Common use of Project Fund Clause in Contracts

Project Fund. The Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Project Fund (the initial payment into which is provided for in Section 3.01). The moneys in the Project Fund shall be disbursed by the Trustee upon the Written Request of the County in substantially the form of Exhibit B hereto filed with the Trustee, for the payment of Project Costs relating to the Project. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County showing with respect to each payment to be made: (i) the item number of the payment; (ii) the name of the person to whom payment is due; (iii) the amount to be paid; and (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state: (a) that obligations in the stated amounts have been incurred by the County, and that each item thereof is a proper charge against the Project Fund and has not been the subject of a prior requisition; and (b) that there has not been filed with or served upon the County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written Request, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited therein. Upon the completion of the Project, any amounts remaining in the 2017 Series A Project Account shall be expended on Capital Projects as specified by the County, subject to the receipt by the Authority of an Opinion of Counsel that such expenditures will not cause the interest on the Bonds to be included in gross income for purposes of federal income taxation.

Project Fund. The Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Project Fund (the initial payment into which is provided for in Section 3.01). The moneys in the Project Fund shall be disbursed by the Trustee upon the Written Request of the County in substantially the form of Exhibit B hereto filed with the Trustee, for the payment of Project Costs relating to the 2017-B Project. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County showing with respect to each payment to be made: (i) the item number of the payment; (ii) the name of the person to whom payment is due; (iii) the amount to be paid; and (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state: (a) that obligations in the stated amounts have been incurred by the County, and that each item thereof is a proper charge against the Project Fund and has not been the subject of a prior requisition; and (b) that there has not been filed with or served upon the County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written Request, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited therein. Upon the completion of the 2017-B Project, any amounts remaining in the 2017 Series A B Project Account shall be expended on Capital Projects as specified by the County, subject to the receipt by the Authority of an Opinion of Counsel that such expenditures will not cause the interest on the Bonds to be included in gross income for purposes of federal income taxation, or shall be transferred to the Revenue Fund to pay interest and principal on the Bonds next coming due until fully used for such purpose .

Project Fund. The Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Project Fund (the initial payment into which is provided for in Section 3.01). The moneys in the Series 2014 Project Fund Account shall be disbursed by the Trustee upon the Written Request of the County in substantially the form of Exhibit B hereto filed with the Trustee, for the payment of Project Costs relating to the Project. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County Authority showing with respect to each payment to be made: (i) the item number of the payment; (ii) the name and address of the person to whom payment is due; (iii) the amount to be paid; and (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state:shall (a) that obligations in the stated amounts have been incurred by the CountyAuthority, and that each item thereof is a proper charge against the 2014 Series [A/B] Project Fund Account and has not been the subject of a prior requisition; and (b) that there has not been filed with or served upon the Authority or County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written RequestRequest and accompanying Certificate, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited therein. Upon the completion of the 2014 Project, any amounts remaining in the 2017 2014 Series A B Project Account shall be expended on Capital Projects as specified by [deposited in the County, subject to the receipt by the Authority of an Opinion of Counsel that such expenditures will not cause the interest on the Bonds to be included in gross income for purposes of federal income taxationTurbo Redemption Fund].

Project Fund. The Trustee hereby agrees to establish and maintain so long as any Series 2021 A Bonds are Outstanding the Project Fund (the initial payment into which is provided for in Section 3.01). The moneys in the Project Fund shall be disbursed by the Trustee upon the Written Request of the County in substantially the form of Exhibit B C hereto filed with the Trustee, for the payment of Project Costs relating to the Project. Before any payment is made from the Project Fund, there shall be filed with the Trustee a Written Request of the County showing with respect to each payment to be made: (i) the item number of the payment; (ii) the name of the person to whom payment is due; (iii) the amount to be paid; and (iv) the purpose for which the obligation to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee and shall state: (a) that obligations in the stated amounts have been incurred by the County, and that each item thereof is a proper charge against the Project Fund and has not been the subject of a prior requisition; and (b) that there has not been filed with or served upon the County notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to any of the persons named in such Written Request, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written Request, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited therein. Upon the completion of the Project, any amounts remaining in the 2017 2021 Series A Project Account shall be expended on Capital Projects as specified by the County, subject to the receipt by the Authority of an Opinion of Counsel that such expenditures will not cause the interest on the Bonds to be included in gross income for purposes of federal income taxationtaxation or shall be transferred to the Revenue Fund to pay interest and principal on the Bonds next coming due until fully used for such purpose.

Project Fund. The Trustee hereby County covenants and agrees to establish and maintain so long a separate fund, to be known as any Bonds are Outstanding the "Alachua County Capital Improvement Revenue Bond Project Fund (the initial payment into Fund," which is provided for in Section 3.01). The moneys in the Project Fund shall be disbursed by the Trustee upon the Written Request used only for payment of the County in substantially the form Costs of Exhibit B hereto filed with the Trustee, for the payment of Project Costs relating to the Project. Before any payment is made from Moneys in the Project Fund, there until applied in payment of any item of the Cost of the Project in the manner hereinafter provided, shall be filed held in trust by the County and shall be subject to a lien and charge in favor of the Lender and for the further security of the Lender. The County shall establish a "2020A Project Account" and "2020B Project Account" within the Project Fund. The County covenants that the acquisition, construction and installation of the Project will be completed without delay and in accordance with sound engineering practices. The County shall make disbursements or payments from the 2020A Project Account of the Project Fund to pay the Costs of the 2020A Project upon the filing with the Trustee a Written Request Clerk of documents and/or certificates signed by the County showing Administrator or his or her designee, stating with respect to each disbursement or payment to be made: : (i1) the item number of the payment; , (ii2) the name and address of the person Person to whom payment is due; , (iii3) the amount to be paid; and , (iv4) the purpose purpose, by general classification, for which the obligation payment is to be paid was incurred. Each such Written Request shall be sufficient evidence to the Trustee made, and shall state: (a5) that obligations (A) each obligation, item of cost or expense mentioned therein has been properly incurred, is in payment of a part of the stated amounts have been incurred by Costs of the County, 2020A Project and that each item thereof is a proper charge against the Project Fund and has not been the subject basis of a prior requisition; and any previous disbursement or payment, or (bB) that there each obligation, item of cost or expense mentioned therein has been paid by the County, has not been filed with or served upon theretofore reimbursed to the County notice or otherwise been the basis of any lienprevious disbursement or payment and the County is entitled to reimbursement thereof. The Clerk shall retain all such documents and/or certificates submitted pursuant hereto for seven (7) years from the dates of such documents and/or certificates. The Clerk shall make available the documents and/or certificates at all reasonable times for inspection by the Lender or the agent or representative of the Lender. Proceeds of the 2020B Bond may be drawn from time to time, right but not more often than once per month, by submittal to lien or attachment uponthe Lender of a Draw Request in the form attached as Exhibit C hereto. In the event the full amount shall not be drawn by August 27, or claim affecting 2021, the right remaining amount shall be drawn on such date and deposited into the 2020B Project Account, to receive payment of, be requisitioned thereafter by the Tax Collector pursuant to the terms of the Interlocal Agreement. Notwithstanding any of the other provisions of this Section 10(C), to the extent that other moneys payable to any of the persons named in such Written Requestare not available therefor, which has not been released or will not be released simultaneously with the payment of such obligation, other than materialmen’s or mechanics’ liens accruing by mere operation of law. Upon receipt of each such Written Request, the Trustee will pay the amount set forth in such Written Request as directed by the terms thereof. The Trustee need not make any such payment if it has received notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the moneys to be so paid, which has not been released or will not be released simultaneously with such payment. All interest earnings on amounts on deposit in the Project Fund shall be deposited thereinapplied to the payment of principal and interest on the Bonds when due. Upon The date of completion of the Project shall be determined by the County Administrator, who shall certify such fact in writing to the Board. Promptly after the date of the completion of the Project, and after paying or making provisions for the payment of all unpaid items of the Cost of such Project, the County shall deposit any amounts balance of moneys remaining in the 2017 Series A Project Account Fund in such other fund or account as shall be expended on Capital Projects as specified determined by the CountyBoard, subject to the receipt by the Authority of an Opinion opinion of Counsel bond counsel that such expenditures will not cause the interest on same doesn't adversely impact the Bonds to be included in gross income for purposes tax status of federal income taxationthe Bonds.