moneys in the Construction Fund shall be disbursed by the Trustee to pay Project Costs or to reimburse the Company for Project Costs paid by it upon receipt of a request and certificate of the Company signed by the Authorized Company Representative delivered pursuant to Section 3.03 of the Agreement. The Trustee shall rely fully on any such request and certificate delivered pursuant to the Agreement and shall not be required to make any investigation in connection therewith. The Trustee shall keep and maintain adequate records pertaining to the Construction Fund and all disbursements therefrom and shall file an accounting thereof if and when requested by the Issuer or the Company. No moneys in the Construction Fund shall be used to pay Costs of Issuance.
