Common use of Financing and Funding Clause in Contracts

Financing and Funding. 5.1 Subject to IC 5-1.3, RDA is the exclusive fiscal officer for the Rail Projects. RDA shall coordinate with IFA on funding and financing from State and local jurisdictions. 5.2 IFA shall act as issuer for any bond financing pursuant to IC 5-1.3-6 and IC 5-13- 10.5-20. IFA shall be responsible to determine financings, including determining the timing and manner of issuance of the IFA Bonds, and disbursement of financing proceeds to RDA, NICTD or their assignees, as applicable, subject to market conditions. Except for the Draw Down Bonds, the IFA Bonds are not expected to be issued to provide financing for a Rail Project until an FFGA has been executed for that Rail Project. In connection with the issuance of the IFA Bonds, the RDA and NICTD shall cooperate in any manner with the issuance of the IFA Bonds, the compliance by the Parties with the provisions of the financing agreements entered into in connection with the IFA Bonds, including the Leases, and any continuing disclosure obligations and business interruption insurance required from the Parties in connection with the IFA Bonds. The IFA Bonds shall be payable from lease rentals payable under the IFA-RDA Master Leases to the extent that funds have been appropriated or are available to RDA in the manner provided in the IFA-RDA Master Leases and the applicable Financing Plan. 5.3 RDA and IFA have developed the Financing Plans, attached hereto as Exhibit 5A and 5B. Notwithstanding any other provisions herein, IFA’s and RDA’s obligations to provide funding and financing for the Rail Projects and for the repayment of IFA Bonds shall be limited to no more than the amounts set forth in the applicable Financing Plan and as set forth in the applicable Cost Budget as of the Effective Date, which may be amended only by written agreement of the Parties. The amount of proceeds derived from the IFA Bonds from the funding described in the applicable Financing Plan shall be determined at the time of issuance of the IFA Bonds, depending on, among other matters, market conditions. As stated in the applicable Financing Plan, except with respect to the Draw Down Bonds, the IFA does not anticipate issuing bonds until receipt of FFGA Approval. All funds provided by RDA and/or IFA to NICTD prior to FFGA Approval shall be limited to payment for Project Costs that are included in the applicable Cost Budget (as amended and updated by written agreement of the Parties), and that also are individually and specifically approved in advance and in writing (both as to the timing and amount of such costs being incurred) by IFA and RDA. For clarity, notwithstanding any other provisions or approvals herein, prior to FFGA Approval, neither IFA nor RDA shall be obligated to provide funding for contracts or other costs that have not been individually and specifically approved in advance by IFA and RDA in writing. 5.4 RDA shall make rental payments semiannually from the Member Dues and the Participant Unit Revenues, as described in the applicable Financing Plan, subject to the provisions of the IFA/RDA Master Leases and the Revenue Trust Fund Agreement. 5.5 In the event the County of Lake or Xxxxxx or the City of East Chicago, Gary or Hammond do not transfer or do not cause to be transferred to RDA on or before July 20 of each year all the Member Dues with respect to the preceding State fiscal year required pursuant to IC 36-7.5-4-2(a), RDA will send a notice to such County or City on or before the following July 31 indicating that any such shortfall shall be paid by the following August 25, and if such shortfall is not paid, RDA will notify the Treasurer of State on or before the following September 1 to intercept such shortfall pursuant to IC 36-7.5-4-16(b). 5.6 The Parties shall establish a Revenue Trust Fund in which the Deposit Trustee shall receive, hold and disburse Rail Project funds, including FTA grant funds, the NICTD Excess Cost Contribution, the NICTD West Lake Delay Cost Contribution, the NICTD Double Track Cost Contribution, the NICTD Double Track Delay Cost Contribution, all State funding, Member Dues, Participant Unit Revenues, the RDA Excess Cost Contribution, ARPA Funds, the State Appropriation Funds, bond proceeds and local contributions, in the manner described in the Financing Plans. Any and all Rail Projects grant funds received from FTA or any other source shall be transferred to the Deposit Trustee to be held in the Revenue Trust Fund for use in support of the Rail Projects, provided that FTA requirements are maintained for the use and disposition of FTA grant funds.

Financing and Funding. 5.1 Subject to IC Indiana Code 5-1.3, RDA is the exclusive fiscal officer for the Rail Projects. RDA shall coordinate with IFA on funding and financing from State and local jurisdictions. 5.2 IFA shall act as issuer for any bond financing pursuant to IC 5-1.3-6 and IC 5-13- 10.5-20. IFA shall be responsible to determine financings, including determining the timing and manner of issuance of the IFA Bonds, and disbursement of financing proceeds to RDA, NICTD or their assignees, as applicable, subject to market conditions. Except for the Draw Down Bonds, the IFA Bonds are not expected to be issued to provide financing for a Rail Project until an FFGA has been executed for that Rail Project. In connection with the issuance of the IFA Bonds, the RDA and NICTD shall cooperate in any manner with the issuance of the IFA Bonds, the compliance by the Parties with the provisions of the financing agreements entered into in connection with the IFA Bonds, including the Leases, and any continuing disclosure obligations and business interruption insurance required from the Parties in connection with the IFA Bonds. The IFA Bonds shall be payable from lease rentals payable under the IFA-Financing Leases entered into by IFA and RDA Master Leases to the extent that funds have been appropriated or are available to RDA in the manner provided in the IFA-RDA Master Financing Leases and the applicable Financing Plan. 5.3 RDA and IFA have developed the Financing Plans, attached hereto as Exhibit 5A and 5B. Notwithstanding any other provisions herein, IFA’s 's and RDA’s 's obligations to provide funding and financing for the Rail Projects and for the repayment of IFA Bonds shall be limited to no more than the amounts set forth in the applicable Financing Plan and as set forth in the applicable Cost Budget as of the Effective DateBudget, which may be amended only by written agreement of the Parties. The amount of proceeds derived from the IFA Bonds from the funding described in the applicable Financing Plan shall be determined at the time of issuance of the IFA Bonds, depending on, among other matters, market conditions. As stated in the applicable Financing Plan, except with respect to the Draw Down Bonds, the IFA does not anticipate issuing bonds until receipt of FFGA Approval. All funds provided by RDA and/or IFA to NICTD prior to FFGA Approval shall be limited to payment for Project Costs that are included in the applicable Cost Budget (as amended and updated by written agreement of the Parties), and that also are individually and specifically approved in advance and in writing (both as to the timing and amount of such costs being incurred) by IFA and RDA. For clarity, notwithstanding any other provisions or approvals herein, prior to FFGA Approval, neither IFA nor RDA shall be obligated to provide funding for contracts or other costs that have not been individually and specifically approved in advance by IFA and RDA in writing. 5.4 RDA and/or the IFA shall annually request the $12 Million State-appropriated funds for the Rail Projects from the State Budget Agency in accordance with the Financing Plans. RDA shall make additional rental payments semiannually annually from the Member Dues and the Participant Unit Revenues, as funds described in the applicable Financing Plan, subject to the provisions of the IFA/RDA Master Leases and the Revenue Trust Fund Agreement. 5.5 In the event the County of Lake or Xxxxxx or the City of East Chicago, Gary or Hammond do not transfer or do not cause to be transferred to RDA on or before July 20 of each year all the Member Dues with respect to the preceding State fiscal year required pursuant to IC 36-7.5-4-2(a), RDA will send a notice to such County or City on or before the following July 31 indicating that any such shortfall shall be paid by the following August 25, and if such shortfall is not paid, RDA will notify the Treasurer of State on or before the following September 1 to intercept such shortfall pursuant to IC 36-7.5-4-16(b). 5.6 The Parties shall establish a Revenue Trust Fund in which the Deposit Trustee shall receive, hold and disburse Rail Project funds, including FTA grant funds, the NICTD Excess Cost Contribution, the NICTD West Lake Delay Cost Contribution, the NICTD Double Track Cost Contribution, the NICTD Double Track Delay Cost Contribution, all State funding, Member Dues, Participant Unit Revenues, the RDA Excess Cost Contribution, ARPA Funds, the State Appropriation Funds, bond proceeds and local contributions, in the manner described in the Financing Plans. Any and all Rail Projects grant funds received from FTA or any other source shall be transferred to the Deposit Trustee to be held in the Revenue Trust Fund for use in support of the Rail Projects, provided that FTA requirements are maintained for the use and disposition of FTA grant funds. In addition, all State appropriations, RDA member dues and local contributions used as security for any IFA Bonds shall also be deposited into the Revenue Trust Fund and held by the Deposit Trustee.

Financing and Funding. 5.1 Subject to IC Indiana Code 5-1.3, RDA is the exclusive fiscal officer for the Rail Projects. RDA shall coordinate with IFA on funding and financing from State and local jurisdictions. 5.2 IFA shall act as issuer for any bond financing pursuant to IC 5-1.3-6 and IC 5-13- 10.5-206. IFA shall be responsible to determine financings, including determining the timing and manner of issuance of the IFA Bonds, and disbursement of financing proceeds to RDA, NICTD or their assignees, as applicable, subject to market conditions. Except for the Draw Down Bonds, the The IFA Bonds are not expected to be issued to provide financing for a Rail Project until an FFGA has been executed for that Rail Project. In connection with the issuance of the IFA Bonds, the RDA and NICTD shall cooperate in any manner with the issuance of the IFA Bonds, the compliance by the Parties with the provisions of the financing agreements entered into in connection with the IFA Bonds, including the Leases, and any continuing disclosure obligations and business interruption insurance required from the Parties in connection with the IFA Bonds. The IFA Bonds shall be payable from lease rentals payable under the IFA-Financing Leases entered into by IFA and RDA Master Leases to the extent that funds have been appropriated or are available to RDA in the manner provided in the IFA-RDA Master Leases and the applicable Financing PlanLeases. 5.3 RDA and IFA have developed the Financing Plans, attached hereto as Exhibit 5A and 5B. Notwithstanding any other provisions herein, IFA’s 's and RDA’s 's obligations to provide funding and financing for the Rail Projects and for the repayment of IFA Bonds shall be limited to no more than the amounts set forth in the applicable Financing Plan and as set forth in the applicable Cost Budget as of the Effective DateBudget, which may be amended only by written agreement of the Parties. The amount of proceeds derived from the IFA Bonds from the funding described in the applicable Financing Plan shall be determined at the time of issuance of the IFA Bonds, depending on, among other matters, market conditions. As stated in the applicable Financing Plan, except with respect to the Draw Down Bonds, the IFA does not anticipate issuing bonds until receipt of FFGA Approval. All funds provided by RDA and/or IFA to NICTD prior to FFGA Approval shall be limited to payment for Project Costs that are included in the applicable Cost Budget (as amended and updated by written agreement of the Parties), and that also are individually and specifically approved in advance and in writing (both as to the timing and amount of such costs being incurred) by IFA and RDA. For clarity, notwithstanding any other provisions or approvals herein, prior to FFGA Approval, neither IFA nor RDA shall be obligated to provide funding for contracts or other costs that have not been individually and specifically approved in advance by IFA and RDA in writing. 5.4 RDA and/or the IFA shall annually request the $12 Million State- appropriated funds for the Rail Projects from the State Budget Agency in accordance with the Financing Plans. RDA shall make additional rental payments semiannually annually from the Member Dues and the Participant Unit Revenues, as funds described in the applicable Financing Plan, subject to the provisions of the IFA/RDA Master Leases and the Revenue Trust Fund Agreement. 5.5 In the event the County of Lake or Xxxxxx or the City of East Chicago, Gary or Hammond do not transfer or do not cause to be transferred to RDA on or before July 20 of each year all the Member Dues with respect to the preceding State fiscal year required pursuant to IC 36-7.5-4-2(a), RDA will send a notice to such County or City on or before the following July 31 indicating that any such shortfall shall be paid by the following August 25, and if such shortfall is not paid, RDA will notify the Treasurer of State on or before the following September 1 to intercept such shortfall pursuant to IC 36-7.5-4-16(b). 5.6 The Parties shall establish a Revenue Trust Fund in which the Deposit Trustee shall receive, hold and disburse Rail Project funds, including FTA grant funds, the NICTD Excess Cost Contribution, the NICTD West Lake Delay Cost Contribution, the NICTD Double Track Cost Contribution, the NICTD Double Track Delay Cost Contribution, all State funding, Member Dues, Participant Unit Revenues, the RDA Excess Cost Contribution, ARPA Funds, the State Appropriation Funds, bond proceeds and local contributions, in the manner described in the Financing Plans. Any and all Rail Projects grant funds received from FTA or any other source shall be transferred to the Deposit Trustee to be held in the Revenue Trust Fund for use in support of the Rail Projects, provided that FTA requirements are maintained for the use and disposition of FTA grant funds. In addition, all State appropriations, RDA member dues and local contributions used as security for any IFA Bonds shall also be deposited into the Revenue Trust Fund and held by the Deposit Trustee.

Financing and Funding. 5.1 Subject to IC Indiana Code 5-1.3, RDA is the exclusive fiscal officer for the Rail Projects. RDA shall coordinate with IFA on funding and financing from State and local jurisdictions. 5.2 IFA shall act as issuer for any bond financing pursuant to IC 5-1.3-6 and IC 5-13- 10.5-20. IFA shall be responsible to determine financings, including determining the timing and manner of issuance of the IFA Bonds, and disbursement of financing proceeds to RDA, NICTD or their assignees, as applicable, subject to market conditions. Except for the Draw Down Bonds, the IFA Bonds are not expected to be issued to provide financing for a Rail Project until an FFGA has been executed for that Rail Project. In connection with the issuance of the IFA Bonds, the RDA and NICTD shall cooperate in any manner with the issuance of the IFA Bonds, the compliance by the Parties with the provisions of the financing agreements entered into in connection with the IFA Bonds, including the Leases, and any continuing disclosure obligations and business interruption insurance required from the Parties in connection with the IFA Bonds. The IFA Bonds shall be payable from lease rentals payable under the IFA-Financing Leases entered into by IFA and RDA Master Leases to the extent that funds have been appropriated or are available to RDA in the manner provided in the IFA-RDA Master Financing Leases and the applicable Financing Plan. 5.3 RDA and IFA have developed the Financing Plans, attached hereto as Exhibit 5A and 5B. Notwithstanding any other provisions herein, IFA’s 's and RDA’s 's obligations to provide funding and financing for the Rail Projects and for the repayment of IFA Bonds shall be limited to no more than the amounts set forth in the applicable Financing Plan and as set forth in the applicable Cost Budget as of the Effective DateBudget, which may be amended only by written agreement of the Parties. The amount of proceeds derived from the IFA Bonds from the funding described in the applicable Financing Plan shall be determined at the time of issuance of the IFA Bonds, depending on, among other matters, market conditions. As stated in the applicable Financing Plan, except with respect to the Draw Down Bonds, the IFA does not anticipate issuing bonds until receipt of FFGA Approval. All funds provided by RDA and/or IFA to NICTD prior to FFGA Approval shall be limited to payment for Project Costs that are included in the applicable Cost Budget (as amended and updated by written agreement of the Parties), and that also are individually and specifically approved in advance and in writing (both as to the timing and amount of such costs being incurred) by IFA and RDA. For clarity, notwithstanding any other provisions or approvals herein, prior to FFGA Approval, neither IFA nor RDA shall be obligated to provide funding for contracts or other costs that have not been individually and specifically approved in advance by IFA and RDA in writing. 5.4 RDA and/or the IFA shall annually request the $12 Million State-appropriated funds for the Rail Projects from the State Budget Agency in accordance with the Financing Plans. RDA shall make additional rental payments semiannually annually from the Member Dues and the Participant Unit Revenues, as funds described in the applicable Financing Plan, subject to the provisions of the IFA/RDA Master Leases and the Revenue Trust Fund Agreement. 5.5 In the event the County of Lake or Xxxxxx or the City of East Chicago, Gary or Hammond do not transfer or do not cause to be transferred to RDA on or before July 20 of each year all the Member Dues with respect to the preceding State fiscal year required pursuant to IC 36-7.5-4-2(a), RDA will send a notice to such County or City on or before the following July 31 indicating that any such shortfall shall be paid by the following August 25, and if such shortfall is not paid, RDA will notify the Treasurer of State on or before the following September 1 to intercept such shortfall pursuant to IC 36-7.5-4-16(b). 5.6 The Parties shall establish a Revenue Trust Fund in which the Deposit Trustee shall receive, hold and disburse Rail Project funds, including FTA grant funds, the NICTD Excess Cost Contribution, the NICTD West Lake Delay Cost Contribution, the NICTD Double Track Cost Contribution, the NICTD Double Track Delay Cost Additional Contribution, all State funding, Member DuesRDA member dues, Participant Unit Revenues, the RDA Excess Cost Additional Contribution, ARPA Funds, the State Appropriation Funds, bond proceeds and local contributions, in the manner described in the Financing Plans. Any and all Rail Projects grant funds received from FTA or any other source shall be transferred to the Deposit Trustee to be held in the Revenue Trust Fund for use in support of the Rail Projects, provided that FTA requirements are maintained for the use and disposition of FTA grant funds.