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. (a) Pursuant to the Indenture, the Issuer has established the Construction Fund for the payment of a portion of the Costs of the Project, and within such fund the Capitalized Interest Account and the General Account. The moneys on deposit in the Construction Fund shall be disbursed (i) on each Bond Payment Date during the Capitalized Interest Period, and on the Bond Payment Date immediately succeeding the end of the Capitalized Interest Period, from the Capitalized Interest Account to pay interest on the Series 2022 Bonds and (ii) from time to time from the General Account 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 General Account of the Construction Fund as requested by such Written Requisition no later than three Business Days thereafter.
(b) The Company shall not submit to the Trustee any Written Requisition pursuant to this Section 3.5 and shall have no claim upon any moneys in the Construction Fund, so long as there shall have occurred and be continuing any Event of Default.
(c) For any disbursement for any item not described in, or the cost for which item is other than as described in the Tax Certificate and Agreement, the Company shall certify in writing to the Trustee and the Issuer that the average reasonably expected e...
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. 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. 9 SECTION 4.05 Investment of Moneys in Funds and Accounts. . . . . . . . . . . . . . . . . 10 ARTICLE V
Disbursements from Construction Fund. (1) Pursuant to the Indenture, the Trustee shall disburse money from the Construction Fund to or upon the order of the Borrower, in payment or reimbursement of Project Costs enumerated in Section 3.2 and certified, in writing by the Borrower Representative, provided that in no event shall less than ninety-five percent (95%) of the net proceeds of the Bonds be used to pay or reimburse prior expenditures chargeable to the capital account of the Project paid prior to December 30, 2023 (the date which is sixty (60) days prior to the adoption of a reimbursement resolution with respect to the 2022 Project by the governing body of each of the Borrower and the Cooperative on February 28, 2024), subject to the exception for preliminary expenditures and de minimis amounts under Section 1.150-2(f) of the Treasury Regulations.
(2) With respect to all Project Costs, each draw request (in the form attached as EXHIBIT B hereto) signed by the Borrower Representative shall contain the following additional information:
(A) the amount and nature of each item of Project Costs and the name and address of the payee, with the payee’s statement and if reimbursement is requested, evidence of payment thereof attached;
(B) the amount of the requested draw to be disbursed from the Construction Fund;
(C) a statement that each item for which payment or reimbursement is requested is or was necessary in connection with the Project, qualifies as a Project Cost under this Loan Agreement and, if for the construction or equipping of the Project, was made or incurred in accordance with the plans and specifications for the Project and that none of such items has formed the basis for any previous payment from the Construction Fund; and
(D) a statement that there is no outstanding indebtedness known, after due inquiry, for labor, wages, materials or supplies which, if unpaid, might become the basis of a vendor’s lien, or a mechanics’, materialmen’s, statutory or other similar lien upon the Project or any part thereof, other than indebtedness then certified for payment or diligently being contested in good faith by the Borrower and that each contractor, subcontractor and materialman has filed with the Borrower receipts and waivers of liens for all amounts theretofore certified for payment, or any amount therein certified for reimbursement to the Borrower for payment, for work, materials and equipment furnished by him or that there is on file with the construction manager a cancelled check endorse...
Disbursements from Construction Fund. The Trustee is authorized under the Ordinance to make disbursements from the Construction Fund to pay Facilities Costs in accordance with the terms and provisions of the Disbursing Agreement upon receipt of a Requisition Certificate signed by an Authorized Representative of Mesaba, approved by the Consulting Engineer and the Bank, with a copy to the County, substantially similar to the form appended as Exhibit B. Upon a Mandatory Redemption of the Bonds by reason of failure of Mesaba to provide and cause to remain in effect the Letter of Credit, the County shall require that funds in the Construction Fund be transferred to the Bond Fund to be used as provided in the Ordinance.
Disbursements from Construction Fund. The Authority hereby appoints the City as agent of the Authority to make disbursements from the Construction Fund to pay the Cost of Construction. Such disbursements shall be made only upon the execution and filing with the City of a requisition signed by the City Representative stating (i) the requisition number, (ii) the name and address of the person, firm, or corporation (which may include the City) to whom payment is due or was made, (iii) the amount paid or to be paid, (iv) that none of the items for which the payment is proposed to be made has formed the basis for any payment theretofore made from the Construction Fund, and (v) that each item for which payment is proposed to be made is a proper charge against the Construction Fund in accordance with the provisions of the Resolution and this Contract.
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. 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.
