Agenda - 11-16-1993 - VIII-A (2)

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y-o ARTICLE IV CONSTRUCTION FUND Section 4.01. Creation of Construction Fund. The Trustee shall create and maintain a special fund hereby designated "The CAC Construction Fund" (the "Construction Fund"), to the credit of which there shall be deposited the proceeds of the Bonds(other than accrued interest)required to be so deposited by Article VI and all other moneys received by the Corporation from any other source for financing the Cost of the Project. The moneys in the Construction Fund shall be held in trust and applied to the payment of the Cost of the Project and, pending such application, shall be subject to a lien and charge in favor of the Owners and shall be held for the future security of such Owners until paid out and transferred as herein provided. Section 4.02. Payments from Construction Fund. Payment of the Cost of the Project shall be made from the Construction Fund as herein provided. All payments from the Construction Fund shall be subject to the provisions and restrictions set forth in this Section, and the Corporation covenants that it will not cause or permit to be paid from the Construction Fund any sums except in accordance with the provisions and restrictions set forth in this Section. Section 4.03. Items of firsts. For the purpose of this Resolution,the Cost of the Project shall embrace all costs of acquiring, constructing and equipping the Project and all other items of cost incident to such acquisition, construction and equipping and the financing thereof and, without intending thereby to limit or restrict any proper definition of such Cost under the Act or any other applicable law, shall include: (1) payment of the Corporation of such amounts, if any, as are necessary to reimburse the Corporation in full for all advances and payments made by it or for its account, with respect to the Project for expenditures in connection with the acquisition of any property required for the Project,the preparation of the plans and specifications(including any preliminary study or planning of the Project), or any aspect thereof and any reports or analyses concerning the Project, and all real or personal property deemed necessary in connection with the Project, or any one or more of said expenditures (including architectural, engineering and supervisory services); (2) the cost of acquiring by purchase, if such purchase shall be deemed expedient, and the amount of any award of final judgment in any proceeding to acquire by condemnation such land, property rights, rights of way, franchises, easements and other interests as may be deemed necessary or convenient in connection with the construction and operation of the Project, options and partial payments therein; the cost of filing, drawing or improving any lands so acquired, and the amount of any damages incident to or consequent upon the construction and operations of the Project; including the cost of the preparation of the plans and specifications (including any preliminary study or planning of the Project,or any aspect thereof and any reports or analyses concerning the Project, and all real or personal property deemed necessary in connection with the Project, or any one or more of said expenditures (including architectural, engineering and supervisory services); (3) payment for labor, services, materials and supplies used or furnished in the acquisition and construction of the Project, all as provided in the plans and specifications, payment for the cost of the acquisition, construction and installation of facilities and equipment, 18