Disbursements from Project Fund. The Authority authorizes and directs the Trustee to make disbursements of (i) Bond Proceeds from the Project Fund to pay Project Costs and to pay the costs of issuing the Bonds; and (ii) moneys deposited in the Project Fund pursuant to the provisions of paragraph 4.05 hereof to be used for any acquisition, construction, reconstruction or improvement of the Project Facilities to Persons for work performed on the Project Facilities or to reimburse the Company for any costs incurred for the acquisition, construction, reconstruction or improvement of the Project Facilities paid by it. Each disbursement shall be disbursed only after delivery to the Trustee of the following by the Company:
(a) A Requisition Form as provided in Exhibit D hereto signed by a Company Representative. The Requisition Form shall state: (i) the requisition number; (ii) the name and address of the Person to whom payment is to be made by the Trustee or, if the payment is to be made to the Company for a reimbursable advance, a summary of the Company's disbursements; (iii) the amount to be paid; (iv) that each obligation for which payment is sought is a Proper Charge against the Project Fund, is unpaid or unreimbursed, and has not been the basis of any previously paid requisition; (v) that such payment does not include a reimbursement to the Company for costs or expenses incurred by reason of work performed or supervised by officers or employees of the Company or any of its affiliates, (vi) that no Event of Default has occurred and is continuing under this Agreement; and (vii) that the Company has received no written notice of any lien, right to lien or attachment upon, or other claim affecting the right to receive payment of, any of the moneys payable under such Requisition Form to any of the Persons named therein or, if any of the foregoing has been received, it has been released or discharged or will be released or discharged upon payment of the Requisition Form.
(b) In order to comply with the provisions of Sections 2.03(h) and (i), the Company shall delivery such certificates as are required by the Authority to evidence compliance with the Authority’s Affirmative Action Program and Prevailing Wage Rate Provisions.
(c) The Company shall not present the final request to the Trustee for a disbursement from the Project Fund until the Company has executed and filed with the Trustee a Company’s Tax Completion Certificate, duly completed and substantially in form attached hereto as Exhibit C....
Disbursements from Project Fund. 1. The Authority has in the Indenture authorized and directed the Trustee to make payments from the Project Fund in accordance with Section 8.01 of the Indenture, to pay the redemption price of the Prior Bonds and costs related thereto upon receipt from time to time of letters signed by an Authorized Company Representative in accordance with Section 8.01 of the Indenture. Concurrently with the delivery by the Company of each such letter to the Trustee, the Company will deliver to the Authority a copy thereof and any attachments thereto. The Company will indemnify and save harmless the Authority and the Trustee from any liability incurred in connection with any letter so delivered and any payments made in reliance thereon.
2. All monies remaining in the Project Fund after the redemption of the Prior Bonds and payment of all costs related thereto shall, at the written direction of an Authorized Company Representative, be paid to the Company.
Disbursements from Project Fund. Subject to the provisions below, disbursements from the Project Fund shall be made to reimburse or pay the Company, another Affiliate or any Person designated by the Company, for Project Costs. The Company agrees that the sums so disbursed from the Project Fund will be used only for the payment of Project Costs, and will not be used for any other purpose. Any disbursements from the Project Fund for the payment of the Project Costs shall be made by the Trustee only upon the written order of an Authorized Representative of the Company delivered to the Trustee. Each such written order shall be substantially in the form of the disbursement request attached hereto as Exhibit B and shall be consecutively numbered and accompanied by a statement in reasonable detail listing the Project Costs to be paid to any contractors, materialmen or suppliers or incurred by the Company for which it is to be reimbursed. Any disbursement for any item which is inconsistent with the information statement filed by the Issuer in connection with the issuance of the Bonds as required by Section 149(e) of the Code, shall be accompanied by an opinion of a Bond Counsel to the effect that such disbursement will not result in the interest on the Bonds becoming included in the gross income of the holders thereof for federal income tax purposes. In case any contract provides for the retention by the Company of a portion of the contract price, there shall be paid from the Project Fund only the net amount remaining after deduction of any such portion, and only when that retained amount is due and payable, may it be paid from the Project Fund.
Disbursements from Project Fund. The Borrower shall not request or receive any disbursement of funds from the Project Fund unless and until the Bank shall have approved such disbursement in writing and all of the following conditions shall be true with respect to each such disbursement:
Disbursements from Project Fund. Moneys on deposit in the Project Fund shall be disbursed in accordance with the Acquisition Funding Agreement to be entered into among the CMFA, the City and the Developer with respect to the CFD (the “Acquisition Agreement”).
Disbursements from Project Fund. The proceeds of the Series 2010B Bonds and any Company funds deposited in the Project Fund will be disbursed by the Trustee in accordance with the terms of this Agreement upon receipt of a certificate (substantially in the form of Exhibit C attached hereto) signed by a Company Representative, evidencing the written consent of the Bank and containing the following information:
(a) if the Company seeks reimbursement for Qualifying Costs paid by it, a statement of the amount and nature of the Qualifying Costs and the name and address of the payee of each item of the Qualifying Costs certified to have been paid by and requested to be reimbursed to the Company; or
(b) if payment is to be made to someone other than the Company, a statement of the amount and nature of each item of Qualifying Costs certified to be due and payable and requested to be paid to a person other than the Company; and
(c) a certificate for payment under paragraphs (a) or (b) of this Section must also contain a statement that each item for which payment or reimbursement is requested is or was necessary in connection with the Project and that such item has not formed the basis for any previous payment or reimbursement from the Project Fund.
3-1 Upon receipt of the certificate the Trustee shall disburse funds from the Project Fund to the persons entitled thereto. Bond proceeds in the Project Fund shall be expended only to pay Qualifying Costs. Company funds in the Project Fund may be expended to pay Costs of Issuance which exceed two percent (2%) of the proceeds of the Series 2010B Bonds.
Disbursements from Project Fund. Section 7.1 Provisions Regarding Approval of Requisitions. Disbursements from the Project Fund shall occur not more frequently than monthly. Approval by the Bank of disbursements from the Project Fund shall be conditioned upon the submission of requisitions on forms provided by the Bank to the Bank by the Borrower showing the cost of the Equipment in place with such requisitions to be properly certified and executed by the Borrower. Upon request of the Bank, the Borrower shall exhibit to the Bank at any time receipts, vouchers, statements, bills of sale or other evidence as available to the Borrower satisfactory to the Bank of actual payment of such Cost of the Project. Within ten (10) days after each payment hereunder, the Borrower shall, if requested by the Bank, deliver to the Bank a receipt executed by the Person receiving payment for the equipping of the Project for each payment made to it.
Disbursements from Project Fund. All disbursements of the Incentive Loan shall be deposited in the Project Fund. Amounts deposited in the Project Fund shall be applied as disbursed in accordance with Section 2.2 and Section 5 hereof. [DISCUSS MECHANICALLY]
Disbursements from Project Fund. Borrower shall not request or receive any disbursement of funds from the Project Fund unless the Bank shall have approved such disbursement in writing to the Trustee and the following conditions shall be true with respect to each such disbursement:
Section 5.1. Bank's Inspector's Certificate. Prior to each disbursement the Bank's Inspector shall inspect the Project Facility to verify that the request for disbursement accurately indicates the amount of construction completed to said date. The Bank shall have received a certificate from the Bank's Inspector certifying (i) that the construction of the Project Facility theretofore completed, if any, has been performed substantially in accordance with the Plans and Specifications; (ii) that the quality of construction of the Project Facility theretofore completed is in accordance with generally accepted standards in the construction industry for the cost of the construction of the Project Facility; (iii) that the undisbursed portion of the Project Fund together with other monies to be provided by Borrower are adequate to complete the construction and equipping of the Project Facility pursuant to the Plans and Specifications by the Completion Date; and (iv) that it is reasonable to expect that the completion of the Project Facility will occur on or before the Completion Date. It is understood and agreed that the Bank shall not be liable for any reason as a result of such inspections, the parties hereby agreeing that the inspections are solely for the benefit of the Bank.
Disbursements from Project Fund. So long as no Event of Default shall have occurred and be continuing hereunder, disbursements from the Project Fund shall be made by the Disbursing Agent to reimburse the Borrower for Project Costs (or indebtedness incurred to pay Project Costs), as directed by requisitions in the form of Exhibit “C” hereto signed by the Borrower, setting forth the amount of the payment or reimbursement due, the nature of the goods or other property or services received in reasonable detail, the name and address of the person to whom payment or reimbursement is due and containing a certification that:
(a) it is for Project Costs which have not been the basis of a prior or contemporaneous requisition or of a prior payment of an external loan or of a prior reimbursement of internal advances; that it is for work actually performed or material, equipment or other property actually supplied for the Project in accordance with the applicable plans and specifications; that it contains no amount entitled to be retained; and
(b) that the work and material, equipment or other property covered by the requisition have been performed or delivered to the Borrower and are in accordance in all material respects with all applicable building, zoning, land use, environmental protection, sanitary, and safety laws, rules and regulations, all applicable grant, reimbursement and insurance requirements and the provisions of this Agreement; and that all permits, licenses and approvals required for the items covered by the requisition have been obtained.
