Disposition of Balance in Project Fund Sample Clauses

Disposition of Balance in Project Fund. 26 Section 6.4 Net Proceeds Account 27 ARTICLE VII FUNDS AND ACCOUNTS 28 Section 7.1 Establishment of Funds 28 Section 7.2 Revenue Fund 28 Section 7.3 Bond Fund 30 Section 7.4 Administrative Expense Fund 31 Section 7.5 Debt Service Reserve Fund 31 Section 7.6 Rebate Fund 32 Section 7.7 Disposition of Balances in Funds 32 ARTICLE VIII INVESTMENT OF FUNDS 32 Section 8.1 Investment of Funds 32 Section 8.2 Valuation of Investments 33 Section 8.3 Security for Deposits 33 Section 8.4 Investments through Trustee’s Bond Department 33 ARTICLE IX GENERAL COVENANTS OF THE AUTHORITY 34

Disposition of Balance in Project Fund. Upon the completion of the Facilities and upon the Trustee’s receipt of a certificate, signed by an Authorized Authority Representative, stating the date of completion and which items of the Cost of the Facilities, if any, have not been paid and for the payment of which money should be reserved in the Project Fund, the balance of any money remaining in the Project Fund in excess of the amount to be reserved for payment of unpaid items of the Cost of the Facilities shall, at the written direction of the Authority, be deposited in the Redemption Account of the Bond Fund to be used to redeem Series 2022 Bonds in accordance with Section 4.3(b). Any excess money shall either be used before the expiration of the applicable temporary period under Section 148 of the Code during which it may be invested at an unrestricted yield or will be invested in order to comply with any limitations imposed by the Code, all as directed in writing by the Authority. The Authority may direct the Trustee in writing to invest gross proceeds at an unrestricted yield after the expiration of the applicable temporary period in an amount permitted by the minor portion provisions set forth in Treas. Regs Section 1.148-2(g) of the Code provided that the Authority delivers to the Trustee an opinion of Bond Counsel that such action will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Tax-Exempt Bonds. The Trustee shall have no duty to determine whether such opinion of Bond Counsel is required for any investment direction.

Disposition of Balance in Project Fund. When the Project shall have been completed and the Trustee shall have received a certificate of the Company Representative, approved in writing by the Credit Facility Issuer, stating the Completion Date and what items of the Costs of the Project, if any, have not been paid, and for the payment of which money should be reserved, any funds remaining after the Trustee has reserved funds for unpaid items shall be deposited in the Bond Fund and applied by the Trustee at the written direction of the Company as soon thereafter as practicable, (a) to the purchase of Bonds, to the extent such funds constitute Available Moneys, at such price and upon such terms and conditions as the Company may direct or to the reimbursement of the Credit Facility Issuer for draws under the Credit Facility to purchase Bonds, or (b) to the redemption of the Bonds, to the extent such funds constitute Available Moneys, on the first redemption date occurring after the Completion Date at the applicable optional or mandatory redemption price or to reimburse the Credit Facility Issuer for draws under the Credit Facility to redeem bonds, or (c) provided that the Trustee shall have received an opinion of Bond Counsel that such deposit shall not cause interest on the Bonds to be includable in gross income for Federal income tax purposes under Section 103 of the Code, such amounts may be transferred to the Bond Fund and, to the extent such funds constitute Available Moneys, used for payment of maturing principal of or interest on any of the Bonds or to reimburse the Credit Facility Issuer for draws under the Credit Facility for such payment.

Disposition of Balance in Project Fund. When the Project shall have been completed and the Trustee shall have received a certificate of the Company Representative stating the Completion Date and what items of the Cost of the Project, if any, have not been paid, and for the payment of which money should be reserved, any funds remaining after the Trustee has reserved funds for unpaid items shall be deposited in the Bond Fund and applied by the Trustee at the written direction of the Company as soon thereafter as practicable, (a) to the purchase of Bonds at such price and upon such terms and conditions as the Company may direct or to the reimbursement of the Credit Facility Issuer for draws under the Credit Facility to purchase Bonds, or (b) to the redemption of the Bonds, on the first redemption date occurring after the Completion Date at the applicable optional or mandatory redemption price or to reimburse the Credit Facility Issuer for draws under the Credit Facility to redeem bonds, such amounts may be transferred to the Bond Fund for payment of maturing principal of or interest on any of the Bonds or to reimburse the Credit Facility Issuer for draws under the Credit Facility for such payment.