Agenda - 06-24-1986 - Laserfiche WebLink

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ARTICLE IV ISSUANCE OF THE BOND; COMPLETION DATE Section 4.1. Agreement to Issue the Bond. (a) To provide funds for payment of the Cost of Acquisition of the Project, the Authority agrees that it will sell, issue and deliver the Bond in the principal amount of $1,500,000 to the Purchaser thereof and will cause the Bond proceeds to be applied as provided in Section 9 of the Bond Purchase Agreement. (b) In connection with the issuance of the Bond, in accordance with Section 103(b) ( 6) (D) of the Code and Section 1.103-10(b) (2) (vi ) of the Tax Regulations, the Authority, pursuant to the authority contained in a resolution adopted by its Board of Commissioners, hereby elects to have the provisions of Section 103(b) (6) (D) of the Code apply to the Bond. Section 4.2. Disbursements from the Project Fund. All payments from the Project Fund to pay the Cost of Acquisition of the Project, or to reimburse the Company for any Cost of Acqui- sition of the Project paid or incurred by the Company before or after the execution and delivery of this Agreement and the issuance and delivery of the Bond and after December 6, 1985 with respect to at least $1, 250,000 of Costs and after February 25 , 1986 with respect to at least $250,000 of Costs, shall be made by the Depositary pursuant to the Bond Purchase Agreement upon receipt of a requisition complying with the provisions of Section 9 of the Bond Purchase Agreement. Section 4. 3 . Closeout of the Project Fund. The Completion Date shall be the date on which there is delivered to the Depositary and the Holder a certificate by a Company Representa- tive stating that, except for amounts retained by the Depositary at the Company's direction for any Cost of Acquisition of the Project not then due and payable, the Acquisition of the Project has been completed substantially in accordance with the Plans and Specifications and all costs and expenses incurred in connection therewith have been paid. Notwithstanding the foregoing, such certificate shall state that it is given without prejudice to any rights against third parties that exist at the date of such certificate or that may subsequently come into being. Section 4.4. Disposition of Balance in the Project Fund. Pursuant to Section 11 of the Bond Purchase Agreement, as soon as practicable after, and in any event within 60 days from, the Depositary' s receipt of the certificate mentioned in Section 4 .3, all amounts remaining in the Project Fund, including any 14.