Common use of Option A - Repairs and Improvements Clause in Contracts

Option A - Repairs and Improvements. The Borrower may elect to use the Net Proceeds of the award made in connection with such condemnation or taking for additions, repairs and improvements to the Project. In such event, so long as no Event of Default exists, the Borrower shall have the right to receive such Net Proceeds from the Trustee from time to time upon receipt by the Trustee of: (a) A Certificate of the Borrower Representative specifying the expenditures made or to be made or the indebtedness incurred in connection with such repairs and improvements and stating that such Net Proceeds, together with any of the money legally available for such purposes, will be sufficient to complete such repairs and improvements; and (b) If such Net Proceeds equal or exceed $500,000 in amount, the written approval of such Certificate by an Independent Engineer. The Borrower agrees to apply any such Net Proceeds so received solely to the purposes specified in such Certificate. Net Proceeds not required for the repairs and improvements or prepayment of the Senior Notes shall be applied to the prepayment of the Subordinate Bonds or in such other manner as the Trustee, based upon an opinion of Bond Counsel, determines will not cause interest on the Subordinate Bonds to be included in gross income for purposes of federal income taxation.

Option A - Repairs and Improvements. The Borrower may elect to use the Net Proceeds of the award made in connection with such condemnation or taking for additions, repairs and improvements to the Project. In such event, so long as no Event of Default exists, the Borrower shall have the right to receive such Net Proceeds from the Trustee from time to time upon receipt by the Trustee of: (a) A Certificate of the Borrower Representative specifying the expenditures made or to be made or the indebtedness incurred in connection with such repairs and improvements and stating that such Net Proceeds, together with any of the money legally available for such purposes, will be sufficient to complete such repairs and improvements; and (b) If such Net Proceeds equal or exceed $500,000 in amount, the written approval of such Certificate by an Independent Engineer. The Borrower agrees to apply any such Net Proceeds so received solely to the purposes specified in such Certificate. Net Proceeds not required for the repairs and improvements or prepayment of the Senior Notes Loan shall be applied to the prepayment of the Subordinate Bonds or in such other manner as the Trustee, based upon an opinion of Bond Counsel, determines will not cause interest on the Subordinate Bonds to be included in gross income for purposes of federal income taxation.

Option A - Repairs and Improvements. The Borrower may elect to use the Net Proceeds of the award made in connection with such condemnation or taking for additions, repairs and improvements to the ProjectProject Facilities. In such event, so long as no Event of Default exists, the Borrower shall have the right to receive such Net Proceeds from the Trustee Issuer from time to time upon receipt by the Trustee Issuer of: (ai) A Certificate of the an Authorized Borrower Representative specifying the expenditures made or to be made or the indebtedness incurred in connection with such repairs and improvements and stating that such Net Proceeds, together with any of the money moneys legally available for such purposes, will be sufficient to complete such repairs and improvements; and (bii) If such Net Proceeds equal or exceed $500,000 1,000,000 in amount, the written approval of such Certificate by an Independent a Consulting Engineer. The Borrower agrees to apply any such Net Proceeds so received solely to the purposes specified in such Certificate. Net Proceeds not required for the repairs and improvements or prepayment of the Senior Notes shall may be applied to the prepayment of the Subordinate Bonds or in such other manner as the Trustee, based upon an opinion Project Facilities may be applied to the prepayment of Bond Counsel, determines will not cause interest on the Subordinate Bonds to be included in gross income or used for purposes of federal income taxationsuch other purpose as the Borrower determines.

Option A - Repairs and Improvements. The Borrower may elect to use the Net Proceeds of the award made in connection with such condemnation or taking for additions, repairs and improvements to the ProjectProject Facilities. In such event, so long as no Event of Default exists, the Borrower shall have the right to receive such Net Proceeds from the Trustee from time to time upon receipt by the Trustee of: (a1) A Certificate of the an Authorized Borrower Representative specifying the expenditures made or to be made or the indebtedness incurred in connection with such repairs and improvements and stating that such Net Proceeds, together with any of the money moneys legally available for such purposes, will be sufficient to complete such repairs and improvements; and (b2) If such Net Proceeds equal or exceed $500,000 1,000,000 in amount, the written approval of such Certificate by an Independent Engineer. The Borrower agrees to apply any such Net Proceeds so received solely to the purposes specified in such Certificate. Net Proceeds not required for the repairs and improvements or prepayment of the Senior Notes shall be applied to the prepayment of the Subordinate Bonds or in such other manner as the TrusteeBorrower directs, based upon an opinion of Bond Counsel, determines Counsel to the effect that such application of proceeds will not cause adversely affect the tax-exempt status of interest on the Subordinate Bonds to be included in gross income for purposes of federal income taxationBonds.