Disbursements from the Construction Fund. The Issuer hereby authorizes and directs the Trustee, upon compliance with Section 6.7 of the Indenture, to disburse the moneys in the Construction Fund to or on behalf of the Company for the following purposes (but, subject to the provisions of Sections 3.4 and 3.5 hereof, for no other purpose): (a) Payment to the Company of such amounts, if any, as shall be necessary to reimburse the Company in full for all advances and payments made by it at any time prior to or after the delivery of the Bonds for expenditures in connection with the preparation of the Plans and Specifications (including any preliminary study or planning of the Project or any aspect thereof) and the construction and acquisition of the Project. (b) Payment of the initial or acceptance fee of the Trustee, legal, financial and accounting fees and expenses, the Issuer's fees and expenses, Rating Agency fees, printing and engraving costs incurred in connection with the authorization, issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Tax Agreement, the Indenture and all other documents in connection with the authorization, issuance and sale of the Bonds. (c) Payment for labor, services, materials and supplies used or furnished in the construction and acquisition of the Project, and payment of amounts due under contracts for the acquisition, construction and installation of the Project, all as provided in the plans, specifications and work orders therefor. (d) Payment of the fees, if any, for architectural, engineering, legal, underwriting and supervisory services with respect to the Project. (e) To the extent not paid by a contractor for construction or installation with respect to any part of the Project, payment of the premiums on all insurance required to be taken out and maintained during the Construction Period. (f) Payment of the taxes, assessments and other charges, if any, that may become payable during the Construction Period with respect to the Project, or reimbursement thereof if paid by the Company. (g) Payment of expenses incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the Project. (h) Interest on the Bonds and payment of certain fees (as identified in the Tax Agreement) due and payable during the Construction Period. (i) Payment of any other costs which constitute part of the Cost of the Project in accordance with generally accepted accounting principles and which are permitted by the Act and will not affect the exemption from federal income taxes of interest on any of the Bonds. (j) For transfer to the Rebate Fund in order to comply with the provisions of the Tax Agreement. All moneys remaining in the Construction Fund after the Completion Date and after payment or provision for payment of all other items provided for in the preceding subsections (a) to (j), inclusive, of this Section, shall at the direction of the Company be used in accordance with Section 3.4 hereof.
Appears in 1 contract
Disbursements from the Construction Fund. (a) The Issuer hereby authorizes Borrower will authorize and directs direct the Trustee, upon compliance with Section 6.7 3.03 of the Indenture, to disburse the moneys in the Construction Fund to or on behalf of the Company Borrower only for the following purposes (butpurposes, subject to the provisions of Sections 3.4 and Section 3.5 hereof, for no other purpose):.
(ai) Payment to the Company Borrower of such amounts, if any, as shall be necessary to reimburse the Company Borrower in full for all advances and payments made by it it, at any time prior to or after the delivery of the Bonds for expenditures Bonds, in connection with (A) the preparation of plans and specifications for the Plans and Specifications Project (including any preliminary study or planning of the Project or any aspect thereof) and ~) subject to any limitation imposed by subsection ~) hereof, the acquisition, construction and acquisition installation of the Project.
(b) Payment of the initial or acceptance fee of the Trustee, legal, financial and accounting fees and expenses, the Issuer's fees and expenses, Rating Agency fees, printing and engraving costs incurred in connection with the authorization, issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Tax Agreement, the Indenture and all other documents in connection with the authorization, issuance and sale of the Bonds.
(cii) Payment for labor, services, materials and supplies used by or furnished in to the construction Borrower to improve the site and acquisition of to acquire and construct the Project, and payment of amounts due under contracts for the acquisition, construction and installation of the Project, all as provided in the plans, specifications and work orders therefor; payment of the costs of acquiring, constructing and installing utility services or other related facilities; payment of the costs of acquiring all real and personal property deemed necessary to construct the Project; and payment of the miscellaneous expenses incidental to any of the foregoing items.
(diii) Payment of the fees, if any, for architecturalof architects, engineeringengineers, legal, underwriting legal counsel and supervisory services supervisors expended in connection with respect to the acquisition and construction of the Project.
(e) To the extent not paid by a contractor for construction or installation with respect to any part of the Project, payment of the premiums on all insurance required to be taken out and maintained during the Construction Period.
(fiv) Payment of the taxes, including property taxes, assessments and other charges, if any, that may become payable during the Construction Period period of construction with respect to the Project, or reimbursement thereof thereof, if paid by the CompanyBorrower.
(gv) Payment of expenses incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the acquisition, construction or installation of the Project.
(hvi) Interest on the Bonds and payment of certain fees (as identified in the Tax Agreement) due and payable paid during the Construction Period.
(i) Payment of any other costs which constitute part Period and properly allocable to the Project, to the extent of the Cost portion of the Project which has not been completed as of the date of accrual of any such interest costs and other interest paid in accordance with generally accepted accounting principles and which are permitted by the Act and will not affect the exemption from federal income taxes of interest on any respect of the Bonds.
(jvii) For transfer to the Rebate Fund in order to comply with the provisions Payment of any other Cost of the Project permitted by the Tax Agreement. Certificate but not including any Costs of Issuance).
(b) All moneys remaining in the Construction Fund after the Completion Date and after payment or provision for payment of all other items provided for in the preceding subsections subsection (a) to (j), inclusive, of this Section, shall at the direction of the Company be used in accordance with Section 3.4 hereof3.03 of the Indenture. Each of the payments referred to in this Section 3.3 shall be made upon receipt by the Trustee of a written requisition in the form prescribed by Section 3.03 of the Indenture, signed by the Authorized Borrower Representative.
Appears in 1 contract
Disbursements from the Construction Fund. The Issuer hereby authorizes and directs the Trustee, Trustee upon compliance with Section 6.7 5.10 of the Indenture, Indenture to disburse the moneys in the Construction Fund to or on behalf of the Company for the following purposes (but, subject to the provisions of Sections 3.4 and 3.5 hereof, for no other purpose):purposes:
(a) Payment to the Company of such amounts, if any, as shall be necessary to reimburse the Company in full for all advances and payments made by it at any time prior to or after the delivery of the Bonds for expenditures in connection with the preparation of plans and specifications for the Plans and Specifications Project (including any preliminary study or planning of the Project or any aspect thereof) and the construction and acquisition acquisition, construction, rehabilitation or equipping of the Project.
(b) Payment of the initial or acceptance fee of the Trustee, fees of the Trustee and any paying agent incurred during the Construction Period, fees relating to the underwriting or placement of the Bonds, legal, financial and accounting fees and expenses, the Issuer's fees and expenses, Rating Agency fees, printing and engraving costs incurred in connection with the authorization, sale and issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Tax AgreementIndenture, the Indenture Bonds and all other documents in connection with the authorization, issuance related agreements and sale of the Bondsinstruments.
(c) Payment for labor, services, materials and supplies used or furnished in the construction and acquisition of the Project, and payment of amounts due under contracts for the acquisition, construction and installation construction, rehabilitation or equipping of the Project, all as provided in the plans, specifications and work orders therefor, payment for the cost of the construction, acquisition and installation of utility services or other facilities, and acquisition and installation of all real and personal property deemed necessary in connection with the Project and payment for the miscellaneous capitalized expenditures incidental to any of the foregoing items.
(d) Payment of the fees, if any, for architectural, engineering, legal, printing, underwriting and supervisory services with respect to the Project.
(e) To the extent not paid by a contractor for construction or installation with respect to any part of the Project, payment of the premiums on all insurance required to be taken out and maintained during the Construction Period.
(f) Payment of the taxes, assessments and other charges, if any, that may become payable during the Construction Period with respect to the Project, or reimbursement thereof if paid by the Company.
(g) Payment of expenses incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the Project.
(h) Interest on the Bonds and payment of certain fees (as identified in the Tax Agreement) due and payable during the Construction PeriodPeriod (or reimbursement of the Bank for draws under the Letter of Credit to pay such interest).
(i) Fees of the Bank during the Construction Period for the issuance of the Letter of Credit.
(j) Payment of any other costs which constitute part of the Cost of the Project in accordance with generally accepted accounting principles and which are permitted by the Act and which will not affect the exemption from federal Federal income taxes of interest on any of the Bonds.
(j) For transfer to the Rebate Fund in order to comply with the provisions of the Tax Agreement. All moneys remaining in the Construction Fund after the Completion Date and after payment or provision for payment of all other items provided for in the preceding subsections (a) to (j), inclusive, of this Section, shall at the direction of the Company be used in accordance with Section 3.4 hereof. Each of the payments referred to in this Section shall be made upon receipt by the Trustee of a written order complying with the form set forth in Section 5.10 of the Indenture signed by the Authorized Company Representative. The Company covenants and agrees that it will cause at least 95% of the moneys in the Construction Fund (including any earnings on investment of such moneys) to be disbursed for Qualified Costs of Construction and all of such proceeds to be disbursed for costs permitted by the Act. The Company further covenants that no more than $106,000 of the moneys in the Construction Fund will be disbursed for payment of issuance costs within the meaning of the Code.
Appears in 1 contract
Samples: Lease Agreement (Griffith Micro Science International Inc)
Disbursements from the Construction Fund. The Issuer Authority hereby authorizes and directs the Trustee, upon the Borrower’s compliance with the requirements of Section 6.7 of the Indenture, to disburse the moneys in the Construction Fund to or on behalf of the Company Borrower for the following purposes (but, subject to the provisions of Sections 3.4 and 3.5 Section 3.9 hereof, for no other purpose):
(a) Payment to the Company Borrower of such amounts, if any, as shall be necessary to reimburse the Company Borrower in full for all advances and payments made by it at any time prior to or after the delivery of the Bonds for expenditures in connection with the preparation of the Plans plans and Specifications specifications (including any preliminary study or planning of the Project Projects or any aspect thereof) and the construction and acquisition of the ProjectProjects.
(b) Payment of the initial or acceptance fee of the Trustee, legal, financial and accounting fees and expenses, the Issuer's Authority’s fees and expenses, Rating Agency fees, printing and engraving costs incurred in connection with the authorization, issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Tax Agreement, the Indenture and all other documents in connection with the authorization, issuance and sale of the Bonds.
(c) Payment for labor, services, materials and supplies used or furnished in the construction and acquisition of the ProjectProjects, and payment of amounts due under contracts for the acquisition, construction and installation of the ProjectProjects, all as provided in the plans, specifications and work orders therefor.
(d) Payment of the fees, if any, for architectural, engineering, legal, underwriting and supervisory services with respect to the ProjectProjects.
(e) To the extent not paid by a contractor for construction or installation with respect to any part of the ProjectProjects, payment of the premiums on all insurance required to be taken out and maintained during the Construction Period.
(f) Payment of the taxes, assessments and other charges, if any, that may become payable during the Construction Period with respect to the ProjectProjects, or reimbursement thereof if paid by the CompanyBorrower.
(g) Payment of expenses incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the ProjectProjects.
(h) Interest on the Bonds and payment of certain fees (as identified in the Tax Agreement) due and payable during the Construction PeriodPeriod (but in no event after three (3) years from the Issue Date).
(i) Payment of any other costs which constitute part of the Cost of the Project Projects in accordance with generally accepted accounting principles and which are permitted by the Act and will not affect the exemption exclusion from gross income for federal income taxes tax purposes of interest on any of the Bonds.
(j) For transfer to the Rebate Fund in order to comply with the provisions of the Tax Agreement. All moneys remaining in the Construction Fund after the Completion Date and after payment or provision for payment of all other items provided for in the preceding subsections (a) to (ji), inclusive, of this Section, shall at the written direction of the Company Borrower be used in accordance with Section 3.4 3.9 hereof.
Appears in 1 contract
Disbursements from the Construction Fund. The Issuer hereby authorizes and directs the Trusteehas, upon compliance with Section 6.7 of in the Indenture, authorized and directed the Trustee to disburse use the moneys in the Construction Fund for the following purposes; provided, that any payments from the Construction Fund prior to the Completion Date not used to
(a) Payment to, or on behalf reimbursement of the Company for, the fees for any title insurance or title curative documents that either the following purposes (but, subject Company or Independent Counsel selected by the Company and acceptable to the provisions Trustee may deem desirable to file or record in order to perfect or protect the title of Sections 3.4 the Company to the Facilities, or interest of the Issuer in the Revenues (as defined in the Indenture), and 3.5 hereofthe fees and expenses in connection with any actions or proceedings that either the Company or such Independent Counsel may deem desirable to bring in order to perfect or protect the title of the Company to the Facilities, for no other purpose):or interest of the Issuer in the Revenues.
(ab) Payment of all financial, legal and accounting fees and expenses, all costs of printing and engraving, appraisal fees, and all other fees, charges and expenses incurred in connection with the authorization, sale, issuance and delivery of the Bonds, this Agreement, the Indenture and other related documents.
(c) Payment to the Company of such amounts, if any, as shall be necessary to reimburse the Company it in full for all advances advances, payments and payments expenditures made by it at any time after the Commitment Date but prior to or after the delivery of the Bonds for expenditures or in connection with the preparation of the Plans and Specifications (including any preliminary study or planning of the Project Facilities or any aspect thereof) and the construction and acquisition of the Project.
(b) Payment of the initial or acceptance fee of the Trustee, legal, financial and accounting fees and expenses, the Issuer's fees and expenses, Rating Agency fees, printing and engraving costs incurred in connection with the authorization, issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Tax Agreement, the Indenture and all other documents in connection with the authorization, issuance and sale of the Bonds.
(c) Payment for labor, services, materials and supplies used or furnished in the construction and acquisition of the Project, and payment of amounts due under contracts for the acquisition, construction and installation equipping, of the ProjectFacilities and all real and personal property or mixed real and personal property deemed by the Company reasonably necessary in connection with the Facilities, all as provided in the plans, specifications and work orders thereforor any one or more of said expenditures.
(d) Payment to, or reimbursement of, the Company for labor, services and materials used or furnished in site improvement and in any acquisition, construction and equipping of the Facilities, for the cost of the construction, acquisition and equipping of facilities to connect the Facilities with utilities and for the miscellaneous expenses incidental to any thereof.
(e) Payment to, or reimbursement of, the Company for the fees, if any, for architectural, engineering, legal, underwriting engineering and supervisory services with respect to the Project.
(e) To the extent not paid by a contractor for construction or installation with respect to any part of the Project, payment of the premiums on all insurance required to be taken out and maintained during the Construction PeriodFacilities.
(f) Payment Payment, as such payment becomes due, of the taxes, assessments initial or acceptance fee and other chargesfees and expenses of the Trustee and of any paying agent properly incurred under the Indenture, if anyand payment of the commitment fees of the Bank and the fees of the Remarketing Agent, as defined in the Indenture, that may become payable due during the Construction Period with respect to the Project, or reimbursement thereof if paid by the Company.
(g) To such extent as they shall not be paid by a contractor for acquisition, construction or equipping with respect to any part of the Facilities, payment of the premiums on all insurance taken out and maintained during the Construction Period with respect to the Facilities or reimbursement therefor if paid by the Company.
(h) Payment of expenses incurred by the Company in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the Project.
(h) Interest on the Bonds and payment of certain fees (as identified in the Tax Agreement) due and payable during the Construction Periodsubcontractor.
(i) Payment To the extent permitted by Chapter 165 of the Ohio Revised Code, payment or reimbursement of any other costs which constitute part of and expenses relating to the Cost of the Project in accordance with generally accepted accounting principles and which are permitted Facilities that may be approved by the Act and will not affect the exemption from federal income taxes of interest on any of the BondsAuthorized Company Representative.
(j) For transfer Payment of, or reimbursement of the Company for, interest on the Project Bonds accruing prior to the Rebate Fund in order to comply with the provisions of the Tax Agreement. Completion Date.
(k) All moneys remaining in the Construction Fund (including moneys earned pursuant to the provisions of Section 3.7 hereof) remaining after the Completion Date and after payment or provision for payment in full of the costs of acquisition, construction and equipping of the Facilities and of all other items provided for in the preceding subsections (a) to (j), inclusive, of this SectionSection 3.3, then due and payable, shall at the direction of the Authorized Company Representative, be used for such of the following purposes as in accordance with Section 3.4 hereof.the opinion of Independent Tax Counsel, will not under applicable statutes and regulations jeopardize the exemption from federal income tax of the interest on the Bonds: (i) the purchase of Bonds in the open market for the purpose of cancellation, at prices not exceeding the then open market price of the Bonds, or (ii) payment into the Bond Fund, or (iii) acquisition, construction and equipping of such additional industrial facilities as are designated by the Authorized Company Representative, or (iv) a combination of
Appears in 1 contract
Disbursements from the Construction Fund. The Issuer hereby authorizes will in the Indenture authorize and directs direct the Trustee, upon compliance with Section 6.7 of the Indenture, Trustee to disburse the moneys in the Construction Fund to or on behalf of the Company Company, upon compliance with Section 6.07 of the Indenture, for the following purposes (but, subject to the provisions of Sections 3.4 and Section 3.5 hereof, for no other purpose):
(a) Payment to the Company of such amounts, if any, as shall be necessary to reimburse the Company in full for all advances and payments made by it at any time prior to or after the delivery of the Bonds for expenditures in connection with the preparation of plans and specifications for the Plans and Specifications Project (including any preliminary study or planning of the Project or any aspect thereof) and the acquisition, construction and acquisition equipping of the Project.
(b) Payment of the initial or acceptance fee fees, if any, of the Trustee, legalthe Administrative Expenses of the Issuer, financial bond insurance premium, legal and accounting fees and expenses, the Issuer's fees expenses and expenses, Rating Agency fees, printing and engraving costs incurred in connection with the authorization, sale and issuance and sale of the Bonds, the execution Bonds and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Indenture, the Tax Agreement, the Indenture Bonds and all other documents in connection with the authorization, sale and issuance and sale of the Bonds.
(c) Payment for labor, services, materials and supplies used or furnished in site improvement and in the construction and acquisition equipping of the Project, Project and payment of amounts due under contracts for the acquisition, construction and installation miscellaneous expenditures incidental to any of the Project, all as provided in the plans, specifications and work orders thereforforegoing items.
(d) Payment of the fees, if any, for architectural, engineering, legal, underwriting and supervisory services with respect to the Project.
(e) To the extent not paid by a contractor for construction or installation with respect to any part of the Project, payment Payment of the premiums on all insurance required to be taken out and maintained in connection with the Project during the Construction Period.
(f) Payment of the taxes, assessments and other charges, if any, that may become payable during the Construction Period with respect to the Project, or reimbursement thereof if paid by the Company.
(g) Payment of expenses incurred in seeking to enforce any remedy against any contractor or subcontractor or any other third party in respect of any default under a contract relating to the Project.
(h) Interest on the Bonds and payment of certain fees (as identified in the Tax Agreement) due and payable during the Construction Period.
(i) Payment of any other costs which constitute part of the Cost of the Project in accordance with generally accepted accounting principles and which are permitted by the Act and will not affect the exemption from federal income taxes of interest on any of the Bonds.
(j) For transfer to the Rebate Fund in order to comply with the provisions of the Tax Agreement. All moneys remaining in the Construction Fund after the Completion Date and after payment or provision for payment of all other items provided for in the preceding subsections (a) to (j), inclusive, of this Section, shall at the direction of the Company be used in accordance with Section 3.4 hereof.
Appears in 1 contract
Disbursements from the Construction Fund. The Issuer hereby authorizes and directs the Trustee, Trustee upon compliance with Section 6.7 5.10 of the Indenture, Indenture to disburse the moneys in the Construction Fund to or on behalf of the Company for the following purposes (but, subject to the provisions of Sections 3.4 and 3.5 hereof, for no other purpose):purposes:
(a) Payment to the Company of such amounts, if any, as shall be necessary to reimburse the Company in full for all advances and payments made by it at any time prior to or after the delivery of the Bonds for expenditures in connection with the preparation of plans and specifications for the Plans and Specifications Project (including any and preliminary study or planning of the Project or any aspect thereof) and the acquisition, construction or equipping of the equipment and acquisition of leasehold improvements planned for the Project.
(b) Payment of the initial or acceptance fee of the Trustee, fees of the Trustee and any paying agent incurred during the Construction Period, fees relating to the underwriting or placement of the Bonds, legal, financial and accounting fees and expenses, the Issuer's fees and expenses, Rating Agency fees, printing and engraving costs incurred in connection with the authorization, sale and issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Tax AgreementIndenture, the Indenture Bonds and all other documents in connection with the authorization, issuance related agreements and sale of the Bondsinstruments.
(c) Payment for labor, services, materials and supplies used or furnished in the construction and acquisition acquisition, construction, or equipping of the Project, equipment and payment of amounts due under contracts leasehold improvements planned for the acquisition, construction and installation of the Project, all as provided in the plans, specifications and work orders therefor, payment for the cost of the construction, acquisition and installation of utility services or other facilities, and acquisition and installation of all real property deemed necessary in connection with the Project and payment for the miscellaneous capitalized expenditures incidental to any of the foregoing items.
(d) Payment of the fees, if any, for architectural, engineering, legal, printing, underwriting and supervisory services with respect to the Project.
(e) To the extent not paid by a contractor for construction or installation with respect to any part of the Project, payment of the premiums on all insurance required to be taken out and maintained during the Construction Period.
(f) Payment of the taxes, assessments and other charges, if any, that may become payable during the Construction Period with respect to the Project, or reimbursement thereof if paid by the Company.
(g) Payment of expenses incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the Project.
(h) Interest on the Bonds and payment of certain fees (as identified in the Tax Agreement) due and payable during the Construction PeriodPeriod (or reimbursement of the Bank for draws under the Letter of Credit to pay such interest).
(i) Fees of the Bank during the Construction Period for the issuance of the Letter of Credit.
(j) Payment of any other costs which constitute part of the Cost of the Project in accordance with generally accepted accounting principles and which are permitted by the Act and which will not affect the exemption from federal Federal income taxes of interest on any of the Bonds.
(j) For transfer to the Rebate Fund in order to comply with the provisions of the Tax Agreement. All moneys remaining in the Construction Fund after the Completion Date and after payment or provision for payment of all other items provided for in the preceding subsections (a) to (j), inclusive, of this Section, shall be used at the Company's direction of the Company be used in accordance with Section 3.4 hereof3.4. Each of the payments referred to in this Section shall be made upon receipt by the Trustee of a written order complying with the form set forth in Section 5.10 of the Indenture signed by an Authorized Company Representative. The Company covenants and agrees that it will cause at least 95% of the moneys in the Construction Fund (including any earnings on investment of such moneys) to be disbursed for Qualified Costs of Construction and all of such proceeds to be disbursed for costs permitted by the Act. The Company further covenants that no more than $90,000 of the moneys in the Construction Fund will be disbursed for payment of issuance costs within the meaning of the code.
Appears in 1 contract
Samples: Loan Agreement (Griffith Micro Science International Inc)
Disbursements from the Construction Fund. The After setting aside amounts for payment of Costs described in Exhibit C to the Indenture, the Issuer hereby authorizes and directs the Trustee, upon compliance with Section 6.7 305 of the Indenture, to disburse the moneys in the Construction Fund to or on behalf of the Company Lessee, acting as agent for and on behalf of the Lessor, the owner of the Leased Facilities, for the following purposes (but, subject to the provisions of Sections 3.4 and 3.5 hereof, for no other purpose):purposes:
(a) Payment to the Company Lessee of such amounts, if any, as shall be necessary to reimburse the Company Lessee in full for all advances and payments made by it or others at any time prior to or after the delivery of the Bonds for expenditures all hard and soft costs in connection with the preparation of the Plans and Specifications (including any preliminary study or planning of the Project or any aspect thereof) and the construction construction, financing and acquisition of the Project.
(b) Payment To the extent not described in Exhibit C to the Indenture, payment of the initial or acceptance fee of the Trustee, legal, financial and accounting fees and expenses, the Issuer's fees and expenses, Rating Agency fees, and printing and engraving costs incurred in connection with the authorization, issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Tax Agreement, the Indenture and all other documents in connection with the authorization, issuance and sale of the Bonds.
(c) Payment for labor, services, materials and supplies used or furnished in the construction construction, installation and acquisition financing of the Project, and payment of amounts due under contracts for the acquisition, construction and installation of the Project, all as provided in the plans, specifications Plans and Specifications and work orders therefor.
(d) Payment of the fees, if any, for architectural, engineering, legal, underwriting and supervisory services with respect to the Project.
(e) To the extent not paid by a contractor for construction or installation with respect to any part of the Project, payment of the premiums on all insurance required to be taken out and maintained during the Construction Periodperiod of construction.
(f) Payment of the taxes, assessments and other charges, if any, that may become payable during the Construction Period period of construction with respect to the Project, or reimbursement thereof if paid by the CompanyLessee.
(g) Payment of expenses incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the Project.
(h) Interest on To the Bonds and extent not described in Exhibit C to the Indenture, payment of certain the Purchaser's fees (as identified and expenses incurred in connection with the Tax Agreement) due and payable during financing of the Construction PeriodProject.
(i) Payment of any other hard and soft costs which constitute part of the Cost of the Project in accordance with generally accepted accounting principles and which are permitted by the Act and will not affect the exemption from federal income taxes of interest on any of the Bonds.
(j) For transfer to the Rebate Fund in order to comply with the provisions of the Tax AgreementAct. All moneys remaining in the Construction Fund after the Completion Date and after payment or provision for payment of all other items provided for in the preceding subsections (a) to (ji), inclusive, of this Section, shall at be transferred to the direction of the Company be used in accordance with Section 3.4 hereofBond Fund.
Appears in 1 contract
Disbursements from the Construction Fund. The Issuer hereby authorizes and directs the Trustee, upon compliance with Section 6.7 511 of the Indenture, to disburse the moneys in the Construction Fund to or on behalf of the Company for the following purposes (but, subject to the provisions of Sections Section 3.4 and 3.5 hereof, for no other purpose):
(a) Payment to the Corporation of the amount of $1,350,000, to reimburse the Corporation in full for all advances and payments made by it at any time prior to the delivery of the Bonds for expenditures in connection with the preparation of the Plans and Specifications (including any preliminary study or planning of the Project or any aspect thereof) and the construction and acquisition of the Project.
(b) Payment to the Company of such amounts, if any, as shall be necessary to reimburse the Company in full for all advances and payments made by it at any time prior to or after the delivery of the Bonds for expenditures in connection with the preparation of the Plans and Specifications (including any preliminary study or planning of the Project or any aspect thereof) and the construction and acquisition of the Project.
(bc) Payment of Costs of Issuance including the initial or acceptance fee of the Trustee, legal, financial and accounting fees and expenses, the Issuer's fees and expenses, Rating Agency fees, printing and engraving costs incurred in connection with the authorization, issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing of the Mortgage, the Guaranty, the Collateral Assignment and all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Tax Agreement, the Indenture Indenture, the Mortgage, the Guaranty, the Collateral Assignment, any related legal opinions and all other documents in connection with the authorization, issuance and sale of the Bonds.
(cd) Payment for labor, services, materials and supplies used or furnished in the construction, acquisition and construction and acquisition management of the Project, and payment of amounts due under contracts for the acquisition, construction and installation of the Project, all as provided in the plans, specifications and work orders therefor.
(de) Payment of the fees, if any, for architectural, engineering, legal, underwriting and supervisory services with respect to the Project.
(ef) To the extent not paid by a contractor for construction or installation with respect to any part of the Project, payment of the premiums on all insurance required to be taken out and maintained during the Construction Period.
(fg) Payment of the taxes, assessments and other charges, if any, that may become payable during the Construction Period with respect to the Project, or reimbursement thereof if paid by the Company.
(gh) Payment of expenses incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the Project.
(hi) Interest on the Bonds and payment during construction of certain fees (as identified in the Tax Agreement) due and payable during the Construction PeriodProject.
(ij) Payment of any other costs which constitute part of the Cost of the Project in accordance with generally accepted accounting principles and which are permitted by the Act and will not affect the exemption exclusion of the interest on the Bonds from gross income for federal income taxes of interest on any of the Bondstax purposes.
(jk) For transfer to the Rebate Fund in order to comply with the provisions of the Tax Agreement. All moneys remaining in the Construction Fund after the Completion Date and after payment or provision for payment of all other items provided for in the preceding subsections (a) to (j), inclusive, of this Section, shall at the direction of the Company be used in accordance with Section 3.4 hereof.
Appears in 1 contract
Samples: Loan Agreement (Intrepid Technology & Resources, Inc.)
Disbursements from the Construction Fund. The Issuer hereby authorizes will in the Indenture authorize and directs direct the Trustee, upon compliance with Section 6.7 of the Indenture, Trustee to disburse use the moneys in the Construction Fund to or on behalf of the Company for the following purposes (but, subject to the provisions of Sections 3.4 and 3.5 hereofSection 3.8, for no other purpose):purposes:
(a) Payment payment of the initial or acceptance fee of the Trustee and fees and expenses of its counsel, the fees for recording the deeds whereby the appropriate title in and to the Facilities has been acquired by the Company, payments for title examination and insurance, and any title curative documents that the Company may deem desirable to file for record in order to perfect or protect its title in and to the Facilities and the fees and expenses in connection with any actions or proceedings that the Company may deem desirable to bring in order to perfect its title in and to the Facilities;
(b) payment to the Company of such amounts, if any, as shall be necessary to reimburse the Company in full for all advances and payments made by it at any time prior to or after the delivery of the Bonds for expenditures in connection with the acquisition by the Company of appropriate title in and to the Facilities (including the cost of such acquisition and of any rights-of-way for the purpose of providing access to and from the Facilities), clearing the site, site improvement, the preparation of plans and specifications for the Plans and Specifications Facilities (including any preliminary study or planning of the Project Facilities or any aspect thereof) ), the acquisition, construction and installation of the Facilities and the acquisition, construction and acquisition installation necessary to provide utility services or other facilities including trackage to connect the Facilities with public transportation facilities, and all real or personal properties deemed necessary in connection with the Facilities, or any one or more of said expenditures (including architectural, engineering and supervisory services) with respect to any of the Project.foregoing;
(bc) Payment payment of, or reimbursement of the initial or acceptance fee of Company and the TrusteeIssuer for, legal, financial the legal and accounting fees and expenses, the Issuer's fees and expenses, Rating Agency financial consultants' fees, financing charges (including underwriting or placement fees) and printing and engraving costs incurred in connection with the authorization, sale and issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Tax Letter of Credit Agreement, the Indenture Letter of Credit, the Indenture, the Bond Purchase Agreement, the Financing Statements and all other documents in connection therewith and in connection with the authorizationacquisition of appropriate title in and to the Facilities, issuance and sale including fees for filing the Financing Statements;
(d) payment of, or reimbursement of the Bonds.
(c) Payment for Company for, labor, services, materials and material, supplies and/or equipment used or furnished in site improvement and in the construction and acquisition of the ProjectFacilities, all as provided in the plans and specifications therefor, payment of amounts due under contracts for the cost of the acquisition and installation of the Facilities, payment for the cost of acquisition, construction and installation of utility services or other facilities including trackage to connect the ProjectFacilities with public transportation facilities, and all as provided real and personal properties deemed necessary in connection with the plans, specifications Facilities and work orders therefor.payment for the miscellaneous expenses incidental to any of the foregoing;
(de) Payment payment of, or reimbursement of the Company for, the fees, if any, for architectural, engineering, legal, underwriting engineering and supervisory services with respect to the Project.Facilities;
(ef) To the extent not paid by a contractor for construction payment of, or installation with respect to any part reimbursement of the ProjectCompany and the Issuer for, payment as such payments become due, the fees and expenses of the premiums on all insurance required to be taken out Trustee, the Bond Registrar, the paying agent(s) and maintained the fees and expenses of their counsel properly incurred under the Indenture that may become due during the Construction Period.
(f) Payment ; and payment into the Bond Fund of sufficient moneys to pay interest on the taxes, assessments and other charges, if any, that may become payable Bonds accruing during the Construction Period with respect or to reimburse the ProjectBank for drawings under the Letter of Credit to pay interest on the Bonds accruing during the Construction Period, or reimbursement thereof if paid by as the Company.case may be;
(g) Payment payment of, or reimbursement of the Company and the Issuer for, any other legal and valid costs and expenses incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the Project.Facilities;
(h) Interest on the Bonds and payment of certain fees (as identified in the Tax Agreement) due and payable during the Construction Period.
(i) Payment of any other costs which constitute part of the Cost of the Project in accordance with generally accepted accounting principles and which are permitted by the Act and will not affect the exemption from federal income taxes of interest on any of the Bonds.
(j) For transfer to the Rebate Fund in order to comply with the provisions of the Tax Agreement. All all moneys remaining in the Construction Fund (including moneys earned on investments made pursuant to the provisions of Section 3.8) after the Completion Date and payment in full of the cost of the acquisition, construction and installation of the Facilities, and after payment or provision for payment of all other items provided for in the preceding subsections (a) to (j), inclusive, of this SectionSection then due and payable, shall at the direction of the Company be (i) subject to Section 5.6(f), used to acquire, construct and install additions, extensions and improvements to the Facilities in accordance with amended plans and specifications therefor duly filed with the Issuer, (ii) used by the Trustee to redeem Bonds, to the maximum extent practicable consistent with making partial redemptions in amounts of not less than $50,000 or integral multiples thereof, or, on or after the Conversion Date, $5,000 or integral multiples thereof, at the earliest date permitted by the Indenture or to purchase Bonds for the purpose of cancellation at any time prior to the earliest date permitted by the Indenture for the redemption of Bonds, (iii) paid into the Bond Fund to pay interest on the Bonds, or (iv) a combination of (i), (ii) and/or (iii) as is provided in such direction, provided that amounts approved by the Authorized Company Representative and the Authorized Issuer Representative shall be retained by the Trustee in the Construction Fund for payment of costs not then due and payable. Any balance remaining of such retained moneys after full payment of all such costs shall be used by the Trustee as directed by, the Company in the manner specified in clauses (i), (ii), (iii) or (iv) of this subsection. Amounts directed by the Company to be used by the Trustee in the manner specified in clause (ii) shall not, pending such use, be invested at a yield which exceeds the yield on the Bonds. Amounts in excess in the aggregate of 7.5% of the net proceeds of the sale of the Bonds shall not be directed by the Company to be used for the purposes described in clauses (i), (ii) (iii) or iv) without providing the Trustee with an opinion of Independent Tax Counsel stating that such use will not impair the exemption of the interest on the Bonds from Federal income taxation pursuant to Section 3.4 103(b) of the Code. The payments specified in subsections (a) through (g) of this Section shall be made by the Trustee only upon receipt of the following:
(1) a written requisition for such payment signed by the Authorized Company Representative and the Authorized Issuer Representative;
(2) a certificate by the persons signing such requisition certifying:
(i) that an obligation in the stated amount has been incurred (A) in connection with the issuance of the Bonds, or (B) and is required to reimburse the Bank for a drawing under the Letter of Credit, or (C) in connection with the acquisition, construction and installation of the Facilities;
(ii) that such obligation is a proper charge against the Construction Fund and has not been the basis of any previous withdrawal from the Construction Fund, and specifying the purpose and circumstances of such obligation in reasonable detail and the name and address of the person to whom such obligation is owed, accompanied by a bill xx statement of account for such obligation;
(iii) that (A) they have no notice of any vendors', materialmen's, mechanics', suppliers' or other similar liens or right to liens, chattel mortgages or conditional sales contracts, or other contracts or obligations which should be satisfied or discharged before payment of such obligation is made, or (B) such requisition is for the purpose of obtaining funds to be used to satisfy or discharge a lien or contract of the type described in (A) above;
(iv) that such requisition contains no request for payment on account of any portion of such obligation which the Company is, as of the date of such requisition, entitled to retain under any retained percentage agreements;
(v) that payment of such obligation when added to all other payments previously made from the Construction Fund will not result in less than substantially all of the net proceeds of the sale of the Bonds expended at such time being used to provide land or property of a character subject to the allowance for depreciation under Section 167 of the Code; and
(vi) that such requisition contains no request for payment on account of any obligation paid or incurred prior to October 4, 1983; and
(3) with respect to any such requisition for payment for labor, services, material, supplies and/or equipment, an additional certificate, signed by the Authorized Company Representative, certifying that insofar as such obligation was incurred for labor, services, material, supplies and/or equipment in connection with the acquisition, construction and installation of the Facilites, such labor and/or services were actually performed in a satisfactory manner and such material supplies and/or equipment were actually used in or about the construction or delivered at the site of the Facilities for that purpose and that the item of equipment with respect to which any payment is requested Constitutes a portion of the Facilities. Such requisition and certification shall be in substantially the form attached hereto as Exhibit B and by this reference thereto made a part hereof. In approving or certifying any requisition under this Section, the Issuer may rely as to the completeness and accuracy of all statements in such requisition upon the approval of or certification to such requisition by the Authorized Company Representative, and the Company hereby agrees to indemnity and save harmless the Issuer, its directors, officers, agents and employees from any liability incurred in connection with any requisition so approved or certified. In making any such payment from the Construction Fund the Trustee may rely on any such requisitions and any such certificates delivered to it pursuant to this Section and the Trustee shall be relieved of all liability with respect to making such payments in accordance with any such requisitions and such supporting certificate or certificates without inspection of the Facilities or any other investigation. Anything herein to the contrary notwithstanding, the Trustee hereby, agrees that it will not make any disbursement from the Construction Fund without the prior written approval of the Bank (subject to certain pre-approvals of disbursements by the Bank). The Issuer and the Company agree for the benefit of each other and for the benefit of the Trustee and the holders of the Bonds that the proceeds of the Bonds will not be used in any manner which would result in the loss of the exemption from Federal income taxation of the interest on the Bonds.
Appears in 1 contract
Disbursements from the Construction Fund. The Issuer hereby authorizes will in the Indenture authorize and directs direct the Trustee, upon compliance with Section 6.7 of the Indenture, Depository to disburse use the moneys in the Construction Fund to or on behalf of the Company for the following purposes (but, but subject to the provisions of Sections 3.4 and 3.5 hereofSection 3.8, for no other purpose):purposes:
(a) Payment payment of the initial or acceptance fee of the Trustee and the Depository and fees and expenses of their respective counsel, the fees for recording the deeds whereby the appropriate title in and to the Facilities has been acquired by the Company, payments for title examination and insurance, and any title curative documents that the Company may deem desirable to file for record in order to perfect or protect its title in and to the Facilities and the fees and expenses in connection with any actions or proceedings that the Company may deem desirable to bring in order to perfect its title in and to the Facilities;
(b) payment to the Company of such amounts, if any, as shall be necessary to reimburse the Company in full for all advances and payments made by it at any time prior to or after the delivery of the Bonds for expenditures in connection with the acquisition by the Company of appropriate title in and to the Facilities (including the cost of such acquisition and of any rights-of-way for the purpose of providing access to and from the Facilities), clearing the site, site improvement, the preparation of plans and specifications for the Plans and Specifications Facilities (including any preliminary study or planning of the Project Facilities or any aspect thereof) ), the acquisition, construction and installation of the Facilities and the acquisition, construction and acquisition installation necessary to provide utility services or other facilities including trackage to connect the Facilities with public transportation facilities, and all real or personal properties deemed necessary in connection with the Facilities, or any one or more of said expenditures (including architectural, engineering and supervisory services) with respect to any of the Project.foregoing;
(bc) Payment payment of, or reimbursement of the initial or acceptance fee of Company and the TrusteeIssuer for, legal, financial the legal and accounting fees and expenses, the Issuer's fees and expenses, Rating Agency financial consultants' fees, financing charges (including underwriting or placement fees) and printing and engraving costs incurred in connection with the authorization, sale and issuance and sale of the Bonds, the execution and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, and payment of all fees, costs and expenses for the preparation of this Agreement, the Tax Letter of Credit Agreement, the Indenture Letter of Credit, the Indenture, the Bond Purchase Agreement, the Financing Statements and all other documents in connection therewith and in connection with the authorizationacquisition of appropriate title in and to the Facilities, issuance and sale including fees for filing the Financing Statements;
(d) payment of, or reimbursement of the Bonds.
(c) Payment for Company for, labor, services, materials and material, supplies and/or equipment used or furnished in site improvement and in the construction and acquisition of the ProjectFacilities, all as provided in the plans and specifications therefor, payment of amounts due under contracts for the cost of the acquisition and installation of the Facilities, payment for the cost of acquisition, construction and installation of utility services or other facilities including trackage to connect the ProjectFacilities with public transportation facilities, and all as provided real and personal properties deemed necessary in connection with the plans, specifications Facilities and work orders therefor.payment for the miscellaneous expenses incidental to any of the foregoing;
(de) Payment payment of, or reimbursement of the Company for, the fees, if any, for architectural, engineering, legal, underwriting engineering and supervisory services with respect to the Project.Facilities;
(ef) To the extent not paid by a contractor for construction payment of, or installation with respect to any part reimbursement of the ProjectCompany and the Issuer for, payment as such payments become due, the fees and expenses of the premiums on all insurance required to be taken out Trustee, the Registrar, the Bond Registrar, the paying agent(s) and maintained the fees and expenses of their counsel properly incurred under the Indenture that may become due during the Construction Period.
(f) Payment ; and payment into the Bond Fund of sufficient moneys to pay interest on the taxes, assessments and other charges, if any, that may become payable Bonds accruing during the Construction Period with respect or to reimburse the ProjectBank for drawings under the Letter of Credit to pay interest on the Bonds accruing during the Construction Period, or reimbursement thereof if paid by as the Company.case may be;
(g) Payment payment of, or reimbursement of the Company and the issuer for, any other legal and valid costs and expenses incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the Project.Facilities;
(h) Interest on the Bonds and payment of certain fees (as identified in the Tax Agreement) due and payable during the Construction Period.
(i) Payment of any other costs which constitute part of the Cost of the Project in accordance with generally accepted accounting principles and which are permitted by the Act and will not affect the exemption from federal income taxes of interest on any of the Bonds.
(j) For transfer to the Rebate Fund in order to comply with the provisions of the Tax Agreement. All all moneys remaining in the Construction Fund (including moneys earned on investments made pursuant to the provisions of Section 3.8) after the Completion Date and payment in full of the cost of the acquisition, construction and installation of the Facilities, and after payment or provision for payment of all other items provided for in the preceding subsections (a) to (j), inclusive, of this SectionSection then due and payable, shall at the direction of the Company company be (i) subject to Section 5.6(f), and subject to the prior written approval of the Bank, which may be withheld in its sole and absolute discretion used to acquire, construct and install additions, extensions and improvements to the Facilities in accordance with amended plans and specifications therefor duly filed with the Issuer, (ii) transferred to the Trustee which shall redeem Bonds, to the maximum extent practicable consistent with making partial redemptions in amounts of not less than $50,000 or integral multiples thereof, or, on or after the Conversion Date, $5,000 or integral multiples thereof, at the earliest date permitted by the Indenture or to purchase Bonds for the purpose of cancellation at any time prior to the earliest date permitted by the Indenture for the redemption of Bonds, (iii) paid into the Bond Fund to pay interest on the Bonds, or (iv) a combination of (I), (ii) and/or (iii) as is provided in such direction, provided that amounts approved by the Authorized Company Representative and the Authorized Issuer Representative shall be retained by the Depository in the Construction Fund for payment of costs not then due and payable. Any balance remaining of such retained moneys after full payment of all such costs shall be used by the Trustee as directed by the Company in the manner specified in clauses (i), (ii), (iii) or (iv) of this subsection. Amounts directed by the Company to be used by the Trustee in the manner specified in clause (ii) shall not, pending such use, be invested at a yield which exceeds the yield on the Bonds. Amounts in excess in the aggregate of 5% of the net proceeds of the sale of the Bonds shall not be directed by the Company to be used for the purposes described in clauses (i), (ii), (iii) or (iv) without providing the Trustee with an opinion of Independent Tax Counsel stating that such use will not impair the exemption of the interest on the Bonds from Federal income taxation pursuant to Section 3.4 hereof.103(b) of the Code. The payments specified in subsections (a) through (g) of this Section shall be made by the Depository only upon receipt of the following:
(1) a written requisition for such payment signed by the Authorized Company Representative and the Authorized issuer Representative;
(2) a certificate by the persons signing such requisition certifying:
(i) that an obligation in the stated amount has been incurred (A) in connection with the issuance of the Bonds, or (B) and is required to reimburse the Bank for a drawing under the Letter of Credit, or (C) in connection with the acquisition, construction and installation of the Facilities;
(ii) that such obligation is a proper charge against the Construction Fund and has not been the basis of any previous withdrawal from the Construction Fund, and specifying the purpose and circumstances of such obligation in reasonable detail and the name and address of the person to whom such obligation is owed, accompanied by a bill xx statement of account for such obligation;
(iii) that (A) they have no notice of any vendors', materialmen's, mechanics', suppliers' or other similar liens or right to liens, chattel mortgages or conditional sales contracts, or other contracts or obligations which should be satisfied or discharged before payment of such obligation is made, or (B) such requisition is for the purpose of obtaining funds to be used to satisfy or discharge a lien or contract of the type described in (A) above;
(iv) that such requisition contains no request for payment on account of any portion of such obligation which the Company is, as of the date of such requisition, entitled to retain under any retained percentage agreements;
Appears in 1 contract
Disbursements from the Construction Fund. The Issuer hereby authorizes Company will authorize and directs direct the Trustee, upon compliance with Section 6.7 3.03 of the Indenture, to disburse the moneys in the Construction Fund to or on behalf of the Company only for the following purposes (butpurposes, subject to the provisions of Sections 3.4 and Section 3.5 hereof, for no other purpose)::
(a) Payment to the Company of such amounts, if any, as shall be necessary to reimburse the Company in full for all advances and payments made by it it, at any time prior to or after the delivery of the Bonds for expenditures 1985 Series B Bonds, in connection with (i) the preparation of plans and specifications for the Plans and Specifications Project (including any preliminary study or planning of the Project or any aspect thereof) and (ii) subject to any limitation imposed by subsection (h) hereof, the acquisition, construction and acquisition installation of the Project.
(b) Payment of the initial or acceptance fee of the Trustee, the Depository Agent, the Issuer and the Credit Bank, the fees of the Trustee and any Paying Agent incurred during the Construction Period; legal, underwriting, financial consulting, accounting and accounting rating agency fees and expenses, the Issuer's fees expenses and expenses, Rating Agency fees, printing and engraving costs incurred in connection with the authorization, sale and issuance and sale of the Bonds, ; the execution and filing of the Indenture and the preparation and recording or filing of all other documents in connection therewith, ; and payment of all fees, costs and expenses for incurred with respect to the preparation of this Agreement, the Tax AgreementIndenture, the Indenture Bonds, the Reimbursement Agreement and all other documents in connection with the authorization, issuance and sale of the Bondstherewith.
(c) Payment for labor, services, materials and supplies used by or furnished in to the construction Company to improve the site and acquisition of to acquire and construct the Project, and payment of amounts due under contracts for the acquisition, construction and installation of the Project, all as provided in the plans, specifications and work orders therefor; payment of the costs of acquiring, constructing, and installing utility services or other related facilities; payment of the costs of acquiring all real and personal property deemed necessary to construct the Project; and payment of the miscellaneous expenses incidental to any of the foregoing items.
(d) Payment of the fees, if any, for architecturalof architects, engineeringengineers, legal, underwriting legal counsel and supervisory services supervisors expended in connection with respect to the acquisition and construction of the Project.
(e) To the extent not paid by a contractor for construction or installation with respect to any part of the Project, payment of the premiums on all insurance required to be taken out and maintained during the Construction Period.
(f) Payment of the taxes, assessments and other charges, if any, that may become payable during the Construction Period with respect to the Project, or reimbursement thereof thereof, if paid by the Company.
(gf) Payment of expenses incurred in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under a contract relating to the acquisition, construction or installation of the Project.
(g) Interest required to be paid on the Bonds during the construction Period.
(h) Interest on the Bonds and payment of certain fees (as identified in the Tax Agreement) due and payable during the Construction Period.
(i) Payment of any other costs which constitute part cost of the Cost of Project, as described in the Project in accordance with generally accepted accounting principles and which are permitted by the Act and will not affect the exemption from federal income taxes of interest on any of the Bonds.
(j) For transfer to the Rebate Fund in order to comply with the provisions of the Tax AgreementEngineering Certificate. All moneys remaining in the Construction Fund after the Completion Date and after payment or provision for payment of all other items provided for in the preceding subsections (a) to (jh), inclusive, of this Section, shall at the direction of the Company be used in accordance with Section 3.4 hereof3.03 of the Indenture. Each of the payments referred to in this Section 3.3 shall be made upon receipt by the Trustee of a written requisition in the form prescribed by Section 3.03 of the Indenture, signed by the Authorized Company Representative.
Appears in 1 contract
