Project Capital Costs. Proceeds of the sale of the Bonds and Notes issued for capital purposes shall be promptly deposited in the Project Fund established under the Agreement to the extent set forth by Series Resolution, and applied to finance, by payment or reimbursement, Project Capital Costs pursuant to the Act. The Authority shall transfer its earnings on the Project Fund to the Collection Account as Building Aid or Tax Revenues, or otherwise apply such earnings in accordance with the Tax Code pursuant to Officer’s Certificate.
Project Capital Costs. Proceeds of the sale of the Bonds and Notes issued for capital purposes shall be promptly deposited in the Project Fund established under the Agreement to the extent set forth by Series Resolution, and applied to finance, by payment or reimbursement, Project Capital Costs pursuant to the Act. The Authority shall transfer (i) its earnings on the Project Fund and (ii) after payment of all Costs of Issuance of a Series of Bonds, any excess amounts in the Costs of Issuance account of the Project Fund, to the Collection Account as Building Aid or Tax Revenues, or otherwise apply such earnings or excess amounts in accordance with the Tax Code pursuant to Officer’s Certificate.
Project Capital Costs. Any Cooperating Respondent may authorize the Escrow Agent to request that the Trustee disburse funds directly from that Cooperating Respondent’s sub-account of the Trust Fund to the Escrow Agent to satisfy such Cooperating Respondent’s obligations for Quarterly Capital Funding under Section 4.5.3 as long as such drawdown will not reduce the total amount of Financial Assurances below the level required by Section 4.7.3. A Cooperating Respondent may make such authorization either (i) with respect to specific quarterly disbursements to the Escrow Agent, or (ii) by giving the Escrow Agent a single writing that authorizes the Escrow Agent to request funds directly from the Cooperating Respondent’s Trust Fund sub-account to the Escrow Agent for purposes of satisfying the Cooperating Respondents’ share of the Quarterly Capital Funding on a continuous basis throughout the period of Project Capital Cost expenditures. In either case, such disbursements shall be made by the Trustee within ten (10) days after the receipt by the Trustee of the request from the Escrow Agent unless the drawdown would reduce the Financial Assurances below the level required by Section 4.7.3.
Project Capital Costs. City West will be responsible for identifying and obtaining grant funding to fund the Project. If City West is unable to secure funding to pay the total of the Project costs, Strathcona will make a capital contribution of no more than 1 Substantial Completion means the date which the construction of the last mile network infrastructure is completed and implemented and service is available to the Project Customers. 10% of the overall Project costs, to a maximum of $540,255, and City West will be responsible for the remaining shortfall.
Project Capital Costs. In general, the capital cost for the Project shall be allocated amongst the Participants according to their respective subscribed capacities and use, and in conformance with the Contract, as amended. Funding for the Project is expected to be provided in part by the Participants and in part by the issuance of District bonds. Upon request by Xxxxxxx, the District shall make available all bids, contracts, receipts, invoices, and such other records Prosper may deem necessary to verify the Project costs. Plans, specifications, and contract documents for the Project shall clearly identify and itemize all facilities to be constructed to allow the associated costs, expenses, and fees to be reasonably estimated and determined. The District shall comply with any and all laws for the design, construction, and procurement of services for the Project.
X. Xxxxxxx has elected to provide up-front funds, including $6,102,367.26 of federal American Rescue Plan Act funding, for its share of the Project; and, shall deliver said funds in accordance with the mutually agreed schedule established in Exhibit B attached hereto. If Prosper does not deposit the required funds in accordance with the attached schedule, the District may proceed with issuing its Bonds to cover the Town’s share of Project costs. Should the District be required to issue its Bonds, Xxxxxxx agrees to pay as part of its Annual Requirement a pro rata share of the annual debt service payments and other costs (both fixed and variable costs) associated with the Project. The District will use its best efforts to issue its Bonds and to arrange for other financing as necessary to provide for the capital costs to design, construct and manage the Project. In the unlikely event that the District is unable to issue its Bonds or to arrange alternative financing in sufficient amount to finance the entire cost of the Project, it is mutually agreed that Prosper will deposit the remaining funds (if any) required by Xxxxxxx’s share of the proposed Project.
B. Upon completion of construction and when the Project is in operation, the District will prepare and provide Prosper with an accounting of all applicable Project costs and will conduct a settle-up for said costs. Any excess funds deposited will be reimbursed on a pro rata basis to those Participants who deposited said funds with the District. If there is a shortfall, Xxxxxxx agrees to promptly pay its pro rata share or to be otherwise responsible for said costs upon notic...
Project Capital Costs. The meaning of the term “Project Capital Costs” as defined in the Wave Project Agreement, including as may be amended from time to time.
