Surplus in the Construction Fund. Upon receipt of the certificate describe in Section 3.9 hereof, the Trustee shall transfer any remaining moneys then in the Construction Fund (other than amounts to be retained pursuant to Section 3.9(ii)) to the Bond Funds pursuant to the Project Indentures as provided in Section 10.4 of this Agreement to be applied by the Authority solely to (a) the payment of principal and premium, if any, of the Project Bonds through the payment or redemption thereof at the earliest date permissible under the terms of the Project Indentures, or (b) at the option of the Authority, to the purchase of Project Bonds at such earlier date or dates as the Authority may elect. Project Bonds shall be redeemed or purchased on a pro rata basis between the State Bonds and City Bonds.
Appears in 4 contracts
Samples: Construction and Lease Agreement, Financing, Construction and Lease Agreement, Construction and Lease Agreement
