Transfers of Unexpended Proceeds. The Trust Administrator is hereby directed that all unexpended moneys remaining in the Construction Fund and not identified in writing by a District Representative and by the Owner to be required for payment of Construction Costs or other capital improvements (the “Unexpended Proceeds”) shall, on the date of completion of the Project or as soon thereafter as the Trust Administrator is so notified, be transferred to the Installment Payment Fund and applied to the prepayment of the Certificates.
Transfers of Unexpended Proceeds. Subject to the provisions of any Supplemental Trust Agreement, upon the filing of the Certificate of Completion pursuant to Section 3.4 of the Master Agreement, the Trustee shall withdraw all remaining moneys in the applicable account or subaccount of the Project Fund (other than any moneys retained therein to pay School Project Costs and Costs of Issuance not then due and payable) and deposit such moneys in the Installment Payment Fund to be applied to the payment of principal and interest with respect to the Series of Notes from which excess moneys are derived as prescribed by Section 5.04; provided, however, that if the Trustee receives a certificate of a County Representative directing that the proceeds of such Notes be applied to pay the cost of other components of the School Project or any Completion Project, accompanied by an opinion of Bond Counsel to the effect that such application will not violate the laws of the State, including the Act, and will not cause the interest component of the Installment Payments to be includable in the gross income of the owners thereof for purposes of federal income taxation (to the extent so intended), then the Trustee shall apply the remaining moneys in the such account or subaccount of the School Project Fund to the purposes so directed. In the event that following completion of the School Project or any Completion Project (or any component thereof), the Trustee shall not have received a Certificate of Completion, the Trustee may request the same in writing from the County and, if such Certificate is not delivered to the Trustee within forty-five (45) days, and if during such forty-five (45) day period the Trustee receives no notice from the County to the effect that the School Project or Completion Project (or such component thereof) is not complete, then the Trustee may treat the 45th day following the Trustee’s transmittal of the request for a Certificate of Completion as the day such certificate is received by the Trustee.
Transfers of Unexpended Proceeds. The Trustee is hereby directed that all unexpended moneys remaining in the Project Fund and not identified in writing by a District Representative to be required for payment of Project Costs or other capital improvements to the Water System shall, on the date of notification by the District to the Trustee of completion of the Project, be transferred to the Installment Payment Fund and applied to pay the Installment Payments as the same become due and payable.
Transfers of Unexpended Proceeds. Upon receipt of the Completion Certificate, the Trustee will withdraw all remaining moneys in the Project Fund (other than any moneys to be retained therein pursuant to the Completion Certificate) and deposit such moneys in the Payment Fund to be applied to the payment of principal and interest with respect to the 2005 Certificates as directed by a Town Representative.
Transfers of Unexpended Proceeds. Upon the filing with the Trustee of the Certificate of Completion pursuant to Section 3.4 of the Lease, the Trustee shall withdraw all remaining moneys in the Project Fund (other than any moneys retained therein to pay Project Costs not then due and payable and certified by the District Representative) and shall either transfer such moneys to the Lease Payment Fund to be applied to the payment of principal and interest evidenced by the Certificates as prescribed in Section 5.04 hereof, or at the written election of the District, shall transfer such moneys to the Prepayment Fund to be applied to the prepayment of Certificates as described in Section 4.03 hereof or to the District for the purpose of capital expenditures of the District and, following final disbursement of any moneys retained in the Project Fund to pay Project Costs, shall close the Project Fund.
Transfers of Unexpended Proceeds. Upon the filing with the Trustee of the Certificate of Completion with respect to a series of Certificates pursuant to Section 3.5 of the Lease, the Trustee shall withdraw all remaining moneys in the Account of the Project Fund related to such series (other than any moneys retained therein to pay Project Costs not then due and payable and certified by the City Representative) and shall transfer such moneys to the Lease Payment Fund to be applied to the payment of principal and interest with respect to the Certificates of such series as prescribed in Section 5.04 hereof or, at the written election of the City Representative delivered to the Trustee, together with an opinion of Special Counsel that such transfer will not cause interest due with respect to the Certificates to be included in gross income for federal income tax purposes, shall transfer such moneys to the City for the purpose of capital expenditures of the City, and following such transfer, such Account of the Project Fund shall be closed.
Transfers of Unexpended Proceeds. Upon the later of (a) the filing with the Trustee of the final Certificates of Acceptance as indicated on the Certificates pursuant to Section 3.4 of the Lease, or (b) the acquisition of the Property through a Certificate of Acceptance, the Trustee will withdraw all remaining moneys in the Acquisition Fund (other than any moneys, if any, retained therein at the direction of the Lessee Representative to pay Acquisition Costs not then due and payable) and deposit such moneys in the Rent Payment Fund to be applied, at the written direction of the Lessee Representative with the written consent of the Lessor’s Representative, which direction shall be filed with the Trustee, to pay any portion of any Rent Payments relating to Property acquired with the proceeds of the Certificates thereafter coming due.
